Market Research Report
Global Permanent Magnet Motor Market Size study, by Type (Permanent Magnet Alternate Current Motor, Permanent Magnet Direct Current Motor, Brushless DC Motors), End User and Regional Forecasts 2019-2026
|Global Permanent Magnet Motor Market Size study, by Type (Permanent Magnet Alternate Current Motor, Permanent Magnet Direct Current Motor, Brushless DC Motors), End User and Regional Forecasts 2019-2026|
Published: November 28, 2019
Bizwit Research & Consulting LLP
Delivery time: 2-3 business days
Global Permanent Magnet Motor Market is valued approximately at USD 29.32 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 8.0% over the forecast period 2019-2026. A permanent magnet motor is a kind of brushless electric motor that uses permanent magnets rather than winding in the field. Permanent magnet motors are more efficient than motors or induction motor with field windings for specific high-efficiency applications such as electric vehicles. Permanent magnet motors are mainly used in several industrial applications, in order to enhance the efficiencies of the machines. Forklifts, railroad (switchers, track, crossing gates), robots, marine pumps, amusement rides and blower drives, are few of the main examples where permanent magnet motors are used. Rise in demand in industrial & agricultural sectors coupled with increasing demand for energy-efficient & low-cost maintenance motors are the major factor responsible for high CAGR of the market over the forecast period. For instance, during the period of 2017-18, food grain production was estimated at record 284.83 million tons, and the Government of India is targeting to increase food grain production with 285.2 million tons in 2018-19. Similarly, In United Kingdom, agriculture contributed around USD 26 billion revenues and approximately USD 9.4 billion of Gross Value Added to the UK economy in 2015, as per the report released by development economics. Thus, rising agricultural activities worldwide has positively impacting the demand for Permanent Magnet Motor around the world. Moreover, widespread awareness of green vehicles among customers is also the prime factor strengthening the adoption for permanent magnet motors across the world. However, high initial cost of permanent magnet motor coupled with fluctuating prices of raw material are few factors anticipated to limiting the growth of global Permanent Magnet Motor market during the forecast period.
The regional analysis of global Permanent Magnet Motor market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading/significant region in terms of revenue and market share owing to increase in demand for energy-efficient motors for end-use applications such as consumer electronics, electric vehicles,and automobiles in the region. However, Asia-Pacific is expected to exhibit at high growth rate / CAGR over the forecast period of 2019-2026 owing to rapidly growing oil & gas industries result in the increased power requirements would surge the demand for high-pressure pumps thus, driving the permanent magnet motor market in the region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below: