Dublin, Jan. 05, 2021 (GLOBE NEWSWIRE) -- The "Permanent Magnet Motor - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
On the Back of Falling Manufacturing Activity & Slumping Industrial Output, Demand for Permanent Magnet Motors Plummets by -11.6%.
The global market for Permanent Magnet Motors is expected to decline by -11.6% in the year 2020 and thereafter recover and grow to reach US$42.2 billion by the year 2027, trailing a post COVID-19 CAGR of 7.1%. COVID-19 has evolved from a biological phenomenon into a social and economic crisis. The pandemic is having a considerable impact on world economy and all industries.
The asphyxiated economy has set into motion a cascading effect of a marked recession which is being felt by businesses and consumers alike. Global GDP is expected to dip into the red at -3% with the US economy shrinking by a shocking -5.9%. With roots in China, the world's supply chains are facing unprecedented disruption & shutdown. Interwoven with a demand crisis, the supply chain shocks are exerting a compounded blow to manufacturing companies worldwide. The worst affected industry in this pandemic driven crisis is manufacturing with its complex supply chains, labor intensive processes, and interdependencies.
Division of labor, modular manufacturing strategies, outsourcing to reduce costs and increase the efficiency, consistency, and quality of each operations, have made the manufacturing sector most vulnerable amid the lockdown restrictions. An indication of the grim state of affairs is the fact that global manufacturing PMI is already declining and will fall to an estimated all-time low of 38.4 points in 2020 as compared to 53.8 in 2019.
This indicates severe contraction of manufacturing activity including new orders, production, employment, supplier deliveries, inventories, customers' inventories, commodity prices, order backlog, new export orders, and imports. Global industrial output is plummeting sharply with the U.S posting steep declines of -16.5% & -15.2% in March & April 2020.
In the post COVID-19 period, demand recovery will be led by strong gains for AC type permanent magnet motors. The ideal features of permanent magnet AC motors such as high standard magnetic performance, faster accelerations, robust torque capacity, light weight and capacity to withstand overload electricity without magnetic loss, encourage wider adoption of these motors.
Recent advances such as low field excitation losses and associated improvement in performance have made permanent magnet motors more efficient in terms of energy usage. The efficiency is further enhanced by superior power density, simple construction, electric durability and stability, and reliable performance. These factors are expected to drive the adoption of these motors in machinery tools and factory automation applications. Enhanced efficiency coupled with integration of these motors in electric vehicles and automobiles is poised to supplement market growth in future.
The market will be bolstered by availability of material handling robots and strong focus on high precision. Permanent magnet motors are also slated to gain from increasing demand for chip conveyors, oil reservoirs, elevators, photocopy machines and coolant pumps across numerous industries. These motors will also witness robust demand from countries holding rare earth material resources.
China commands the global rare earth magnet market and is the leading manufacturer of permanent magnet motors. The country scores high over other nations in terms of cost-competitiveness, and is slated to augment the market growth. The global market will also be driven by the increasing transition from induction towards permanent magnet motors to improve device performance and achieve energy savings.
Competitors identified in this market include, among others:
Allied Motion Technologies, Inc.
Emerson Electric Company
General Electric Company
Johnson Electric Group
Rockwell Automation, Inc.
Yaskawa Electric Corporation
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of Covid-19 and a Looming Global Recession
Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
Industrial Activity to Remain Subdued in the Immediate Term
An Introduction to Permanent Magnet Motor
Permanent Magnet Alternate Current (PMAC) Motor
Permanent Magnet Direct Current (PMDC) Motor
Brushless DC Motors (BLDC)
Demagnetization of Permanent Magnet
Global Permanent Magnet Motor Market: Overview and Outlook
Permanent Magnet Motor Market Brimming with Significant Growth Potential
Regional Market Analysis: Asia Pacific Dominates
Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Adoption of Industrial Automation Technologies and Robotics Augurs Well
Relevance in Automotive Sector
Recovery in Automotive Industry Post COVID-19 to Steer Demand
Emphasis on Electric Vehicles to Fuel Demand
Opportunities in Healthcare Equipment Sector
PM Motors in Aerospace Applications
Relevance in Textile Industry Equipment
Permanent Magnet Synchronous Motors Warrant Attention from Diverse Applications
Permanent Magnet Synchronous Motors Shift Ground for Elevator Technology
Energy Efficiency Requirements Bode Well
Market Suffers Due to Shortage of Rare Earth Elements
High Costs: A Major Issue
Neodymium Magnets Grow in Popularity
Soft Magnetic Composite Materials for PM Motors
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
Total Companies Profiled: 35
For more information about this report visit https://www.researchandmarkets.com/r/llsmqu
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