Factory automation helping the permanent motors market with significant growth rate
7 Jan 2015
Allied Market Research published a report titled “Global Permanent Magnet Motor Market -Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014-2020.” The report forecast the global permanent magnet motor market to reach a value of $45.3 billion by 2020 with a CAGR of 11.7% during 2014 – 2020. The adoption of permanent DC and AC motors have increased in various applications of factory automation such as material handling and robotics. The rare earth magnets material’s demand was around 21% amongst the other rare earth material in the year 2012. The rising usage of permanent magnets would boost up the growth of the global permanent magnet motor market.
The supply chain of the permanent magnet motors was disrupted in the year 2012 due to its large scale demand, which ultimately resulted in the paucity of rare earth magnet materials. The paucity of rare earth magnet materials hampered the growth of permanent motors market. However, steady supply of the rare earth magnet materials have again resulted in the growth of permanent magnet motors market. Owing the abundance of rare earth materials, China is the leading producers of the permanent motors market.
Factors such as high power density, electric durability & stability, reliable performance, and simplified construction increases the efficiency of the permanent motors market. The growing necessity of robots in automation and strive to work with minimal errors and precisions are driving the growth for global permanent motors market. The permanent motors are largely used in elevators, chip conveyors, coolant pumps, oil reservoirs, and photocopy machines, etc.
The demand for permanent motors market have increased considerably; especially, in the countries that has large rare earth resources. China leads the global permanent motors market due to large scale availability of rare earth metals. On the basis of type, Neodymium magnet would register a CAGR of 10.8% during the estimated period. Asia Pacific generated major amount of revenue due to presence of many PM motors manufacturers.
The report offers detailed information on the key players in the market. Such players are listed below:
Baldor Electrics Incorporation
Rockwell Automation Incorporation
Franklin Electric Co. Incorporation
Johnson Electric Holdings Ltd.
Research Analyst at Allied Market Research
Ranjan has over 4 years of experience in market research and consulting across multiple domains which include technology, FMCG and durable consumer goods, heavy machinery, and automotive. He has hands on expertise in predictive and exploratory research projects for studying regional and global demand potential, market estimation & forecast, perceptions; analyzing macro and micro markets in terms of key gaps and opportunities. Ranjan is part of multiple consulting as well as syndicated report assignments and is actively involved in all the stages of project completion from planning, execution to delivery as per clients satisfaction.