Permanent Magnet Synchronous Motor Market Worth $25.18 Billion by 2020
CHICAGO, August 6, 2015 /PRNewswire/ --
The report "Permanent Magnet Synchronous Motor Market by Mounting Type (Horizontal & Vertical), Power Rating (Below 375 kW and Above 375 kW), by Application (Oil & Gas, Industrial & Manufacturing, Power, & Transportation), by Region - Global Trends & Forecasts to 2020" published by MarketsandMarkets, The PMSM market is projected to reach USD 25.18 Billion by 2020, at a CAGR of 10.6% from 2015 to 2020.
Browse 65 market Tables and 62 Figures spread through 201 Pages on "Permanent Magnet Synchronous Motor Market"
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The market report defines segments, analyses, and forecasts the global PMSM market. It also identifies the driving and restraining factors of the PMSM market, with an analysis of trends, opportunities, and competitive landscape.
The market on the basis of region has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
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The Asia-Pacific region is expected to dominate the PMSM market during the next five years.
Asia-Pacific is the largest market for PMSM. The region, which has done well in the past 10 years, accounted for around 35% of the total market share in 2014. The growth rate has scaled up due to rise in industrial activities, standardizations on the usage of energy-efficient motors, and advantages of PMSM over other electric motors.
Industrial & manufacturing sector - Major application for the PMSM market
PMSMs have a diverse range of applications in industries such as oil & gas, industrial & manufacturing sector, metals & mining, power, paper & pulp, transportation, and commercial among others. The industrial and manufacturing sector captures the major market, which includes the use of PMSMs for pumps, extruders, and compressors. PMSMs find majority of its application in chemical and process and cement manufacturing industries among others. In addition, increase in industrial activities in countries such as China, India, and Japan acts as a major driver of the PMSM market.
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