Dublin, Dec. 29, 2020 (GLOBE NEWSWIRE) -- The "Permanent Magnet Motor Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The permanent magnet motor market was valued at USD 33.97 billion in 2019 and is expected to reach USD 57.79 billion by 2025, at a CAGR of 9.46% during the forecast period (2020-2025).
The Permanent magnet motor (PMM) is witnessing a significant increase in demand due to its high efficiency and throughput. These motors cover a wide range of applications, from stepping motors for wristwatches and industrial drives for machine tools, to large PM synchronous motors for ship propulsion.
A permanent magnet synchronous motor has a high torque-to-current ratio, high power-to-weight ratio, high efficiency, and robustness. Thus, these motors find application in the latest variable speed AC drives, particularly in electric vehicle applications. This has been a significant contributor to increased attention in the automotive sector.
Electric vehicles are expected to boost the growth of the market studied over the forecast period. The number of new EV cars registered globally hit an unprecedented market share in 2019, with the developed markets supporting this trend. With the leading automotive companies increasingly adopting permanent magnet motors into EVs, the global demand is expected to increase, further driving the market growth over the forecast period.
Neodymium magnet accounted for the largest share of the market in 2019, and it is expected to be the fastest-growing magnetic material segment over the forecast period. The high energy product and high residual flux density of neodymium make it a compulsive choice of material for industrial applications. Neodymium offers both high- and low-grade variants, enabling it to deliver superior performance and torque, as compared to a conventional motor, thereby increasing its adoption. However, high prices and scarcity are likely to pose challenges to the growth of this material.
The increasing demand for HVAC equipment is also expected to influence the market studied. It is majorly driven by the increase in the number of new households, rising average construction spending, rapid urbanization, and growth in disposable income across several major economies. The increasing standards on minimum energy efficiency on appliances and equipment are also driving the growth of PMMs in HVAC equipment.
The COVID-19 outbreak has forced several industries to halt almost every industrial operation globally. Since the raw materials are bought in from China, the sourcing is affected by the United States' tariffs. Further, amidst the pandemic spread of COVID-19, the market for PMMs, which has a significant application in industries (such as the manufacturing sector) and sees substantial adoption at the industrial front, is likely to be impacted.
Key Market Trends
Direct Current Motor Holds Significant Share
Permanent DC motors have been popular in the industry since the industry started shifting from an induction motor. The DC motors offer a few advantages, such as ease of operation, compact size, and ability to perform without further control.
PMDC motors are highly efficient, and they can provide considerable power and torque in a tiny form factor. Additionally, they can be easily interfaced with batteries because they have been widely used in various applications. Their compact size and compatibility with batteries provide opportunities for many newer applications and industries, like drones, regenerative braking, power tools, etc.
Moreover, users' major benefit is that they can easily operate a single product that can be configured to control different types of motors with various operating modes and control methods. Such initiatives are expected to boost the adoption of Permanent DC Motors amongst the users.
PMDC motors have various applications in automobile components, which include windows and blowers used in AC and heaters, in personal computer disks and drives, as well as small power rating equipment, like toys and small robots.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of COVID-19 on the Permanent Magnet Motor Market
4.5 Technology Snapshot
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increased Motor Efficiency Due to Permanent Magnet
5.1.2 Rising Demand for Electric Vehicles
5.1.3 Rising Demand for Permanent Magnet Motor (PMM) in the Industrial Sector
5.2 Market Challenges
5.2.1 Diminishing Availability of Rare-earth Metals
5.3 Market Opportunities
6 MARKET SEGMENTATION
6.1 By Motor Type
6.2 By Magnetic Material Type
6.3 By End-user Vertical
7 VENDOR MARKET SHARE
8 COMPETITIVE LANDSCAPE
Franklin Electric Company Inc.
Allied Motion Technologies Inc.
Johnson Electric Holdings Ltd
Robert Bosch GmbH
Bonfiglioli Riduttori SpA
Crouzet Automatismes SAS
Buhler Motors GmbH
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/yelwqo
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