Annual growth of over 10% seen for permanent magnet synchronous motor market
Chicago, IL – The permanent magnet synchronous motor (PMSM) market is projected to reach US$25.18 billion by 2020, expanding at a compound annual growth rate (CAGR) of 10.6% from 2015 to 2020, according to a report from MarketsAndMarkets of Chicago.
PMSMs have a diverse range of applications in industries such as oil & gas, industrial & manufacturing sector, metals & mining, power, paper & pulp, transportation and commercial, among others.
The industrial and manufacturing sector captures the major market, which includes the use of PMSMs for pumps, extruders, and compressors. Here, PMSMs find the majority of their application in chemical and process and cement manufacturing industries, among others.
In addition, increase in industrial activities in countries such as China, India, and Japan acts as a major driver of the PMSM market.
The report covers motors with power ratings categorized below 375 kW and above 375 kW. The regions analyzed in the report include the Americas, Europe, Asia-Pacific, and the Middle East & Africa. Asia-Pacific is expected to be a lucrative market for PMSMs during the forecast period.
Key companies in this market include: ABB Ltd. (Switzerland), Alstom (France), Emerson (U.S.), Siemens AG (Germany), General Electric (U.S), Mitsubishi Electric Corp. (Japan), WEG (Brazil), DRS Technologies (U.S.), Meidensha (Japan), and Toshiba Corp. (Japan).
For details on the report, visit http://www.marketsandmarkets.com/requestsample.asp?id=388719.