Press release
Permanent Magnet Synchronous Motors Market Is Forecast To Grow At Above 5% CAGR Between 2022 And 2030
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.
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Key Takeaways
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
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.
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Competitive Landscape
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.
Market Segmentation
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.
Capacity
375-450 kW
450-600 kW
Above 600 kW
Type
Surface
Interior
Control
Trapezoidal
Open Loop
Closed Loop
Sinusoidal
Scalar
Vector
End-Use
Electrical & Electronics
Aerospace & Automotive
Oil & Gas
Marine
Defense
Power
Mining
Others
Region
North America
Europe
Asia Pacific
South Africa
Middle East & Africa
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Key Data Points Covered in the Report:-
Elaborated scenario of the parent market
Transformations in the market dynamics
Detailed segmentation of the target market
Historical, current and forecast market size based on value and volume
Latest industry developments and trends
Competition landscape
Strategies adopted by the market players and product developments made
Potential and niche segments, along with their regional analysis
Unbiased analysis on performance of the market
Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness
Why Opt For Fact.MR?
Various analysis methods to deliver precise market information.
Digital technologies to facilitate clients with updated market solutions.
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Data collection from extensive primary and secondary research.
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