DUBLIN--(BUSINESS WIRE)--The "Permanent Magnet Motor Market - Forecasts from 2018 to 2023" report has been added to ResearchAndMarkets.com's offering.
The permanent magnet motor market is projected to grow at a CAGR of 10.47% to reach US$48.334 billion by 2023, from US$26.591 billion in 2017.
Permanent magnets ferromagnetic materials having magnetic properties and generate their own magnetic fields. The magnets which are utilized in permanent magnet motors are obtained from rare earth metals. Growing adoption of automation in various industries is the major driver of global permanent magnet motor market.
The increasing use of robotic material handling due stringent regulations regarding workers' safety is boosting the demand for permanent magnet motors exponentially. Booming global automobile industry is further bolstering the growth of permanent magnet motor market worldwide.
In the coming years, the growth of this market will propel significantly due to growing renewable energy sector as solar energy and wind power technologies utilize permanent magnet motors in their generators. Geographically, China is the leading manufacturer of permanent magnet motors owing to the presence of rare earth materials in the abundant quantity in the country.
However, the market growth will be restrained due to the high cost of permanent magnet motors and complexity in the manufacturing process.
Major industry players profiled as part of the report are Siemens AG, ABB, General Electric, and Toshiba Corporation among others.
By Motor Type
- Direct Current Motor
- Alternating Current Motor
- Hermetic Motor
- Samarium Cobalt
By Industry Vertical
- Consumer Electronic
- Siemens AG
- Rockwell Automation, Inc.
- Franklin Electric Co. Inc.
- Toshiba Corporation
- Allied Motion Technologies Inc.
- Autotrol Corporation
- Johnson Control
- General Electric
- Nidec Corporation
For more information about this report visit https://www.researchandmarkets.com/research/5b9b2p/48_33_bn?w=4