Global Permanent Magnet Motor Market would reach $45.3 Billion by 2020, registering a CAGR of 11.7% during the forecast period 2014 – 2020. The global demand for rare earth (RE) magnet materials, in 2012, accounted for 21% of all rare earth materials available. Presently, the permanent magnet AC and DC motors are increasingly used in factory automation applications such as robotics and material handling, amongst the others. The increasing use of permanent magnets, owing to its unique properties, subsequently, should supplement the growth of the permanent magnet motor market.
In 2012, the increasing demand of permanent magnet motors across diverse sectors, led to disruption in its supply chain, further resulting in the scarcity of RE permanent magnets. This scarcity of RE permanent magnets adversely affected the permanent magnet motors market. Presently, stability in the supply of RE permanent magnets has led the market to recover its losses and regain its stability. China being the leading manufacturer of Permanent Magnet (PM) motors, owing to the country’s natural abundance in rare earth materials, generates significant revenue from the exports of permanent magnets.
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With the advent of robots for material handling, and the requirement of high precision work with minimal errors, would help the PM motors market to grow exponentially over the years. PM motors are largely used in chip conveyors, elevators, oil reservoirs, coolant pumps, photocopy machines, etc. The rising demand of such applications is eventually increasing the demand of PM motors in numerous industries.
China dominates the global market for rare earth magnets as it is the leading permanent magnet manufacturing country. China, comparatively manufactures PM motors at a lower cost as compared to other countries. The factors mentioned above would subsequently increase the manufacturing rate of PM motors and boost the market growth in future.
Key Benefits of Study:
- The study indicates that the permanent magnet AC motors are widely used in industrial applications as compared to DC and Hermetic motors, whereas, permanent magnet DC motors are majorly used in the automobile industry.
- Neodymium magnet type is the most popular magnet in use, owing to its moderate cost and operating ability at high temperatures. Neodymium magnet type is estimated to grow at a CAGR of 10.8% during the forecast period.
- The presence of a large number of PM motor manufacturers in the Asia Pacific region, generates a significant amount of revenue for the PM motors market here, as compared to other regions.
The industry is witnessing a shift from induction motors to permanent magnet motors, in order to improve the performance of the device whilst rendering lower levels of power consumption. Permanent magnet motor manufactures are launching new products and partnering with other market players to conceptualize motors with improved performances that are energy efficient. For instance, in September 2014, Toshiba Corporation, a world-class manufacturer of electric and electronic products and systems, launched the world’s first train propulsion system containing Permanent Magnet Synchronous Motors (PMSM) and Silicon Carbide (SiC) Variable Voltage Variable Frequency (VVVF) traction inverters.
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