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Permanent Magnet Motor Market

revenue will reach $74.3 billion by


2024, says Esticast Research and
Consulting
The global permanent magnet motor market was valued at
$28.24 billion in 2016 and is projected to reach $74.33
billion by 2024, growing at a CAGR of 13.2% from 2017 to
2024. In 2016, the direct current motor segment held the
highest revenue share in the global market. Among major
regions, North America market was the highest revenue
generating market in 2016

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DC motors will dominate the overall PM motor market throughout
the forecast period of 2017-2024

With the growth of factories and industries, permanent magnet DC motors


are rapidly gaining popularity, mainly because of their better characteristics
and performance. These motors are used in numerous industrial sectors
because of their simple construction and easy installation which is suitable
for any critical application. DC motor has a simpler controller, making the
DC motor/controller combination less expensive. However, permanent
magnet AC motors are supposed to witness an impressive growth in the
upcoming future owing to its higher efficiency and lightweight. As per a
research was done by INL, PMAC motors are 5% - 10% more efficient than
DC motors

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In the current scenario, the PMDC motors hold nearly 47%
of the overall market

Permanent magnet motors have imparted high adoption in


factory automation, accounting to their high efficiency and
compatible installation.
The PM motors used for factory automation held nearly 30%
of the overall market share in 2016 and is expected to
dominate the overall PM motor market throughout the
forecast period of 2017-2024. DC motors are majorly
preferred in industries where position and speed control is
required. Moreover, an inclination towards higher
automation and rising demands for industrial robots are the
major factors pushing the PM motor market growth.

BLDC motors, also called as Permanent
Magnet DC Synchronous motors are one of
the motor types that have rapidly gained
popularity, mainly because of their better
characteristics and performance. These
motors are used in a lot of industrial
sectors because their architecture is
suitable for any safety-critical
applications. Increasing industrialization
is a major driver of the PM motor market.
However, uncertainty regarding the
availability of rare earth elements (REE)
might influence the market growth

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Asia-Pacific leads the world PM motor market, accounting for
more than 50% of the overall market revenue in 2016

The Asia Pacific PM motor market is expected to maintain its dominance


throughout the forecast period. This is because of the presence of the
fastest growing economies in the region such as China, India, Japan and
Singapore. As per OICA records, China and Japan are the top two leaders
in terms of automobile production, which majorly requires the usage of
PM motors. Further, PM motors are significantly required for heavy duty
pumps which are used in large scale industries. Rapidly growing oil & gas
industries as a result of increased power requirements will surge the
demand for high-pressure pumps, hence driving the PM motor market in
the region. According to the statistics revealed by U.S. Department of
commerce, the global market for oil and gas industry is projected to
increase to $205 billion in 2020 from $166 billion in 2016

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Factory automation permanent magnet motor market by region,
(2016, 2020, 2024)

A commercial
permanent motor
market is supposed
to grow with the
highest CAGR of
15.4% during the
forecast period.

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Permanent Magnet Motor Market Key Findings

The global permanent magnet motor market was valued at


$28.24 billion in 2016, and is projected to reach $74.33
billion by 2024.
The permanent magnet DC motors hold nearly 47% of the
overall market.
Factory automation held nearly 30% of the overall market
share in 2016.
Asia-Pacific leads the world PMSM market, accounting for
more than 50% of the overall market revenue in 2016.

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Key Vendor Profiles

Autotrol Corporation
Danaher Corporation
Baldor Electric Compan Inc.
Rockwell Automation, Inc.
Ametek Inc.
Allied Motion Technologies, Inc.

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Market By Geography

North America Europe


Asia-Pacific

Africa

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