Permanent Magnet Synchronous Motors Market
Permanent Magnet Synchronous Motors Market Size, Share Analysis by Capacity (375-450 kW, 450-600 kW, Above 600 kW), by Type (Surface, Interior), by Control (Trapezoidal, Sinusoidal), by End-Use (Electrical & Electronics, Aerospace & Automotive, Oil & Gas, Marine) & Regional Forecast, 2020-2030
Permanent magnet synchronous motor is an AC synchronous motor in which field excitation is provided by permanent magnets. It has a sinusoidal back electromotive (EMF) waveform. The global permanent magnet synchronous motors market is exhibiting significant growth.
Permanent magnet synchronous motors are widely used in various end-use industries such as oil and gas, automotive, aerospace, defense, mining, marine, and electrical and electronics.
Moreover, consistent technological advancements coupled with research and development for innovative design concepts have benefited the market with the introduction of several types of permanent magnet synchronous motors such as axial field and radial field permanent magnet synchronous motors. According to Fact.MR, the permanent magnet synchronous motors market is forecast to grow at above 5% CAGR between 2020 and 2030.
Growing Opportunities in EV Segment
Permanent magnet synchronous motors are used extensively in the automotive sector around the world. In addition to traditional applications, avenues in EV segment can create a new category in the future.
The EV segment has moved beyond its initial hype to another passenger car category, and once market recovers from COVID-19 induced sluggishness, new opportunities are likely to be created.
Cost and Complex Control System Limiting Growth
In permanent magnet synchronous motors, the only source is AC supply on the stator. So, controlling the AC supply on the stator becomes the only way to control the motor. This requires a complex control system including power electronics and microcontrollers which makes controlling a permanent magnet synchronous motor challenging for end users.
Furthermore, with enhancement in the performance of permanent magnet synchronous motors, cost also increases. So, the higher initial cost and complex controlling of these motors are forecast to limit the growth of the permanent magnet synchronous motors market.
COVID-19 Impact on Permanent Magnet Synchronous Motors Market
The ongoing COVID-19 pandemic introduced several restrictions across the globe which in turn hit market growth. This led to massive disruption in business administration of end-use industries like automotive and aerospace, electrical and electronics, marine, and many more.
From sales to investments to manufacturing activities, the permanent magnet synchronous motors market suffered severely. The governments around the world are continuously taking measures to contain the transmission of the COVID-19 virus.
With this scenario, the market is dealing with restrictions on trade and transportation of products. Furthermore, the situation is worsened by currency fluctuations and changing taxes.
Manufacturers are now strategizing in a way such that they advance their products by coupling them with new technologies to save costs without compromising the health of employees.
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Asia-Pacific is the largest market for permanent magnet synchronous motors. China is the world's biggest automotive market, both in terms of demand and supply. Due to this, Asia Pacific permanent magnet synchronous motors gets a direct edge over other markets.
Moreover, countries like India are consistently experiencing the launch of new projects in the oil and gas, marine, and defense industries which are propelling the growth of the market.
North America is the second largest market for permanent magnet synchronous motors globally. The growth of the region is driven by the increasing investments by market players combined with government projects to establish an energy-efficient and sustainable environment.
For instance, the Canada Industry Program for Energy Conservation, (CIPEC), an award-winning partnership between the Government of Canada and the Canadian industry aims at promotion and development of innovative energy management to help industries to increase their profitability ensuring sustainability.
This approach is promoting the growth of permanent magnet synchronous motors that use less energy and are environment friendly. This is further creating lucrative opportunities for market players. North America has set a strong wind energy sector which has traditionally supported growth.
The growth of the region is primarily driven by eco-innovation action plans by the EU. Owing to such schemes, the region is observing a rise in demand for high-performance environment-friendly permanent magnet synchronous motors. Furthermore, increased production of these motors has aided market growth.
The global permanent magnet synchronous motors market is highly competitive. Market players are readjusting, as the far-reaching impacts of COVID-19 on automotive sector and industrial output are yet to be fully realized. Further, owing to stringent regulations on pollutants, demand for energy-efficient motors is likely to increase.
An Adaptive Approach to Modern-day Research Needs
The Analysts Viewpoint
"The global permanent magnet synchronous motors market will exhibit remarkable growth in emerging countries of Asia Pacific. The concept of green recovery from the ongoing COVID-19 pandemic will propel the demand for energy-efficient permanent magnet synchronous motors. The dominant share will be held by the automotive sector."
About the Report
Fact.MR has recently published an exclusive in-depth forecast report on the permanent magnet synchronous motors market for 2020 and 2030. The principal objective of this report is to outline spearhead insights on the market scenario, demand generators, and competitive landscape in the market. Also, the study speaks key dynamics that are anticipated to increase the sales and future possibilities for the market. The report on the permanent magnet synchronous motors market commences with an executive overview, in which, product description has been presented.
The report further proceeds with the taxonomy of the permanent magnet synchronous motors market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key factors favoring investment within the market.
Supply chain analysis and pricing analysis of the market have also been incorporated in the report, to help readers clearly understand the product framework map in the market.
Fact.MR has studied the permanent magnet synchronous motors market with detailed segmentation on the basis of by capacity, type, control, end-use, and key region.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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