London, 03 July 2015 – Technavio has published a new report on the global permanent magnet motor market, which is expected to grow at a CAGR exceeding 11% from 2015-2019.
About the Report
According to the new Technavio report, permanent magnet motors is used in different types of applications, mostly 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,” says Faisal Ghaus, Vice President of Technavio.
The new report by Technavio also underlines the incorporation of solar and wind energy into the electrical grid systems that has recently seen an exceptional increase, which can be used as substitutes for the existing thermal energy and other hydrocarbon sources of energy.
“The growing dependence on the renewable sources of energy such as solar and wind energy, will contribute to the growth of the permanent magnet motor market globally,” elaborates Ghaus.
Market Scope and Calculation of Market Size
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.
Key Information Covered in the Report:
Key Vendors:
- Baldor Electric Co.
- Franklin Electric Co. Inc.
- Rockwell Automation Inc.
- Siemens Industry
Market Growth Drivers:
- Cost Reduction by Using Ferrite Permanent Magnets
- For a full detailed list, view our report.
Market Challenges:
- High Price of Rare Earth Magnets
- For a full detailed list, view our report.
Market Trends:
- Demand for Alternative Sources of Energy
- For a full detailed list, view our report.
https://www.technavio.com/%3Cp%3E%3Ca%20href%3D%22http%3A//www.technavio….
