Permanent Magnet Motor Market

1. Permanent Magnet Motor Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast The permanent magnet motor market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for electric vehicles. A permanent magnet is a ferromagnetic item with magnetic characteristics and the ability to generate its own magnetic field. Permanent magnets are used in the rotors of permanent magnet motors. Rare earth magnets are strong magnets produced from rare earth metals that are utilized in PM motors. Permanent magnets, unlike electromagnets, do not require constant electrical energy to sustain their electric field, making PM motors superior than electromagnetic motors. Nano composite permanent magnets are one of the most recent advancements in permanent magnet technology. These magnets are utilized in magnetic storage media, biomedicine, sensors, pigments, and catalysts, among other applications. The majority of permanent magnet motors are combined with AC or DC electric motors. When compared to other electric motors, these motors consume less power, have better heat dissipation properties, and run at better efficiencies. Permanent magnet motors are utilized in a variety of industrial applications to increase machine efficiency. Market Trends, Drivers, Restraints, and Opportunities  Growing demand for energy-efficient and low-maintenance motors is projected to fuel the market during the forecast period. Many advantages of permanent magnet motors, such as the fact that the former does not require a feedback sensor to provide accurate speed control are key factors propelling the market in the coming years. 

2. High price of permanent magnet motor is expected to hinder the market growth. Lack of awareness act as major challenge that can hamper the marketduring the forecast period. Rising use of permanent magnet motors into EVs is a major factor driving the market.    Sample - https://growthmarketreports.com/request-sample/1828 Market Segment Insights The direct current segment is projected to hold a major market share In terms of motor type,the permanent magnet motor market is bifurcated into direct current motor and alternating current motor. The direct current motor segment is expected to represent a key share of the market during the forecast period. Since the industry began to move away from induction motors, permanent DC motors have become increasingly common. DC motors provide a number of advantages, including ease of use, compact size, and the ability to function without further control. PMDC motors are extremely efficient and can deliver a significant amount of power and torque in a small package. PMDC motors are utilized in a variety of automotive components, including windows and blowers in air conditioners and heaters, personal computer discs and drives, and low-power devices like toys and tiny robots. Electric vehicles have become increasingly popular in recent years. Electric vehicles are frequently regarded as the automobile industry's future. In 2019, the number of battery electric vehicles sold in the United States was estimated to reach about 245,000, with Tesla models accounting for over 80% of the total. Inquiry- https://growthmarketreports.com/enquiry-before-buying/1828 Competitive Landscape Key players competing in the permanent magnet motor market include Allied Motion Technologies Inc., Franklin Electric Company, Siemens AG, ABB Limited, and Rockwell Automation. Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. About Growth Market Reports: GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys. Contact:

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