Permanent Magnet Motor Market

New Product Developments, Investments & Expansions, Contracts & Agreements, and Mergers & Acquisitions are the Major Strategies Adopted by the Players in the Permanent Magnet Motor Market

The global permanent magnet motor market is estimated to be USD 29.50 Billion in 2018 and is projected to grow at a CAGR of 8.87%, during the forecast period, to reach a market size of USD 45.13 Billion by 2023. In 2018, Asia Pacific is estimated to be the largest market for permanent magnet motors, followed by North America and Europe. The key players in the Asian permanent magnet motor market include Yaskawa (Japan), Nidec (Japan), Toshiba Corporation (Japan), and Johnson Electric (China). The growth of the permanent magnet motor market is driven by the increasing demand for energy-efficient and low-cost maintenance motors and increased implementation of permanent magnet motors across industries. The growing robotics technology presents a significant opportunity for the permanent magnet motor market.

The permanent magnet motor market comprises both global and regional players. The key players operating in the market include GE (US), Siemens (Germany), ABB (Switzerland), Toshiba Corporation (Japan), and Emerson (US). New product developments, investments & expansions, contracts & agreements, and mergers & acquisitions are the major strategies adopted by the players in the permanent magnet motor market. Mergers & acquisitions was the most commonly adopted strategy from 2013 to 2017. Industry players also adopted the strategy of new product launches, which was the second-most widely followed strategy from 2013 to 2017.

Siemens is one of the leading technology companies offering products, solutions, and services in the field of electrification, automation, and digitalization across the globe. The company operates through eight business segments such as power & gas, building technologies, energy management, mobility, digital factory, process industries & drives, healthineers, and Siemens Gamesa renewable energy. Siemens provides permanent magnet motors under its process industries & drives business segment. Through its process industries & drives segment, the company caters to various end use industries such as oil & gas, shipbuilding, mining, cement, fiber, food & beverage, chemicals, and pharmaceuticals. Some of Siemens’ subsidiaries are Dresser-Rand (Germany), Siemens Industry Software (Germany), CD-Adapco India (India), and Siemens Transmission & Distribution (UK). In March 2015, Siemens developed a new type of electric motor weighing 50 kg, which delivers a continuous output of about 260 kilowatts, five times more than the comparable drive systems. The motor has been specially designed for aircrafts. This motor has its record-setting power-to-weight ratio; larger aircrafts with take-off weights of up to two tons would now be able to use electric drives for the first time.

GE is one of the largest industrial companies, transforming the industry by offering products & solutions that are responsive as well as predictive. The company has eight business segments, namely, power, aviation, healthcare, oil & gas, renewable energy, capital, transportation, and lighting. The company manufactures permanent magnet motors under power and transportation segments. Through these business segments, GE caters to end uses such as oil & gas, marine, power electronics, and transportation. The company is serving its customers in over 180 countries, mainly in the Americas, Africa, Asia, Europe, Australia, and the Middle East. It has 184 manufacturing plants located in 38 states of the US and 325 other manufacturing sites located in 40 other countries. In March 2013, GE entered into a contract with Lindoe Offshore Renewables Center (LORC) (Denmark) for testing renewable energy technology, construction, commissioning, and handover of one of the world’s most advanced facilities to test wind turbine nacelles with an output power of up to 10 MW. The equipment in the contract include innovative direct drive permanent magnet motor and flexible modular inverter system.

Related Reports:

Permanent Magnet Motor Market by Type (PMAC, PMDC, and Brushless DC), Power Rating (Up to 25 kW, 25–100 kW, 100–300 kW, and 300 kW & Above), End-User (Industrial, Commercial & Residential, and Healthcare), and Region - Global Forecast to 2023

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