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North America accounts for a significant share of the permanent magnet motor industry due to the rising adoption of sustainable measures in the region. For instance, the United States Department of Energy (DOE) announced that wind energy accounted for 42% of the total electricity capacity. Hence, the rising demand for wind energy is surging the deployment of permanent magnet motors, which is propelling the market growth. Moreover, the increasing research and developments(R&D) activities to advance permanent magnet motor is providing further impetus to the market growth. Meanwhile, the Asia Pacific region is poised to witness healthy growth in the forecast period owing to the growing demand for electric vehicles in the region. As countries like India and China are some of the leading manufacturers of automobiles, the demand for permanent magnet motors is projected to grow. This is estimated to propel the industry growth in the forecast period.
Franklin Electric Co. (NASDAQ: FELE), one of the leading companies in the market, announced the launch of its 4” High Efficiency System in October 2019. The product consists of a variable frequency drive, submersible pump, permanent magnet synchronous motor, and an output filter to meet challenging water pumping requirements. The product offers enhanced energy and operational efficiency while providing smart high-output system solutions. It can be conveniently used in solar and grid applications. Moreover, the product is easy to install and provides excellent partial load behaviour to enhance cost-effectiveness. It also has Bluetooth 4.0 connectivity to enable remote control of operations through mobile applications. Such developments are propelling the market growth.
Market Analysis by Motor Type, Magnet Type, Power Range, End-User, and Region:
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The major players in the global permanent magnet motor market are ABB Ltd., Rockwell Automation, Inc., Siemens AG, Franklin Electric Co., Inc., Allied Motion, Inc., and Nidec Motor Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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