Permanent Magnet Motor Market

Permanent Magnet Motor Market is anticipated to grow at a CAGR of 9.9% during forecast period and estimated to reach USD 78 billion by 2028.

Permanent Magnet Motor Market Overview

The permanent magnet (PM) motor refers to a motor that uses magnets attached to the surface of the motor’s rotor. The permanent magnet motors are designed to provide high-speed accuracy without speed sensors and they can operate at synchronous speed from a supply of constant voltage and frequency. Magnetic materials including ferrite, neodymium, samarium cobalt, and others are used in the permanent magnet motor.

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Major Permanent Magnet Motor Market Drivers

Rapid industrialization coupled with increasing demand for energy-efficient motors; rising sales of electric vehicles; growing demand for energy-efficient HVAC equipment are some of the major factors expected to drive the growth of the permanent magnet motor market size over the forecast period. In addition, the permanent magnet motors offer advantages that include higher efficiencies, smaller size availability, and easy installation and maintenance, which further supports the market growth. Moreover, increasing applications of permanent magnet motors in various electric devices including washing machines, fans, solar water pumps, conveyors, mixers, grinders, pumps, blowers, and others are expected to stimulate the market demand over the forecast period.

Restraint in the Permanent Magnet Motor Market

However, the disruption in the supply chain and declination in the production of vehicles due to the outbreak of COVID 19 is expected to hamper the market growth over the forecast period. Additionally, the high cost of permanent magnet motors may further restraint the permanent magnet motor market share growth.

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Motor Type – Segment Analysis

Based on the motor type, alternating current (AC) motor is expected to account for a large share in the market owing to be more energy-efficient, offers more precise speed control, and higher efficiency than induction motors. Moreover, the growing application of permanent magnet AC motors in electric vehicles and the industrial manufacturing sector is further supporting the market growth.

Magnetic Material Type – Segment Analysis

Based on the material type, neodymium magnet is anticipated to hold a prominent market share over the forecast period primarily due to its small size, lightweight, high torque-inertia ration, high power, high starting torque, and power saving. In addition, neodymium magnets are used in applications including magnetic resonance imaging (MRI), lifting machinery, audio equipment, levitation devices, and hard disc drives, which further propels the market growth.

End-Use Vertical – Segment Analysis

Based on the end-use vertical, automotive is projected to witness a high CAGR over the forecast period. This can be attributed to the growing electrification of vehicles and the increase in the application of permanent magnet motors in electric vehicles owing to their higher efficiency. Additionally, according to the International Energy Agency (IEA), in 2019, electric cars registered 2.1 million sales globally with a 40% year-on-year increase and accounted for 2.6% of the global car sales. This is expected to contribute to the permanent magnet motor market growth.

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Regional – Segment Analysis:

Asia-Pacific is expected to witness high CAGR in the market over the forecast period primarily due to the rising number of industries including aerospace, automotive, oil & gas, and others; and growing demand for electric vehicles among consumers. Moreover, according to the International Energy Agency (IEA), China accounted for 47% of the global electric car sales in 2019. This is expected to boost the market growth in the Asia-Pacific.

Top Market Players

Several leading Permanent Magnet Motor companies operating in the market, include, ABB Ltd., Siemens AG, Rockwell Automation, Inc., Johnson Controls International Plc, Toshiba Corporation, Yaskawa Electric Corporation, Franklin Electric Co., Inc., Allied Motion, Inc., Robert Bosch GmbH, and Nidec Motor Corporation, among others.

Key Developments:

• • In 2020, Nidec Leroy-Somer, a part of Nidec Motor Corporation launched Dyneo+, a new range of super premium efficiency permanent magnet-assisted synchronous reluctance motors for industrial application.

Segments Covered in the Report:

The global Permanent Magnet Motor market has been segmented on the basis of motor type, magnetic material type, end-use vertical, and key regions. Based on motor type, the market is segmented into Direct Current (DC) Motor and Alternating Current (AC) Motor. Based on the magnetic material type, the market is segmented into ferrite, neodymium, samarium cobalt, and others. Based on the end-user vertical, the market is segmented into automotive, general industrial, energy, water and wastewater management, mining, oil, and gas, aerospace and defence, and others.

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Market Segmentation

Global Permanent Magnet Motor Market by Motor Type

• • Direct Current (DC) Motor
  • Alternating Current (AC) Motor

Global Permanent Magnet Motor Market by Magnetic Material Type

• • Ferrite
  • Neodymium
  • Samarium Cobalt
  • Others

Global Permanent Magnet Motor Market by End-Use Vertical

• • Automotive
  • General Industrial
  • Energy
  • Water and Wastewater Management
  • Mining, Oil, and Gas
  • Aerospace and Defence
  • Others

Global Permanent Magnet Motor Market by Region

• • North America Permanent Magnet Motor Market (Option 1: As a part of the free 25% customization)

    • North America Permanent Magnet Motor Market by Motor Type
    • North America Permanent Magnet Motor Market by Magnetic Material Type
    • North America Permanent Magnet Motor Market by End-Use Vertical
    • US Permanent Magnet Motor Market All-Up
    • Canada Permanent Magnet Motor Market All-Up

  • Europe Permanent Magnet Motor Market (Option 2: As a part of the free 25% customization)

    • Europe Permanent Magnet Motor Market by Motor Type
    • Europe Permanent Magnet Motor Market by Magnetic Material Type
    • Europe Permanent Magnet Motor Market by End-Use Vertical
    • UK Permanent Magnet Motor Market All-Up
    • Germany Permanent Magnet Motor Market All-Up
    • France Permanent Magnet Motor Market All-Up
    • Spain Permanent Magnet Motor Market All-Up
    • Rest of Europe Permanent Magnet Motor Market All-Up

  • Asia-Pacific Permanent Magnet Motor Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Permanent Magnet Motor Market by Motor Type
    • Asia-Pacific Permanent Magnet Motor Market by Magnetic Material Type
    • Asia-Pacific Permanent Magnet Motor Market by End-Use Vertical
    • China Permanent Magnet Motor Market All-Up
    • India Permanent Magnet Motor Market All-Up
    • Japan Permanent Magnet Motor Market All-Up
    • Rest of APAC Permanent Magnet Motor Market All-Up

  • RoW Permanent Magnet Motor Market (Option 4: As a part of the free 25% customization)

    • RoW Permanent Magnet Motor Market by Motor Type
    • RoW Permanent Magnet Motor Market by Magnetic Material Type
    • RoW Permanent Magnet Motor Market by End-Use Vertical
    • Brazil Permanent Magnet Motor Market All-Up
    • South Africa Permanent Magnet Motor Market All-Up
    • Saudi Arabia Permanent Magnet Motor Market All-Up
    • UAE Permanent Magnet Motor Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Permanent Magnet Motor Market All-Up

Major Players Operating in the Permanent Magnet Motor Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • ABB Ltd.
  • Siemens AG
  • Rockwell Automation, Inc.
  • Johnson Controls International Plc
  • Toshiba Corporation
  • Yaskawa Electric Corporation
  • Franklin Electric Co., Inc
  • Allied Motion, Inc.
  • Robert Bosch GmbH 
  • Nidec Motor Corporation