Permanent Magnet Motor Market Permanent magnet motor market forecast, 2016-2024 | Page 4

In the current scenario, the PMDC motors hold nearly 47%
of the overall market
Permanent magnet motors have imparted high adoption in
factory automation, accounting to their high efficiency and
compatible installation.
The PM motors used for factory automation held nearly 30%
of the overall market share in 2016 and is expected to
dominate the overall PM motor market throughout the
forecast period of 2017-2024. DC motors are majorly
preferred in industries where position and speed control is
required. Moreover, an inclination towards higher
automation and rising demands for industrial robots are the
major factors pushing the PM motor market growth.