The global permanent magnet motor market is expected to reach $48.12 billion growing at Compound Annual Growth Rate of 12.36 percent by 2020, according to a new report,”Global Permanent Magnet Motor Market – Forecasts and Trends (2016 – 2021)”, from Research and Markets.
The market is fueled by the factors such as integration of permanent magnet motors in automobiles, and eco-friendly cars like electric cars. The demand for rare metals has grown multi-fold and is expected to grow even further over the forecast period. Currently the market is dominated by China, which is the leading manufacturer of permanent magnet motors owing to its abundant reserves of rare metal resources. The demand for permanent magnet motors for renewable sources of energies like wind energy, solar energy has also rose over the past few years.
Various advanced wind power technologies also utilize permanent magnet motors in their generators and motors. Augmented need for an increased power density is also contributing to the growth of this market. Recent trend in the market is showing that the focus of the manufacturers is shifting towards ferrite magnets since they are abundant in nature, and have the ability to prevent eddy currents even in low frequency applications. A ferrite magnet can have up to 93 percent efficiency operating in 22 KW power rating.