Permanent Magnet Synchronous Motors Market to Exhibit a Healthy Growth of 5.2% CAGR Between 2020 to 2030: Fact.MR

Dublin, Ireland, 2021-Jan-06 — /EPR Network/ —

The global permanent magnet synchronous motors market is likely to foresee a healthy CAGR of 5% during the forecast period 2020-2030. Increasing prospects in the EV segment, together with emphasis on energy-efficient motors is likely to be the strategic focus areas for market players. Steady technological progressions together with R&D for innovative design concepts have furthered the market with the launch of numerous sorts of synchronous motors such as radial field and axial field permanent magnet synchronous motors.

“The market will reflect notable growth in rising nations of Asia Pacific. The green recovery concept from the ongoing COVID-19 outbreak will impel the demand for energy-effective permanent magnet synchronous motors. The leading share will be accounted by the automotive industry.” opines a Fact.MR analyst.

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Key Takeaways

• Above 600 kW capacity will remain most lucrative category in the global market.
• Interior type segment is projected to reflect a remarkable expansion amid the projected period.
• Sinusoidal control segment, led by scalar is anticipated to remain lucrative in the global market.
• Aerospace & automotive end-use segment holds majority of market share owing to growing demand for electric vehicles.
• Asia-Pacific led by China is likely to remain lucrative among other regions, followed by North America.

Drivers

• Implementation of standards & regulations such as MEPs (Minimum Energy Performance Standards) is driving the demand worldwide.
• Exponential rise in demand for extremely efficient machine control motors is encouraging the market growth
• Growing demand for low power consuming and energy efficient systems across sectors has considerably fuelled the need for innovative synchronous motors, resulting in market growth.

Constraints

• Increased initial cost are projected to restrict the market growth over the forecast period.
• Controlling the motor remains challenging for users, since it necessitates a complicated controlling system, limiting the market growth.

Anticipated Market Impact by COVID-19 Outbreak

The permanent magnet synchronous motors market will be facing a drop in its growth due to disruptions in the economy stimulated by the COVID-19 outbreak. Amid the crisis, the market is encountering with limitations on transportation and trade of products. Moreover, the scenario is deteriorated by changing taxes and currency fluctuations. Market players are now strategising in a manner such that they advance their products by pairing them with latest technologies to save costs without conceding the employees’ health.

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Competition Landscape

The global market for permanent magnet synchronous motors is extremely competitive. Players are readjusting, as the far-reaching influences of COVID-19 on automotive industry and industrial output are nonetheless to be entirely realized. Moreover, due to strict guidelines on pollutants, requirements for energy-efficient motors is projected to surge.

Prominent players identified in the global market are Alstom, ABB Ltd., ATE antriebstechnik undentwicklungs GmbH & Co. KG, Hansen Corporation, General Electric, Hitachi, Ltd, Nidec Corporation, MEIDENSHA CORPORATION, OEMER MOTORI Rolls Royce plc, ELETTRICI S.P.A., Siemens AG, WEG S.A., Toshiba International Corporation, YASA Limited, Zhejiang Zhongyuan Electric Co., Ltd and YASKAWA Electric Corp.

More on the Report

The Fact.MR’s market research report provides in-depth insights into the permanent magnet synchronous motors market. The market is scrutinized on the basis of capacity (375-450 kW, 450-600 kW and above 600 kW), type(surface and interior)according to the control (Trapezoidal (open loop and closed loop) and Sinusoidal (scalar and vector)), end-use industries (electrical and electronic, aerospace and automotive, oil and gas, marine, defense, power, mining and others), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).

Press Release: https://www.factmr.com/media-release/1736/global-permanent-magnet-synchronous-motors-market