The Global IE4 Permanent Magnet Synchronous Motor Market size is estimated to be USD 1.46 billion in 2019 and is predicted to reach USD 3.96 billion by 2030 with a CAGR of 9.5% from 2020-2030. IE4 Permanent Magnet Synchronous Motor is a premium range of motor with high efficiency, it s designed is such a way that it provides the maximum energy and also saves energy. These motors are also eco-friendly in nature as their carbon emission is very low. These motors are generally used to drive the pumps, fans, compressors and other industrial applications.
Market Dynamics and Trends
The improving and modernizing infrastructure with increase public awareness about increasing environmental pollution over the forecast period are expected to drive the market growth. Furthermore, increase in technological advancement coupled with increased demand of increased operational efficiency is also expected to promote the growth of IE4 permanent magnet synchronous motor market.
The other factors include wide application in different industries coupled with various benefits offered by the IE4 permanent magnet synchronous motors are also expected to propel the market growth. However, increased preference of IE2 motors are expected to inhibit the growth of IE4 permanent magnet synchronous motor market. Moreover, The fast developing energy and manufacturing sectors coupled with increased demand of wind power are expected create ample opportunities in the IE4 permanent magnet synchronous motor market over the forecast period.
Market Segmentations and Scope of the Study:
The global IE4 permanent magnet synchronous motor market share is analyzed on the basis of product, application, and geography. On the basis of product, the market is segmented into <20 kW, 20–200 kW, and >200 kW. On the basis of application, the market is divided into Material Handling, Liquid Pumps, Fans & Ventilation, Cooling Compressors, Air Compressors & Vacuum Pumps, Blowers, and Coolers. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America is expected to hold the major market share over the forecast period owing to the increased adoption of IE4 permanent magnet synchronous motor. Furthermore, presence of developed infrastructure and technological advancement with increasing manufacturing sector are further expected to enhance the growth of IE4 permanent magnet synchronous motor market.
Asia Pacific is expected show rapid growth with constant increase in market share owing to the wide applications and stringent environment policies to reduce pollution. Furthermore, increased demand of operational efficiency with numerous benefits associated with it is further expected to support the growth of IE4 permanent magnet synchronous motor market.
The IE4 permanent magnet synchronous motor market, which is highly competitive, consists of various market players. Some of the major market players include ABB, Danfoss, KSB SE & Co. KGaA, Fuji Electric Co., Ltd., KAESER KOMPRESSOREN, Altra Industrial Motion Corp., Kienle + Spiess GmbH, Bharat Bijlee, ANHUI WANNAN ELECTRIC MACHINE CO., LTD., NORD Drive Systems, Lafert, CG Global, OEMER, Merkes GmbH, Toshiba Corporation, Weg S.A., Hitachi Ltd., O.M.E. Motori Elettrici s.r.l., VEM Group, Nidec, and Siemens AG among others.
In the recent past there have been various developments taken place in the market hich are also expected to takes place in near future. For instance, in January 2019, WEG S.A has done partnership with Iberian pork producer located in Badajoz, Spain which states that WEG S.A provide W22 Magnet IE4 electric motors for compressors operation of its new refrigeration unit at the Mafresa facilities which helps in cold production.