Technavio Says Use of Ferrite Permanent Magnets Will Boost the Global Permanent Magnet Motor Market Through 2019
July 1, 2015 | By Business Wire News
LONDON
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% from 2015-2019.
About the Report
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,” says 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.
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.
Technavio currently has more than 3000 market research reports on a huge range of topics, including 100+ reports on the motor market:
If you are interested in more information, please contact our media team at media@technavio.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150701005045/en/
Technavio Research
Jes Ellacott
US: +1-630-333-9501
UK: +44 208 123 1770
Media & Marketing Executive
www.technavio.com
media@technavio.com
