CHICAGO, May 25, 2021 /PRNewswire/ According to the new market research report "Permanent Magnet Motor Market by Type (PMAC, PMDC, and Brushless DC), Power Rating (Up to 25 kW, 25-100 kW
by Type (PMAC, PMDC, and Brushless DC), Power Rating (Up to 25 kW, 25–100 kW, 100–300 kW, and 300 kW & Above), End-User (Industrial, Commercial & Residential), and Region - Global Forecast to 2026 , published by MarketsandMarkets™, the global Permanent Magnet Motor Market is projected to reach USD 64.6 billion by 2026 from an estimated value of USD 41.2 billion in 2021, at a CAGR of 9.4% during the forecast period. Increasing demand for energy-efficient motors and growing implementation of permanent magnet motor in industries such as automotive are the key factors driving the Permanent Magnet Motor Market. The high initial cost of permanent magnet motor can restraint the growth of the Permanent Magnet Motor Market. However, growing robotics technology offers promising business opportunities in the Permanent Magnet Motor Market.
AC Electric Motor Sales In Oil And Gas Market: Type Landscape
Based on the segmentation by type, the market saw maximum growth in the induction motor segment. The growth of the segment can be attributed to the increased use of induction motors in applications such as oil and gas exploration tools, tractor tools, rotary steering systems, formation testing tools, actuators, completion tools, hydraulic pumps, and others. The market growth in the segment will be significant during the forecast period.
AC Electric Motor Sales In Oil And Gas Market: Geographic Landscape
By geography, APAC is going to have lucrative growth during the forecast period. About 33% of the market s overall growth is expected to originate from APAC. The growth of the market in APAC is driven by the increase in E&P activities of unconventional reserves and the rising demand for energy. China is the key market for AC electric motor sales in oil and gas market in APAC.