A permanent magnet motor is an alternative current motor that employs the magnets that are imbedded into or fixed to the surface of the motor’s rotor. The magnets are utilized to create a constant or the fixed motor flux instead of the requiring stator field to create one by linking to the rotor as it is the case with an induction motor.
The permanent magnet motor market was valued at US$ 32.37 Bn in 2021 and is forecast to reach a value of US$ 83.02 Bn by 2030 at a CAGR of 11.4% between 2022 and 2030.
Figure 1: Global Permanent Magnet Motor Market Value (US$ Bn) Analysis and Forecast, 2017 - 2030
Asia Pacific held a dominant position in the Global Permanent Magnet Motor Market Share in 2021
Asia Pacific held a dominant position in the Global Permanent Magnet Motor Market in 2021, accounting for 41% share in terms of volume.
Figure 1: Global Permanent Magnet Motor Market Share (%), By Region, 2021
In June 2020 YPF, a company declared its plans to spend in its downstream trade to boost the volume capability or the strength for handling the growing or the rising outcome or the resultant from the huge Vaca Muerta shale play. YPF spent US$ 2.7 billion in the past decade in few novel units and the enhancements in its technology at its three refineries that have integrated capacity of processing.
In October 2020, Wright Electric declared that the US Departments of the Energy’s Advanced Research Project Agency that has selected the wit of the contract to assist the growth of the creative and innovative, lightweight and the ultra-effective electric propulsion motors. This would be offered by a permanent magnet motor combined with an aggressive cooling plan and a huge frequency inverter later helping in the permanent magnet motor to develop
|Base Year:||2021||Market Size in 2021:||US$ 32.37 Bn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||11.4%||2030 Value Projection:||US$ 83.02 Bn|
Siemens AG, Rockwell Automation, Autotrol Corporation, ABB Limited, Danaher Corporation, Franklin Electric Company Inc., Aerotech Corporation, Allied Motion Technologies Inc., Bonfiglioli Group, Toshiba Corporation, Buhler Motors, Johnson Electric Holdings Ltd, Ametek Inc., Robert Bosch GmbH, Nider Corporation and Crouzet Automatismes
|Restraints & Challenges:||
Due to the shortage of the direct contract amidst the stator and the rotor, permanent magnet motor had been detected to offer the huge efficacy and the speed comparatively to the conventional ACIM. Thus, it is currently being deployed in several end users industries with multiple vendors globally.
Decreased operating temperature of the permanent magnet motor also decreases the wear and tear, and also decreases the optimal maintenance necessities making it an appropriate replacement or the alternative for the conventional motors. The permanent magnet motor has been combined into various industries and the organizations due to their increased bearing and the insulation life.
The natural or the organic metals that are utilized in the permanent magnetic motor are the rare earth metals such as neodymium and the samarium –cobalt magnets. These metals are regarded to be incredibly potential with the magnetic fields that are increasing 1.4 tesla comparatively to the 0.5 to 1.0 tesla for the ferrite or ceramic magnets.
Though these rare metals are observed in the applications in various products, their whole accessibility has been limited over to their distinct geochemical properties and presently, China generates the majority of the rare-earth metals due to the huge rate of the earth metals deposits. It is projected that there is a shortage of the rare-earth metals outside China.
The permanent magnet motor industry has advocated an array of creations over several years. With the market incumbents targeting several aspects of the motor and this opportunity is advancing such as the efficacy, output, and speed to cater the vast range of the necessities over various industries.
Huge speed permanent magnet motor are being grown for the advanced cooling method, which opens the total range of the opportunities for the survey of the market. These new permanent magnet motor have been detected to offer 10-15% of the whole yearly energy savings due to huge motor and electronics efficacy which may save around 9,000 kWh per year.
Market Key Takeaways/Trends:
Permanent magnet motor is a substance or the material that is made of the magnetic material with the magnetic properties and then it produces its field. The magnet motors are the factory made utilizing the permanent magnets in the motors are earth magnets that are made of the rare-earth element that metals are powerful magnets are utilized in the permanent magnet motors.
Permanent magnet motors have observed a notable rise in the acquisition of several years owing to its huge efficacy and the output and this trend is anticipated to continue in the upcoming years due to the product differentiation and the innovations that are assisted by the market incumbents.
Major companies involved in the global permanent magnet motor are Siemens AG, Rockwell Automation, Autotrol Corporation, ABB Limited, Danaher Corporation, Franklin Electric Company Inc., Aerotech Corporation, Allied Motion Technologies Inc., Bonfiglioli Group, Toshiba Corporation, Buhler Motors, Johnson Electric Holdings Ltd, Ametek Inc., Robert Bosch GmbH, Nider Corporation and Crouzet Automatismes.
The main application for permanent-magnet motors is variable-speed drives where the stator is provided from a variable-frequency, variable-voltage, electronically regulated source. Such drives are proficient of precise speed and position control. Due to the absence of power losses in the rotor, comparatively with induction motor drives, they are also vastly effective.
The trend of the huge application of the permanent magnet motors is projected to continue over the forecast period as many VFD producers or the manufacturers are initiating to add features and the vast performance control of the permanent magnet which may let the owners and the operators to fix the motor and this is anticipated to aid in the growth of the global permanent magnet motor market. As per the global coalition the Efficiency fore Access report stated the benefits of the permanent magnet motors efficacy opportunities in off and weak grid appliances markets using the permanent magnet motors usage in betwixt 22-42% less energy comparatively to the one utilizing conventional substitute current motors.
On Contrary, the international price of few light rare earths metals such as cerium and the lanthanum used in the polishing of the flat screen TV and the refining of the oil respectively have fallen as much as about two thirds since August and it is still dropping which is anticipated to hinder the growth of the global permanent magnet motor market.
Key features of the study:
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