- Advancements in electronic research have paved way for the study of high-end technologies spanning into synchronous motors and precision devices
- Most of the high-investment industries such as oil and gas, defense, power and mining, and aerospace are key consumers of permanent magnet synchronous motors
ALBANY, New York, June 8, 2020 /PRNewswire/ -- The global permanent magnet synchronous motors market is slated to expand at a noticeable pace in the years to follow. The relevance of these motors in the domain of electronic research and manufacturing has emerged as a vital driver of market demand. The need for balancing the mechanical properties of electronic components has led to the use of several distinct technologies in the industry. Several researchers have explained the relevance of permanent magnet synchronous motors in terms of their precision over position control. Furthermore, the need for running certain electronic devices at stipulated speeds has also created humongous demand for these motors. The operating range of synchronous motors is another important consideration for researchers who evaluate the performance of these motors. The aforementioned factors are a sound testimony to the stupendous growth potential of the global permanent magnet synchronous motors market.
It is estimated that the global permanent magnet synchronous motors market would grow to a value of US$ 7 Bn by the end of 2030. Advancements in electronic and electrical research have played an integral role in driving sales across this market. The CAGR of the global permanent magnet synchronous motors market is tabulated at 5% for the forecast period ranging from 2020 to 2030. The evident relevance of these motors in macro- and micro-electric applications shall aid market growth.
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Availability of Synchronous Motors in Multiple Ranges and Capacities
The type and capacity of a permanent magnet synchronous motor used in a particular industry depends on the nature of the application. In recent years, the use of high capacity motors with over 600 kW of range have gained popularity. The use of these motors in the defense industry could be an important factor behind an increase in demand for high-capacity motors. Moreover, research and analysis lines for studying the properties and hidden qualities of synchronous motors have also gained traction in the current times. It is logical to expect the inflow of fresh revenues into the global permanent magnet synchronous motors market over the years to follow.
Use of loop controls, such as those used in stepper motors, has gained momentum in recent times. The relevance of synchronous motors in accomplishing the aforementioned feat across the electronics industry has emerged as an important dynamic of market maturity. Besides, the focus of the electronics industry to foster precision in robot actuators has also brought permanent magnet synchronous motors under the radar of focus. Low-power applications of these motors have attracted the attention of scientists and researchers. The companies operating in this market have an opportunity to make a huge splash by capitalising on unmet market needs.
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Global Permanent Magnet Synchronous Motors Market: Growth Drivers
- Use of synchronous motors in the aerospace and automotive industries has helped in turning the fortunes of the leading market players. Both of these industries are heavy on investments, especially in the case of innovative technologies.
- Exploration activities that combine the synergies of the marine industry with those of the oil and gas sector also use of synchronous motor technologies. In addition to this, the power and mining sectors has also become prudent consumers of these motors.
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Global Permanent Magnet Synchronous Motors Market: Key Companies
- Hitachi, Ltd
- General Electric
- Hansen Corporation
- Siemens AG
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Global Permanent Magnet Synchronous Motors Market: Segmentation
- 375 – 450 kW
- 450 – 600 kW
- Above 600 kW
- Surface Permanent Magnet Synchronous Motor
- Interior Permanent Magnet Synchronous Motor
- Electrical & Electronics
- Aerospace & Automotive
- Oil & Gas
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