New York, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global permanent magnet motor market size is predicted to expand at ~10% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 93 billion by the end of 2035, up from a revenue of ~USD 43 billion in the year 2022.The growth of the market is majorly attributed to the rising demand for energy-efficient equipment. Retailers may dramatically lower their carbon footprint and motivate others to do the same by embracing sustainable practices and energy-efficient equipment.
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The need for energy-efficient products and solutions is always increasing as more consumers use such products. Energy efficiency, together with the closely related measures of electrification, behavioral change, digitalization, and material efficiency, is the single largest strategy to avoid energy demand in the Net Zero Emissions by 2050 (NZE) Scenario. The global energy intensity diminishes by roughly 4% per year on average during the next decade, compared to 1.7% over the previous ten years.
Rising Demand for Consumer Electronics is to Boost the Growth of the Permanent Magnet Motor Market
India's demand for electrical devices will reach USD 400 billion by 2025. In order to satisfy the rising demand for electronic goods, the nation's dependence on imports from other countries is projected to grow unless immediate actions are taken to enhance indigenous electronic manufacturing. Technological advancements encourage the development of better and novel goods, resulting in greater demand and sales. Because of the growth of internet-connected gadgets, new markets for consumer electronics products such as smart home devices and wearables have emerged.
Permanent Magnet Motor Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Government Policies to Boost the Electronics Sector is to Boost the Market Growth in the Asia Pacific Region
The permanent magnet motor market in the Asia Pacific region is anticipated to hold the largest share by the end of 2035. The Indian government has implemented many initiatives to improve the domestic electronics industry, decrease reliance on imports, and raise exports. The Make in India program, the National Policy on Electronics, the Production Linked Incentive Scheme for the electronics sector, the Modified Special Incentives Scheme, the Electronics Manufacturing Clusters (EMC) Scheme, and a variety of other measures have the objective of providing incentives for domestic manufacturing, The distribution of electronics Production and drawing foreign direct investment, and boosting exports. Furthermore, the rising reliance of industry on automation is also expected to drive market growth in the region. Rising labor costs are frequently ascribed for China's rapid deployment of industrial robots. The increasing labor wages in China have prompted US apparel businesses to examine other possibilities. Labor costs have increased by 5% to 15% in the past twelve months. The monthly minimum salary in the southern coastal province of Guangdong has gone up by 20%.
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Rising Demand for Energy-Efficient Electronics is to Elevate Market Growth in North America
Net power usage in the United States in 2022 was approximately 4.05 trillion kWh, the largest proportion ever recorded and 14 times larger than use in 1950. Heating and cooling (air conditioning) consume the most electricity in the residential sector each year. Because these uses are primarily weather-related, the amounts and proportions of total annual household power usage change from year to year. Moreover, lighting power usage used to account for the majority of total yearly commercial sector electricity demand, but this has decreased over time, owing primarily to the increased use of high-efficiency lighting equipment. Electricity is a crucial aspect of modern living and the economy of the United States. Electricity is used for lighting, heating, cooling, and refrigeration, as well as to power appliances, computers, electronics, industrial, and public transit systems.
Permanent Magnet Motor, Segmentation by Power Rating
- Up to 25 kW
- 25-100 kW
- 100-300 kW
- 300 kW & Above
Out of all, the up to 25 kW segment in permanent magnet motor market is expected to drive the growth of the segment by the end of 2035. Permanent magnet motors with capacities of up to 25 kW are commonly employed in medical electronics, including pumps, breathing systems, dentistry equipment, and several other applications, such as scanning machines. The rise in the number of chronic patients is expected to drive the demand for these medical types of equipment. Although the general wellness progress, WHO stated that if current trends continue, chronic diseases will account for 86% of the 90 million deaths each year by 2050, representing a stunning 90% increase in total mortality since 2019.
Permanent Magnet Motor, Segmentation by Type
- PMAC
- PMDC
- Brushless DC
Based on type, the PMAC segment is expected to dominate the market growth over the projected time period. The growth of the segment is majorly attributed to the rising production of electric vehicles followed by higher investment in the EV industry. During the first half of 2023, a total of 6 million new Battery Electric Vehicles (BEV) and Plug-in Hybrid Vehicles (PHEV) were supplied, representing a rise of 40% There were 4,27 million pure electric BEVs and 1,76 million PHEVs. For high-efficiency applications such as electric vehicles, permanent magnet motors outperform induction motors or motors with field windings.
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A few of the well-known industry leaders in permanent magnet motor market that are profiled by Research Nester are Rockwell Automation, Moog Inc., Brook Crompton UK Ltd., WEG S.A., Johnson Electric Holdings Limited, Franklin Electric Co., Inc., Parker Hannifin Corporation, GKN Metallurgy, Bavde Engineering, and Collins Aerospace
Recent Developments in the Permanent Magnet Motor Market
- July 2022, Collins Aerospace, has shown the first working prototype of a 500 kW electric motor designed specifically for the Airland 10 aircraft. The production was carried out successfully in collaboration with the University of Nottingham and Hybrid Air Vehicles. Collins is aiming at particular power density values of 9 kilowatts per kilogramme and 98% efficiency for the 2,000 RPM permanent magnet electric motor by using a unique motor topology and composite materials.
- May 2022, Bavde Engineering Ltd. an Indian automobile company, announced a collaboration with EVR Motors, an Israeli startup, to create electric motors for the electric vehicle industry. To accommodate rising EV demand, the business intends to increase production capacity to 500,000 vehicles per year by mid-2023. This collaboration aligns with our core aim of sustainability and net zero emissions via green mobility.
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