July 10, 2023 21:30 ET | Source: SkyQuest Technology Consulting Pvt. Ltd. SkyQuest Technology Consulting Pvt. Ltd.
Westford,USA, July 10, 2023 (GLOBE NEWSWIRE) -- The global Permanent Magnet Motor market size is expected to reach USD 92.48 billion by 2030 and exhibit a CAGR of 9.4% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing demand for energy-efficient solutions, rising adoption of electric vehicles (evs), growing renewable energy sector, stringent government regulations on energy consumption and emissions, advancements in magnet technology, expanding industrial automation sector, rising awareness about the environmental impact of traditional motors, improved power density and torque capabilities of permanent magnet motors, cost-effective and compact design of permanent magnet motors, is fueling the market's growth. Hub Motor Magnet
According to SkyQuest's latest global research of the Permanent Magnet Motor market, increased use of rare earth magnets, growing integration of smart technologies in motors, emergence of brushless DC motors, adoption of magnet recycling and sustainability practices, development of lightweight and compact motor designs, incorporation of advanced control and monitoring systems, focus on improving motor efficiency and power density, integration of permanent magnet motors in robotics and automation applications, expansion of the electric vehicle market, increasing use of permanent magnet motors in renewable energy, are the trends that aid in the market's growth.
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A permanent magnet motor (PM motor) is an electric motor that uses permanent magnets in addition to windings on its field, rather than windings only. This gives the motor a higher efficiency and lower power consumption than other types of motors. PM motors are used in various applications, including electric vehicles, appliances, and industrial machinery.
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Prominent Players in Permanent Magnet Motor Market
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Brushless DC Motor Demand to Grow Substantially in the Forecast Period
Brushless DC Motors dominated the global online market as they have gained widespread popularity among individuals due to their efficiency. It provides precise control and high torque-to-inertia ratio, resulting in improved performance and responsiveness. They can achieve higher speeds and offer smoother operation, making them ideal for applications that require accurate speed control and dynamic performance.
Electric Vehicle is the Leading Application Segment
In terms of application, electric vehicles are the leading segment due to their growing demand. In addition, electric vehicles rely heavily on permanent magnet motors for various components, including propulsion systems, electric power steering, regenerative braking, and HVAC systems. The increasing electrification of automotive systems further boosts the demand for permanent magnet motors in the EV sector.
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Asia Pacific is the leading Market Due to the Manufacturing Powerhouse
Region-wise, Asia Pacific is one of the largest growing markets with a huge emphasis on manufacturing. The region has been at the forefront of electric vehicle adoption. China, in particular, is the world's largest electric vehicle market, with a significant demand for permanent magnet motors used in electric vehicles. The government's support for electric mobility, favorable policies, and subsidies have contributed to the rapid growth of the electric vehicle market in this region.
A recent report thoroughly analyzes the major players operating within the Permanent Magnet Motor market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Permanent Magnet Motor.
Key Developments in Permanent Magnet Motor Market
Key Questions Answered in Permanent Magnet Motor Market Report
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