Nov 24, 2020
Permanent Magnet Synchronous Motors Market to Grow at 5.2% CAGR through 2030: FactMR
by Team Fact.MR
According to a latest report from Fact.MR, the global permanent magnet synchronous motors market is expected to witness steady growth through 2030, despite COVID-19 stopping the rally in 2020. Growing opportunities in the EV segment, combined with focus on energy-efficient motors will be the key focus areas for market players.
With increasing concerns regarding environmental issues, manufacturers are now focusing on developing and creating energy efficient motors that use permanent magnet materials with high magnetic flux density.
Their increasing use in a number of end-use industries like oil and gas, electronics, automotive, aerospace, marine, mining and defense has resulted in a rise in demand, that subsequently has had a positive influence on the market.
- The global permanent magnet synchronous motor market is expected to witness growth rates of 5% till 2030.
- A blooming industrial sector and lenient government regulations will help the Asia Pacific region to remain lucrative
- The implementation of Minimum Energy Performance Standards (MEPs) and similar regulations have positively affected the market growth.
- Growing demand of permanent magnet synchronous motors in electric vehicles is a key driving factor
The Covid-19 pandemic and lockdowns worldwide have disrupted the market growth of synchronous motors. Restrictions on trade and transport will continue to source a decline in production and supply. But the market is expected to bounce back at the end of the pandemic. Increasing focus on environment-friendly vehicles has propelled the market.
Research and Development Efforts to Boost Growth
The increasing use of permanent magnet synchronous motors in the automotive sector has give rise to new innovations and advancements in motor technology. Permanent magnet synchronous motors are cost efficient and offer optimum durability, making them a favorable choice for manufacturers. They also produce less noise and are more efficient when compared to DC motors. This has contributed to the increased demand in market.
The permanent magnet synchronous motors’ ability to consume less power and offer high efficiency are the major factors driving the market growth. They are 15% more efficient than induction motors and are commercially viable. The increasing demand in electric vehicles is expected to boost sales during the forecast period.
The high end user demand of permanent magnet synchronous motors in North America has made it the second largest market for the product. There is an increasing demand to develop synchronous motors due to their profitability and technological superiority.
Some of the key players in the market are Alstom, General Electric, Hansen Corporation, ABB Ltd., Hitachi Ltd., Nidec Corporation, Rolls Royce plc, Toshiba International Corporation, YASA Limited, YASKAWA Electric Corp. and Siemens AG.
Valuable Insights on the Permanent Magnet Synchronous Motors Market Report
Fact.MR has presented a report analyzing in detail the permanent magnet synchronous motors market and has put forth an assessment for the forecast period of 2020-2030. In order to conduct an in depth study of the market, it is divided into various segments.
On the basis of capacity, the market is divided into 375-450 kW, 450-600 kW and above 600 kW. Based on type, the market is divided into surface and interior. The market is segmented according to the control into Trapezoidal (open loop and closed loop) and Sinusoidal (scalar and vector). Categorization of the market has been conducted based on the end-use industries into electrical and electronic, aerospace and automotive, oil and gas, marine, defense, power, mining and others. Lastly, based on the region it is divided into North America, Europe, Asia Pacific, Middle East and Africa and South America.
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed Industrial goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.