Permanent Magnet Motor Market Worth $64.6 Billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 25, 2021 /PRNewswire/ -- According to the new market research report "Permanent Magnet Motor Market by Type (PMAC, PMDC, and Brushless DC), Power Rating (Up to 25 kW, 25–100 kW, 100–300 kW, and 300 kW & Above), End-User (Industrial, Commercial & Residential), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Permanent Magnet Motor Market is projected to reach USD 64.6 billion by 2026 from an estimated value of USD 41.2 billion in 2021, at a CAGR of 9.4% during the forecast period. Increasing demand for energy-efficient motors and growing implementation of permanent magnet motor in industries such as automotive are the key factors driving the Permanent Magnet Motor Market. The high initial cost of permanent magnet motor can restraint the growth of the Permanent Magnet Motor Market. However, growing robotics technology offers promising business opportunities in the Permanent Magnet Motor Market.
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Up to 25 kW is expected to be the largest Permanent Magnet Motor Market segment by power rating
The market for permanent magnet motor of up to 25 kW is expected to be the largest during the forecast period. Permanent magnet motors with power range up to 25 kW have high starting torque and overload capacity. These motors find their usage for various applications such as Healthcare, textile, pulp & paper, aerospace, robotics, window shutters, air conditioners, door shutters. During the forecast period, countries such as China, India, Japan, and US, are likely to witness high investments in the coming years, which will ultimately boost the demand for permanent magnet motors rated in the power range of up to 25 kW.
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Industrial segment is expected to capture the major share of the Permanent Magnet Motor Market by application
Industrial segment by end user is expected to be the largest segment during the forecast period. Permanent magnet motors form an integral part of the industrial end use sector and are primarily used in automotive, textile, paper mills, and robotics applications, among others. Industrial segment is mainly driven by the increasing manufacturing of Electric vehicles & Electronic equipment's in the countries specially China, Germany, United States, Japan and France.
Asia Pacific is expected to be the fastest-growing segment of the global Permanent Magnet Motor Market
The Permanent Magnet Motor Market in Asia Pacific, led by China, is expected to grow. APAC is a growing market for Permanent Magnet Motor in various applications, such as automotive, electronics in industrial segment and offices and healthcare in commercial segment, due to its fast-growing economies. The market in China is expected to grow mainly because the number of manufacturing units in China is increasing, which is expected to create a massive demand for Permanent Magnet Motor. Another reason for the growth of the Permanent Magnet Motor Market in APAC is the increase in the number of manufacturing plants in various sectors, such as transportation, chemicals, and pharmaceutical industries.
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The major players in Permanent Magnet Motor Market, such as ABB (Switzerland), Siemens (Germany), Wolong (China), WEG (Brazil) and Rockwell Automation (US), have comparable strengths in terms of customer base, diversified product portfolios, technological capabilities, and regional presence, and they cumulatively hold a major portion of the total market share.
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