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The permanent magnet synchronous motors (PMSM) are similar to any rotating electric motor, consisting of a rotor and a stator. However, it is an AC synchronous motor whose field excitation is provided by permanent magnets; and it has a sinusoidal back EMF waveform. These motors' stators run with a three-phase difference alternating current, whereas its rotor is a permanent magnet. Studies shows that the PMSM has an efficiency of about 2% more than a highly efficient induction electric motor. In addition, such motors provide a number of benefits such as simple structure, high efficiency, small size, high power factor, wide speed range, large overload capacity, and the small moment of inertia.
The market for permanent magnet synchronous motors is expected to reach rise at a CAGR of 4.1 percent during the forecast period. The research & development for innovative design concepts and the consistent technological advancements fuels the growth of the permanent magnet synchronous motors market.
There is significant improvement of about 10% in the efficiency of the motors due to usage of permanent magnets; due to which PMSMs are rapidly being used in wide-ranging applications in the industries such as oil & gas, automotive, mining, marine, aerospace, defence, and electrical and electronics. This is one of the key factor contributing growth of the market. In addition to this, improved performance capabilities and low power consumption are the most desirable advantages related with these motors due to which they are extensively being used in green vehicles to reduce fuel combustion. Moreover, there are consistent technological advancements and research & development for innovation in design concepts of these motors which has led to the emergence of many types of permanent magnet synchronous motors such as radial field and axial field permanent magnet synchronous motors.
However, increase in rewinding trend across the industry may hamper growth of the market to some extent during forecast period. In addition, these motors needs a complex control system that includes microcontrollers and power electronics which makes their control more challenging for end users. Also, it requires higher initial cost. These factors may restrain growth of the market. On the other hand, factors such as rising emphasis on the maintenance and the trend of using standard motors in the industries create lucrative growth opportunities for the market.
Throughout the forecast period, interior will continue to hold a dominant share of the global market, on the basis of type. Interior permanent magnet (IPM) synchronous motors offer the characteristics that are important for an adjustable-speed operation, increasing preference towards such motors. In addition, growth of this segment is attributed to the reduced magnet cost, high power density, and efficiency of these motors. However, the surface segment is anticipated to witness highest growth rate during the forecast period.
The aerospace & automotive segment is expected to hold a dominant global market share based on the end-use. Rise in demand for electric vehicles has been fuelling the growth of this segment. In aerospace & automotive applications, the permanent magnet synchronous motors are being preferred over others due to their efficient heat dissipation, low rotor inertia, reliability than other asynchronous motor alternatives, and high torque. This factor is stimulating the growth of the permanent magnet synchronous motors market. Consequently, the segment is also projected to grow at highest growth rate, which in turn propels the permanent magnet synchronous motors market in the upcoming years.
PERMANENT MAGNET SYNCHRONOUS MOTORS MARKET SEGMENTATION:
Asia-Pacific dominated the market and is likely to be the most profitable region throughout forecast period. The upsurge in adoption of permanent magnet synchronous motors in countries such as China and India is one of the major driving factors contributing to the market growth in the region. In addition, China is the largest automotive market around the globe, both in terms of demand as well as supply. Also, the India is experiencing the consistency in launches of new projects in the marine, oil and gas, and defence industries. The aforementioned factors propels growth of the market in the region.
On the contrary, North America is projected to be the second largest region due to increasing government projects to establish sustainable and energy-efficient environments. For instance, the Canada Industry Program for Energy Conservation, (CIPEC) is the partnership among the Government of Canada and the Canadian industry to promotion and develop innovative energy management to help all the industries to intensify their profitability by ensuring the sustainability.
Further, LAMEA region is expected to witness highest growth rate during the forecast period. This is attributed to the extensive rise in demand for electric motors in this region.
FEW KEY PLAYERS IN PERMANENT MAGNET SYNCHRONOUS MOTORS MARKET:
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