Increasing End User Applications and Rising R&D Activities to Drive Global Permanent Magnet Synchronous Motors market

Permanent magnet synchronous motor is a type of motor that runs on alternate current or AC. In this the field execution is offered by permanent magnets. It has a sinusoidal back electromotive waveform. The international permanent magnet synchronous motors market is projected to witness a promising rate of growth in the near future.

These permanent magnet synchronous motors are mainly used in variety of end use industries such as electrical and electronics, marine, mining, defense, aerospace, automotive, and oil and gas among others. In addition to this, constant technological developments in addition with the research and development activities for innovative design concepts have also helped the overall development of the global market in recent years.

The permanent magnet synchronous motors are primarily used in automotive sector across the globe. In addition to the conventional applications, different and emerging avenues in EV segment are expected to create new opportunities in the near future. The EV segment has now moved beyond the initial hype to another category which is passenger car. It is expected that once the market recovers from the COVID-19 enforced slump, new and more opportunities are expected to come up.

Outbreak of COVID-19 Significantly Affected Market Growth

In permanent magnet synchronous motors, the only source is AC supply on the stator. So, controlling the AC supply on the stator becomes the only way to control the motor. This requires a complex control system including power electronics and microcontrollers which makes controlling a permanent magnet synchronous motor challenging for end users.

Furthermore, with enhancement in the performance of permanent magnet synchronous motors, cost also increases. So, the higher initial cost and complex controlling of these motors are forecast to limit the growth of the permanent magnet synchronous motors market.

The ongoing COVID-19 pandemic introduced several restrictions across the globe which in turn hit market growth. This led to massive disruption in business administration of end-use industries like automotive and aerospace, electrical and electronics, marine, and many more. From sales to investments to manufacturing activities, the permanent magnet synchronous motors market suffered severely. The governments around the world are continuously taking measures to contain the transmission of the COVID-19 virus. With this scenario, the market is dealing with restrictions on trade and transportation of products. Furthermore, the situation is worsened by currency fluctuations and changing taxes.

Manufacturers are now strategizing in a way such that they advance their products by coupling them with new technologies to save costs without compromising the health of employees.

Asia Pacific to Dominate Market in Coming Years

In terms of regional segmentation, the global permanent magnet synchronous motors market is segmented into five key regions. These regions are North America, Latin America, Asia Pacific, Middle East and Africa, and Europe. Of these, Asia Pacific is expected to remain as the largest regional market in the coming years of the forecast period. China is the world’s largest automotive market in terms of demand as well as supply. Because of this, the regional segment of Asia Pacific is expected to witness promising growth opportunities. In addition to this, increasing demand from other emerging economies such as India is also expected fuel the development of the Asia Pacific market.

Some of the key players in the global market are include ABB Ltd., Alstom, General Electric, Hansen Corporation, Hitachi, Ltd, MEIDENSHA CORPORATION, Nidec Corporation, OEMER MOTORI ELETTRICI S.P.A., Rolls Royce plc, Siemens AG, Toshiba International Corporation, WEG S.A., YASA Limited, YASKAWA Electric Corp., Zhejiang Zhongyuan Electric Co., Ltd among others.