A permanent magnet is an object or material that generates a magnetic field. The magnetic field generated from a permanent magnet is not visible to the naked eye; however, it is solely responsible for the unique property of a magnet that attracts on ferromagnetic metals such as nickel, cobalt, and iron. It either repels or attracts other magnets. A permanent magnet moving coil (PMMC) instrument are used for measuring direct current (DC) and for voltage measurements.

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The permanent magnet moving coil instrument market can be segmented based on type, application, end-user, and region. Based on type, the permanent magnet moving coil instrument market can be classified into aluminum-nickel-cobalt (Alnicos), strontium-iron, neodymium-iron-boron, and samarium-cobalt. Based on application, the permanent magnet moving coil instrument can be segregated into ammeter, voltmeter, galvanometer, and ohm meter. In an ammeter, the PMMC instrument is utilized for all the electric current ranges, the coil is placed across a suitable low resistance. In a voltmeter, the PMMC instrument is placed in series with high resistance capacity. The function of voltmeter remains that same as the ammeter. In a galvanometer, the PMMC instrument is utilized to measure a small value of electric current, and particularly employed for comparison of different electric circuits in an electric system. In an ohm meter, the PMMC instrument is used to calculate the resistance of the electric circuit by applying electric voltage to a resistance. In terms of end-user, the permanent magnet moving coil instrument market can be segmented into automotive, power generation, electronics, and others.

A major driver of the permanent magnet moving coil instrument market is that it requires less power and offers high accuracy. It exhibits a high torque to weight ratio. It remains unaffected by stray magnetic field. The scale of permanent magnet moving coil instrument is uniformly bifurcated, and the current is directly proportional in comparison to the deflection of the pointer. It is convenient to measure the quantities of electric current from various electromagnetic instruments.

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In terms of region, countries in Asia Pacific such as India, China, Japan, and Australia, witnessed an increase in demand for permanent magnet moving coil instruments. This is due to the rapid urbanization and expansion of the automotive sector. Demand for PMMC instrument in North America is expected to be below average due to the unavailability of rare earth elements and the ban on import of rare earth elements from China. In Europe, countries such as Germany, Italy, France, and the U.K. are expected to witness a rise in demand for permanent magnet moving coil instruments. Countries in Latin America such as Brazil and Mexico are anticipated to witness an increase in demand for permanent magnet moving coil instruments due to raid urbanization in these countries. Africa is also likely to witness a rise in demand for permanent magnet moving coil instruments in the near future.

Key players operating in the permanent magnet moving coil instrument market are Dexter Magnetic Technologies, OM Group, Adams Magnetic Products Co., Hitachi Metals Ltd., Electron Energy Corporation, Molycorp Inc., Arnold Magnetic Technologies, and Lynas Corporation Ltd.

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