Permanent Magnet Motor Market Outlook
According to the report by Expert Market Research (EMR), the global permanent magnet motor market size is projected to grow at a CAGR of 10% between 2024 and 2032. Aided by the escalating demand for energy-efficient motors and the widespread adoption across various sectors, the market is expected to grow significantly by 2032.
Permanent magnet motors, known for their superior efficiency and reliability over traditional induction motors, are increasingly becoming the motor of choice in various applications. These motors utilise permanent magnets to generate the magnetic field, eliminating the need for external excitation current, which leads to higher efficiency and lower energy consumption. They are widely used in electric vehicles, industrial machinery, HVAC systems, and consumer electronics.
The primary factor propelling the permanent magnet motor market growth is the global shift towards energy efficiency and sustainability. With the rising cost of energy and growing environmental concerns, industries and consumers are increasingly opting for energy-saving solutions. Permanent magnet motors, with their high efficiency and low power consumption, align perfectly with this trend, boosting their demand across various sectors.
Get a Free Sample Report with Table of Contents –https://www.expertmarketresearch.com/reports/permanent-magnet-motor-market/requestsample
Another significant driver of the permanent magnet motor market demand is the booming electric vehicle (EV) industry. As the world moves towards cleaner transportation solutions, the demand for high-efficiency motors for electric and hybrid vehicles has surged. Permanent magnet motors, due to their compact size, high power density, and efficiency, are ideal for EV applications, thus experiencing increased demand in this sector.
Technological advancements in magnet materials have also played a crucial role in the market growth. Innovations in rare earth magnets, such as Neodymium Iron Boron (NdFeB), have led to the development of more powerful and efficient permanent magnet motors. These advancements not only enhance the performance of the motors but also expand their application range.
The Asia Pacific region holds a significant portion of the permanent magnet motor market share, driven by the rapid industrialisation and the burgeoning automotive sector, particularly in countries like China and India. The region’s focus on energy efficiency and the increasing adoption of electric vehicles further contribute to the market growth.
Looking ahead, the market is poised for continued growth. The increasing emphasis on energy efficiency, coupled with technological advancements, will further enhance the adoption of these motors. The expanding electric vehicle market and the rising demand from industrial and consumer sectors are expected to be key drivers of this growth.
Permanent Magnet Motor Market Segmentation
The market can be divided based on motor type, magnet type, power range, end-user, and region.
Read Full Report with Table of Contents – https://www.expertmarketresearch.com/reports/permanent-magnet-motor-market
Market Breakup by Motor Type
- AC Motors
- DC Motors
- Hermetic Motors
Market Breakup by Magnet Type
- Neodymium
- Samarium Cobalt
- Ferrite
- Others
Market Breakup by Power Range
- 0 kW and Below
- Between 4.0 to 22.0 kW
- Between 22.0 to 75.0 kW
- 0 kW and Above
Market Breakup by End-User
- Automotive
- General Industrial
- Energy
- Water and Wastewater Management
- Mining, Oil, and Gas
- Aerospace and Defence
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global permanent magnet motor market. Some of the major players explored in the report by Expert Market Research are as follows:
- ABB Ltd.
- Rockwell Automation, Inc.
- Siemens AG
- Franklin Electric Co., Inc.
- Allied Motion, Inc.
- Nidec Motor Corporation
- Others
About Us
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.
Our high-quality, data-driven analysis provides the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today’s competitive market.
Don’t miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation’s future success by acquiring one of our Expert Market Research reports today.
Media Contact
Company Name: Claight Corporation
Contact Person: Christopher, Business Consultant
Email: sales@expertmarketresearch.com
Toll Free Number: US +1-415-325-5166 | UK +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: www.expertmarketresearch.com
