Permanent Magnet Motor Market Outlook
The Permanent Magnet Motor Market size was USD 45.07 Billion in 2022 and is likely to reach USD 101.17 Billion by 2031, expanding at a CAGR of 9.4% during 2023 - 2031. The growth of the market is attributed to the rising demand for electric vehicles.
A permanent magnet is a ferromagnetic item with magnetic characteristics and the ability to generate its own magnetic field. Permanent magnets are used in the rotors of permanent magnet motors.
Rare earth magnets are strong magnets produced from rare earth metals that are utilized in PM motors. Permanent magnets, unlike electromagnets, do not require constant electrical energy to sustain their electric field, making PM motors superior than electromagnetic motors. Nano composite permanent magnets are one of the most recent advancements in permanent magnet technology.
These magnets are utilized in magnetic storage media, biomedicine, sensors, pigments, and catalysts, among other applications. The majority of permanent magnet motors are combined with AC or DC electric motors. When compared to other electric motors, these motors consume less power, have better heat dissipation properties, and run at better efficiencies. Permanent magnet motors are utilized in a variety of industrial applications to increase machine efficiency.
Permanent Magnet Motor Market Trends, Drivers, Restraints, and Opportunities
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Growing demand for energy-efficient and low-maintenance motors is projected to fuel the market during the forecast period.
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Many advantages of permanent magnet motors, such as the fact that the former does not require a feedback sensor to provide accurate speed control are key factors propelling the market in the coming years.
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High price of permanent magnet motor is expected to hinder the market growth.
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Lack of awareness act as major challenge that can hamper the market during the forecast period.
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Rising use of permanent magnet motors into EVs is a major factor driving the market.
Scope of Permanent Magnet Motor Market Report
The report on the permanent magnet motor market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Permanent Magnet Motor Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Motor Type (Direct Current Motor and Alternating Current Motor), Magnetic Material Type (Ferrite, Neodymium, Samarium Cobalt), End-user Vertical (General Industrial, Automotive, Energy, Water and Wastewater Management, Mining, Oil & Gas, Aerospace & Defense)
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Geographical Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Allied Motion Technologies Inc.; Franklin Electric Company; Siemens AG; ABB Limited; and Rockwell Automation
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Permanent Magnet Motor Market Segment Insights
The direct current segment is projected to hold a major market share
In terms of motor type, the permanent magnet motor market is bifurcated into direct current motor and alternating current motor. The direct current motor segment is expected to represent a key share of the market during the forecast period. Since the industry began to move away from induction motors, permanent DC motors have become increasingly common.
DC motors provide a number of advantages, including ease of use, compact size, and the ability to function without further control. PMDC motors are extremely efficient and can deliver a significant amount of power and torque in a small package.
PMDC motors are utilized in a variety of automotive components, including windows and blowers in air conditioners and heaters, personal computer discs and drives, and low-power devices like toys and tiny robots. Electric vehicles have become increasingly popular in recent years. Electric vehicles are frequently regarded as the automobile industry's future. In 2019, the number of battery electric vehicles sold in the United States was estimated to reach about 245,000, with Tesla models accounting for over 80% of the total.
The neodymium segment is expected to grow at a rapid pace
On the basis of magnetic material type, the permanent magnet motor market is segregated into ferrite, neodymium, and samarium cobalt. The neodymium segment is expected to represent a key share of the market during the forecast period. The most common type of rare-earth magnet is a neodymium magnet. It is a permanent magnet composed of a neodymium, iron, and boron alloy. When compared to a traditional motor, neodymium provides both high and low-grade versions, allowing it to give better performance and torque, therefore increasing its acceptance.
The automotive segment is anticipated to expand at a high CAGR
Based on end-user vertical, the permanent magnet motor market is segregated into general industrial, automotive, energy, water & wastewater management, mining, oil & gas, aerospace & defense. The automotive segment is expected to represent a key share of the market during the forecast period. The automotive segment holds the major market share. The locking system, windshield wipers, and the seat belt indication all employ magnets. ABS systems employ magnets to keep them attached to the automobile and maintain them in place.
North America is expected to dominate the market
On the basis of geography, the permanent magnet motor market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. Due to increased investments by market players and other organizations, as well as government efforts aimed at creating an energy-efficient and sustainable environment, North America is projected to occupy a large proportion of the market.
With a growing emphasis on energy-efficient solutions, businesses throughout the region are implementing PMM across a variety of factory operating sectors, therefore expanding the PMM market.
Segments
The permanent magnet motor market has been segmented on the basis of
Motor Type
- Direct Current Motor
- Alternating Current Motor
Magnetic Material Type
- Ferrite
- Neodymium
- Samarium Cobalt
End-user vertical
- General Industrial
- Automotive
- Energy
- Water and Wastewater Management
- Mining
- Oil & Gas
- Aerospace & Defense
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the permanent magnet motor market include Allied Motion Technologies Inc., Franklin Electric Company, Siemens AG, ABB Limited, and Rockwell Automation.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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