As we known, permanent magnet motors have seen a significant rise in adoption over the years due to their higher efficiency and throughput, and this trend is expected to continue over the coming years, owing to product differentiation and innovations supported by market incumbents.
The Global permanent magnet motors market was valued at USD 31.45 billion in 2017 and is expected to reach a value of USD 65.23 billion by 2023 at a CAGR of 12.93% over the forecast period (2018 - 2023).
The application include mining along with oil & gas, general industrial, automotive, water & wastewater management, pharmaceutical, energy, and aerospace & defense.
Lower operating temperatures of PMM also reduce wear & tear and minimize maintenance requirements, making it a suitable replacement for conventional motors. PMM motors have been integrated into different industries, owing to their extended bearing and insulation life, and robust construction, for years of trouble-free operation in harsh environments. Though induction motors are available at a low initial cost, higher operating costs have made many companies prefer PMM, to optimize energy usage and obtain a full return on investment more quickly. It has been identified that the system efficiency of a PMAC motor/drive setup ranges from 40% to beyond 120% load. In addition, a PMAC motor also exhibits higher power density than an equivalent induction motor, owing to the production of more flux by rare earth metals.
Permanent Magnet Motors Market Dynamics
Drivers
– Increased Motor Efficiency Due to permanent magnet motors
– Rising Demand in electrical vehicles
– Rising demand for PMM in industrial sector
Restraints
– Diminishing availability of rare earth metals
