Market Concentration and Competitive Landscape

Rising deployment in renewable energy systems

Another key driver for permanent magnet motors is the renewable energy industry. Permanent magnet motors find widespread usage in various renewable energy conversion systems such as solar power, wind power, hydroelectric power. In solar power systems, permanent magnet motors are used in solar trackers and concentrators to optimize sunlight exposure. They provide the precise torque control needed to automatically adjust the position of photovoltaic panels. In wind power generation, permanent magnet synchronous generators are the technology of choice for direct drive wind turbines due to their reliability and efficiency. They eliminate the need for gearboxes which are a major pain point in wind turbines. Permanent magnet motors also enable improved design of multi-pole and super-long stator linear generators for hydrokinetic turbines. With the growing emphasis on clean and green energy, investments in solar, wind and hydro power projects have been increasing tremendously. Agencies like IEA forecast that the global renewable energy capacity will almost double by 2030 from the 2020 levels. This expands the market for permanent magnet motors that play a crucial role in renewable energy technology. Their high performance, durability and maintenance-free operations make them well-aligned to deliver on the exploding demand from the renewable energy sector.

Key Players Insights