Technavio has published a new report on the global permanent magnet motor market, which is expected to grow at a CAGR of more than 11 percent from 2015 to 2019.
According to the new Technavio report, permanent magnet motors are primarily used in low power and consumer industrial applications. However, price is a major factor in deciding the selection of permanent magnet motors.
“Manufacturers are shifting to low-cost ferrite magnets instead of using expensive permanent magnets to reduce the overall cost of motors, thus resulting in the market growth,” said Faisal Ghaus, Vice President of Technavio.
The new report by Technavio also underlines increasing incorporation of solar and wind energy into electrical grid systems. These renewable energy sources can be used as substitutes for existing thermal and other hydrocarbon energy sources.
“The growing dependence on renewable energy sources such as wind and solar will contribute to the growth of the permanent magnet motor market globally,” elaborates Ghaus.
The new Technavio report covers the present scenario and growth prospects of the global permanent magnet motor market from 2015-2019. To calculate the market size, Technavio uses revenue generated from the sales of NdFeB, SmCo, and ferrite magnet motors.