A permanent magnet AC motor is predicted to lead the market over the projected period due to its growth rate of implementation by firms across multiple industries. PMAC has been identified as a potential substitute for AC induction motors (ACIM) because it provides greater convenience and consistency while also offering better efficiency, synchronous function, and a smaller frame size without sacrificing torque efficiency.
Because of the numerous advantages that PMM provides over conventional motors, its adoption in the industrial sector is expected to grow significantly over the forecast period. Companies all over the world have been identified as supporting this trend by integrating PMM into their production plants in order to improve the plant's operational efficiency.
PMAC motors have been shown to have a 4 percent greater performance at full speed, 7-12 percent higher performance at half speed, and about 24 percent higher efficiency at 1/6th speed than conventional motors.
Permanent magnets are increasingly being used in electro-mechanical products for better efficiency purposes. Permanent magnets find their application in renewable energy sources, generators, turbines, DC motors, and linear and rotational actuators, among others, thereby increasing motor efficiency.
The substantial advances in technology in the modern era have opened opportunities to develop permanent motors for a wide range of industries, such as automotive, energy, mining, and other industrial sectors.
There are a few varieties of the permanent magnet motor type. For instance, there is a split-phase and the capacitor start, along with the permanent split capacitor (PSC) variations. They are similar, single-speed devices with around 20 to 30% efficiency. The PSC types are a bit better (and a bit more expensive) at 35 to 45% efficiency.
The growing demand for higher operating efficiency in electric vehicles is likely to fuel the requirement for permanent magnet synchronous motors in the coming years.
Permanent magnet synchronous motors are up to 15% more efficient than induction motors and are the most power-dense type of traction motor commercially available. Hence, the efficiency of permanent motors can help in reducing organizations' expenditures and improve their productivity, thereby creating opportunities for the market.
As the ‘primary movers’ in various appliances, motors determine the capabilities, energy consumption, power demand, and reliability of most off-grid appliances. The Efficiency for Access, Collaborative Labeling, and Appliance Standards Program (CLASP) published the first comprehensive analysis of efficient motor applications in off-grid and weak grid appliance markets. Appliances using permanent magnet motors use between 22-42% less energy than those using conventional alternating current (AC) motors. These savings provide significant benefits to consumers and growth opportunities to the market.
PMM is planned to expand into new sectors, such as solar pumping. When compared to traditional asynchronous motors, these motors have better effectiveness within the power range. When compared to diesel-powered pumping, the use of PMM in solar pumping provides a quick and straightforward installation with a high return on investment.
Permanent magnet motors utilize 22-42 percent reduced power than traditional alternating current motors, as per a global coalition "Efficiency for Access" research titled "The Benefits of Permanent Magnet Motors: Efficiency Opportunities in Off- and Weak Grid Appliance Markets." A household that switched from traditional AC devices to PM motor devices would conserve 30% on energy costs. Also, after factoring in a 20% pricing premium, the net cost of their solar energy system.
When paired with higher-capacity PV panels, the fuel savings from PM motor devices could allow a household to charge a 2- or 3-wheeled vehicle and effectively remove its operational costs. Furthermore, in off-grid and weak-grid areas, PM motor devices can boost the profits of photovoltaic systems and devices. Product manufacturers can deliver higher-functioning items with more features by using PM motors (e.g., quieter washing machines & fans and enhanced low voltage operation to allow solar water pumps to provide better performance on overcast days).
Finally, PM motor appliances are more trustworthy than standard appliances, which is an important attribute for appliances used in off-grid or rural environments. When these unique qualities are integrated, they can increase consumer pleasure and desire to pay more for higher-performing devices in off-grid and weak-grid regions.
Despite their ability, these motors are not yet the most widely utilized motor technique in most appliances. In South Asia, 57% of appliance types analyzed have a business penetration rate of less than 50%, while in Sub-Saharan Africa, 71% have a market penetration level of less than 50%. However, with the expansion of solar water pumps, deep freezers/refrigerators, and 2- and 3-wheeled vehicles, PM motors are likely to earn a larger market share by 2025.
Export Development Canada (EDC) is assisting the country's energy sector during the COVID-19 pandemic. The EDC will enhance its short-term lending to assist small and medium-sized oil and gas enterprises as part of the administration's economic and strategic approach. Businesses will be able to use this increased capacity to get the liquidity they need to keep their operations functioning. The government's rising actions are also providing prospects for the permanent magnet motor business to revive in the future.
According to Statistics Canada, industrial production in the country fell 5.17 percent in March 2020 compared to March 2019 due to the COVID-19 pandemic's impact. In the coming year, it is expected that industrial production in Canada will increase by 0.50 percent. Canada's industrial output is expected to grow by 2.30 percent in 2021 and 1.80 percent in 2022, boosting demand for permanent magnet motors even further.
The Office for National Statistics (ONS) reported in June 2020 that the month-on-month index of manufacturing sector production in the United Kingdom fell by more than 20% in April 2020. Furthermore, the reduction demonstrates the early economic impact of the COVID-19 pandemic. The manufacturing business, which accounts for nearly 75 percent of all production industries, saw the largest drop of 24.3 percent. The fall in industrial production caused by the pandemic would have a severe impact on market growth.
According to Destatis, the federal statistics department, industrial output increased by 7.8% month over month in May 2020, compared to -17.9% in April. The country's industrial production fell by -19.3 percent in May, compared to -11.1 percent projected and -25.3 percent seen in April. According to Destatis' records, the reduction was more than double the 8.9% drop seen in March. Germany, like the rest of the world, was placed on COVID-19 pandemic alert before gradually easing restrictions beginning April 20.
The permanent magnetic motor market is segmented into four regions: North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
In the North American region, The US total annual wind electricity generation increased from about 6 billion kilowatt-hours (kWh) in 2000 to about 337 billion kWh in 2020. In 2020, wind turbines in the United States were the source of about 8.4% of total US utility-scale electricity generation (source: US Energy Information Administration).
The US wind industry introduced additional 1,800 megawatts (MW) of new wind generation capacity during the first quarter, while the number of projects in the pipeline reached a record high. According to the American Wind Energy Association (AWEA), US project developers constructed more than twice as much wind capacity in the first three months of 2020 as they did in the first three months of 2019. The large wind energy pipeline is on track to fulfill the rising needs of low, sustainable energy in the United States. Such events fuel market demand in this industry.
Wind power in Canada increased by 597 megawatts (MW) in 2019, thanks to five new wind energy projects worth more than $1 billion. In 2019, wind generation installed capacities reached 13,413 MW. Every province in Canada now has access to clean wind energy. In 2025, Rystad estimates that Ontario will have 1.8 GW of solar and 5.8 GW of wind power.
Asia-Pacific is the fastest-growing permanent magnetic motor market. The asia-Pacific permanent magnetic motor market is predicted to be worth USD 16,280 million by 2030, increasing at an 11% CAGR. China is the world's leading producer of samarium and neodymium, both of which are commonly used as materials in permanent magnet motors. As a result, such materials are in high demand in other parts of the world, making the country a strong provider.