Global Permanent Magnet Motor Market 2015-2019
About Permanent Magnet Motor
A permanent magnet is made from ferromagnetic materials, and it creates its own magnetic field and retains magnetic properties. Permanent magnet exhibits magnetic properties even if is removed from a magnetic field. Permanent magnet can be broadly classified into rare earth, ferrite, aluminum-nickel-cobalt (Alnico), and other magnets. Permanent magnet motor is manufactured with permanent magnets in rotors. Rare earth magnets, made from rare earth metals, are used as the permanent magnets in this motor. Unlike electromagnet, permanent magnet does not require continuous electric energy to maintain its electric field.
Technavio's analysts forecast the global permanent magnet motors market to grow at a CAGR of 11.37% over the period 2014-2019.
Covered in this Report
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.Technavio's report, Global Permanent Magnet Motors Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Permanent Magnet Motor Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Permanent Magnet Motor Market: Baldor Electric, Franklin Electric, Rockwell Automation and Siemens
Other Prominent Vendors in the market are: Allied Motion Technologies, Ametek, Autotrol, Danaher, Johnson Electric Holdings and Toshiba
Commenting on the report, an analyst from Technavio’s team said: “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, Siemens, Allied Motion Technologies, Ametek, Autotrol, Danaher, Johnson Electric Holdings, Toshiba
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