DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/rx4nq4/global_permanent) has announced the addition of the "Global Permanent Magnet Motor Market 2015-2019" report to their offering.
The global permanent magnet motors market is to grow at a CAGR of 11.37% over the period 2014-2019.
This report covers the present scenario and the growth prospects of the global permanent magnet motors market for the period 2015-2019. To calculate the market size, the report considers revenue generated from the sales of the following motors: NdFeb, samarium cobalt, and ferrite permanent magnet motors.
A permanent magnet is made from ferromagnetic materials, and it creates its own magnetic field and retains magnetic properties. A permanent magnet exhibits magnetic properties even if is removed from a magnetic field. Permanent magnets can be broadly classified into rare earth, ferrite, aluminum-nickel-cobalt (Alnico), and other magnets. Permanent magnet motors are manufactured with permanent magnets in rotors. Rare earth magnets, made from rare earth metals, are used as the permanent magnets in this motor. Unlike electromagnets, permanent magnets do not require continuous electric energy to maintain their electric field.
The demand for integration of solar and wind energy into the electrical grid system has recently seen an unprecedented increase. These renewable sources of energy, when harnessed, can be used as substitutes to the existing thermal energy and other hydrocarbon sources of energy. However, the level of energy content in solar and wind energy is less than that in non-renewable sources of energy. Because of their non-polluting and renewable nature, these sources of energy find ready adoption. Advanced wind power technologies and energy storage systems use permanent magnets in products such as motors and generators, holding and separation products, and many electrical and electronic industrial process appliances. Increasing dependence on renewable sources of energy will lead to the growth of the global permanent magnet motor market.
According to the report, ferrite magnets are abundant in nature, low cost, and can prevent eddy currents even in low frequency applications. Presently, manufacturers are shifting to ferrite magnets instead of costly permanent magnets to bring down the overall cost of motors. Currently, ferrite permanent magnet motors with a 2.2 kW rating can operate with 93% efficiency. Vendors are focusing on increasing the capacity further with R&D. Increased use of low-cost ferrite magnets in motors is driving market growth.
Further, the report states that the high price of rare earth magnets is hindering the market growth.
- Baldor Electric
- Franklin Electric
- Rockwell Automation
Other Prominent Vendors
- Allied Motion Technologies
- Johnson Electric Holdings
For more information visit http://www.researchandmarkets.com/research/rx4nq4/global_permanent