Permanent Magnet Moving Coil Instrument Market Size, Share & Industry Analysis, By Magnet Material (Aluminium-Nickel-Cobalt (Alnico), Strontium-Iron, Neodymium-Iron-Boron, Samarium-Cobalt, Others), By Instrument (Ammeters, Voltmeters, Galvanometer, Ohmmeter, Others), By Application (Commercial, Educational, Industrial, Mobility, Others) and Regional Forecast, 2024-2032

Electrical energy is the basic need today, and its demand is increasing all over the world. Electricity is used to power several appliances, gadgets, devices, equipment, machines, etc. For regular operation and maintenance of several appliances, gadgets, equipment, machines, etc. monitoring and control of parameters of electricity supply are essential. Many measuring devices are used for monitoring and control these parameters. These measuring instruments operate on principle of permanent magnet moving coil.   

The principle of PMMC is ‘When a current-carrying conductor is placed in a magnetic field, it experiences a force and tends to move in the direction as per Fleming’s left-hand rule.’ The interaction between the induced field and the field produced by the permanent magnet causes a deflecting torque, which results in the rotation. The PMMC mechanism consists of primarily of a permanent magnet, wire wound core, pointer, and spring. When current flow through the coil, it generates a magnetic field. The deflecting torque is produced by the electromagnetic action of the current in the coil and the magnetic field.

Based on magnet material, the permanent magnet moving coil instrument market can be segmented in Aluminium-Nickel-Cobalt (Alnico), Strontium-Iron, Neodymium-Iron-Boron, Samarium-Cobalt, etc. Based on the instrument, the permanent magnet moving coil instrument market can be divided into ammeters, voltmeters, galvanometer, ohmmeters, etc. Based on application, the permanent magnet moving coil instrument market can be segmented in commercial, educational, industrial, mobility, and others.

The key market driver for the global permanent magnet moving coil instrument market is the increasing industrial activities. All electrical equipment, devices, and machines require testing before actual use. The testing is done with the help of permanent magnet moving coil instruments. The maintenance activities are also used permanent magnet moving coil instruments. The permanent magnet moving coil instruments are used in ships and aircraft. The number of ships and aircrafts are increasing day-by-day.

The key market restraint for the global permanent magnet moving coil instrument market is the rise of digital technologies for measurement purposes. The digital measurement devices are easier to manufacture but are expensive for use.

 Key Players Covered:

Some of the companies that are present in the permanent magnet moving coil instrument market are Dexter Magnetic Technologies, Arnold Magnetic Technologies, Xiamen Jammymag Electronic S&T Co., Ltd., among others.  

Regional Analysis:

As the developed and the developing countries have increasingly used electrical appliances, gadgets, devices, equipment, machines, etc., the global permanent magnet moving coil instrument market has now been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia-Pacific region dominates the global permanent magnet moving coil instrument market. Rapid urbanization and industrialization, the exponential growth of the shipping & aviation industry, and enhanced electrification have boosted the global permanent magnet moving coil instrument market. The instruments based on permanent magnet moving coil are extensively in colleges and universities for experimental purposes and to impart knowledge to students.

In the present era, more students are being exposed to formal college and university education in Middle-East & Africa, Asia-Pacific, and Latin America which has heightened the global permanent magnet moving coil instrument market. The aged permanent magnet moving coil instruments in Europe and America are being replaced with a modern permanent magnet moving coil instruments. China, USA, and Europe is the hub for research and development of new-age electronics and equipment which has significantly enhanced the demand for global permanent magnet moving coil instrument market.       

Segmentation

Key Industry Developments

• In November 2019, Tata is planning to launch its electric version of Nexon SUV segment at the auto expo 2020. The vehicle consists of permanent magnet AC motor powered by IP67-rated dust and waterproof battery pack.