Portland, Ore. - According to a new report published by Allied Market Research, titled, "World Permanent Magnet Synchronous Motor (PMSM) Market" the world PMSM market is likely to generate revenue of $31.1 billion by 2022, growing at a CAGR of 10.9% from 2016 to 2022. Asia-Pacific is expected to dominate the PMSM market in terms of revenue as well as volume, during the forecast period, due to ample availability of low-cost raw materials, improved government regulations, and increased spending power of customers.
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PMSMs are widely used in automation, consumer electronics, medical and lab equipment, and automotive amongst others. The automation sector is a significant revenue contributor to the PMSM market, accounting for over 30% of the overall revenue throughout the analysis period. This is attributable to the prominent role played by PMSM in the motion-control applications owing to its functionalities such as high efficiency, compact size, high power, and high torque-to-inertia ratio. From a revenue growth perspective, lab equipment would be the most lucrative application sector, owing to the to the high demand for PMSM from lab equipment manufacturers due to its high torque, speed, and reliability.
PMSMs within the voltage range of 21V30V are anticipated to be the leading revenue generators. The segment is expected to contribute over 20% of the market revenue, throughout the analysis period. This is due to increased use of PMSM machine tools which reduce the vibrations in machines. Also, these machine tools have witnessed significant growth due to high demand for industrial machines from small and medium enterprises, particularly in the developing countries. In terms of volume, 10V-20V would account for the largest units shipped during the forecast period. PMSM of this range provides high efficiency, requires low-operating temperature, and reduces the weight of motors. Thus, their suitability across the varied applications would continue to supplement their market growth.
Asia-Pacific leads the world PMSM market, accounting for around 44% of the overall market revenue in 2015. The region is expected to maintain its dominance over the forecast period. Whereas, LAMEA is expected to exhibit the fastest revenue growth, owing to the increased applications of PMSM in the automation sector, decreased prices of raw materials, and technological advancements in the region.
Key findings of the study:
The automation sector is expected to lead the market during the forecast period, attributed to high efficiency, compact size, high power, and high torque-to-inertia ratio that PMSM provides.
PMSMs with voltage range 9V and below is expected to be the fastest growing product segment, in terms of revenue.
LAMEA is expected to register the highest growth over the forecast period.
Industry participants focus on introducing new products and acquisitions to strengthen their market share.
PMSM market comprises dominant players such as Baldor Electric Company, General Electric Company, and Siemens AG. These players focus on the development of new technology, launch of novel products with innovative variations, and acquisition as their key strategies to strengthen their position in the market.