Market Trends of Permanent Magnet Motor Industry
Direct Current Motor Holds Significant Share
- Permanent DC motors have been popular in the industry since the industry started shifting from induction motors. DC motors offer a few advantages, such as ease of operation, compact size, and the ability to perform without further control.
- PMDC motors are highly efficient and can provide considerable power and torque in a tiny form factor. Additionally, they can be easily interfaced with batteries because they have been widely used in various applications. Their small size and ability to work with batteries make them useful in many new industries and applications, such as drones, regenerative braking, power tools, etc.
- PMDC motors have various applications in automobile components, which include windows and blowers used in AC and heaters, in personal computer disks and drives, as well as small power ratings equipment like toys and small robots.
- In recent years, the world has witnessed the advent of electric vehicles. Electric cars are often considered the future of the automotive market. Increasing adoption of PMDC motors in electric cars and increasing investments by leading players, like Tesla Motors, are expected to boost the market. The number of battery electric vehicles sold in China was approximately 16.1 million units in 2023, increase from around 10.7 billion in 2022, as per the IEA.
- Moreover, the market is witnessing a lot of developments as countries look for faster deployment of electric vehicles with an aim to move towards a sustainable future. For instance, in July 2022, IIT Kharagpur developed an indigenous, efficient, and affordable smart controller for e-rickshaws as a part of the Ministry of Electronics and Information Technology's (MeitY) program for indigenous development of electric vehicle subsystems. The smart controller uses a brushless DC motor (BLDC) powered by a direct current voltage supply.
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North America Holds Significant Market Share
- The North American region is expected to hold a significant share globally due to the increasing investments by market players and other organizations, coupled with government initiatives toward building an energy-efficient and sustainable environment. The strong wind energy sector is set to grow in the region and boost the growth of the permanent magnet market during the forecast period.
- With the focus on energy-efficient solutions rising, industries across the region are deploying PMM across various factory operation segments, thereby augmenting the market for PMM. Canada is focusing heavily on energy consumption with programs like CIPEC (Canada Industry Program for Energy Conservation).
- Geomega Resources Inc., a rare earth cleantech developer for mining and recycling, also worked with USA Rare Earth, a funding and development partner of the Round Top-Heavy Rare Earth and Critical Minerals Project West Texas, to recycle rare earth-containing production waste. This waste comes from USA Rare Earths production of sintered neodymium iron boron permanent magnets (sintered neo magnets) in the United States. Such initiatives are expected to boost the adoption of PMMs in the region, especially in this sector, which is a major industry in the region.
- Furthermore, researchers at the University of Pittsburgh partnered with Powdermet Inc., an advanced materials research and development company in Ohio, to develop a rare-earth mineral-free electric motor. The project will create an electric machine that uses permanent magnets made of more abundant metals instead of rare-earth metals.
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