COVID-19 Impact on Permanent Magnet Synchronous Motors Market Through 2030

According to a latest report from Fact.MR, the global permanent magnet synchronous motors market is expected to witness steady growth through 2030, despite COVID-19 stopping the rally in 2020. Growing opportunities in the EV segment, combined with focus on energy-efficient motors will be the key focus areas for market players.

With increasing concerns regarding environmental issues, manufacturers are now focusing on developing and creating energy efficient motors that use permanent magnet materials with high magnetic flux density.

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Their increasing use in a number of end-use industries like oil and gas, electronics, automotive, aerospace, marine, mining and defense has resulted in a rise in demand, that subsequently has had a positive influence on the market.

Key Takeaways

  • The global permanent magnet synchronous motor market is expected to witness growth rates of 5% till 2030.
  • A blooming industrial sector and lenient government regulations will help the Asia Pacific region to remain lucrative
  • The implementation of Minimum Energy Performance Standards (MEPs) and similar regulations have positively affected the market growth.
  • Growing demand of permanent magnet synchronous motors in electric vehicles is a key driving factor

The Covid-19 pandemic and lockdowns worldwide have disrupted the market growth of synchronous motors. Restrictions on trade and transport will continue to source a decline in production and supply. But the market is expected to bounce back at the end of the pandemic. Increasing focus on environment-friendly vehicles has propelled the market.

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Research and Development Efforts to Boost Growth

The increasing use of permanent magnet synchronous motors in the automotive sector has give rise to new innovations and advancements in motor technology. Permanent magnet synchronous motors are cost efficient and offer optimum durability, making them a favorable choice for manufacturers. They also produce less noise and are more efficient when compared to DC motors. This has contributed to the increased demand in market.

The permanent magnet synchronous motors’ ability to consume less power and offer high efficiency are the major factors driving the market growth. They are 15% more efficient than induction motors and are commercially viable. The increasing demand in electric vehicles is expected to boost sales during the forecast period.

The high end user demand of permanent magnet synchronous motors in North America has made it the second largest market for the product. There is an increasing demand to develop synchronous motors due to their profitability and technological superiority.

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Some of the key players in the market are Alstom, General Electric, Hansen Corporation, ABB Ltd., Hitachi Ltd., Nidec Corporation, Rolls Royce plc, Toshiba International Corporation, YASA Limited, YASKAWA Electric Corp. and Siemens AG.

Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/26/2007055/0/en/Permanent-Magnets-Market-to-Register-8-5-CAGR-Through-2029-Opportunities-Emerge-with-Electronics-and-Smart-Device-Production-Says-a-New-Fact-MR-Report.html

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