Permanent Magnet Motor Market Size was estimated at USD 31.5 Billion in 2022. The Permanent Magnet Motor market industry is projected to grow from USD 34.24 Billion in 2023 to USD 66.73 Billion by 2032, exhibiting a growth rate compound annual growth rate (CAGR) of 8.7% during the projected timeframe (2023 - 2032). The manufacturing industry accounts for most of the demand, and good torque capacity and magnetic efficiencies are the key market drivers contributing to market growth and expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising manufacturing industry drives the Market CAGR for permanent magnet motors. Permanent magnet motors offer more efficiency than inductive motors and constitute the most power-dense form of traction motors and practical availability. Many sectors, including textile, pulp and paper, and electronics, are choosing the usage of such motors and, as a result, offering higher-functionality products with extra characteristics. Fixed magnet motors are utilized in various industrial applications to increase machine efficiency. Permanent magnet engines are commonly found in forklifts, machines, blower drives, railway switchers, tracks, crossover gates, marine pumps, and amusement attractions. Permanent magnets have several benefits, including higher temperature operation due to lower rotor losses and smaller bearing electrical currents due to greater airflow. Furthermore, permanent magnet synchronous engines offer larger torque capacity and quicker deceleration and acceleration than asynchronous ones.
Additionally, Rare-earth permanent magnetic materials are often utilized in high-priced magnet motors. Ferrite magnets are widely employed in the production processes of low-cost motors and are widely available in APAC nations such as China. Ferrite magnets have no significant current loss in low-frequency applications such as motor drivers. Despite their high cost, several governments are seeking ways to utilize these magnets. They guarantee lower maintenance costs. The market is seeing a growth of interest for engines that promise energy efficiency and a growing requirement for deploying a permanent magnet motor in a wide range of industries such as automotive.
According to the research, the growing number of instances of the new coronavirus has impacted the size of the permanent-magnetic motor industry. The pandemic represents a new-age challenge that continues to significantly influence the players' capacity to perform by the needs of the target demographic. The introduction of a epidemic has also influenced the market's demand scale, as it has caused a large portion of the population to shift their lifestyle, tastes, and much more. The increasing number of cases has compelled worldwide governments to take their hands and engage in the creation of new market items and services.
For instance, increased use of PMDC engines in electric vehicles and increased investment by industry leaders like Tesla Motors are projected to drive the market forward. According to the IEA, the number of electric vehicles powered by batteries sold worldwide in 2021 was around 11.3 million units, surpassing the number of electric cars sold in 2020. Thus, demand for Permanent Magnet Motor is anticipated to increase throughout the projected timeframe due to the rising manufacturing industry accounts. Thus, driving the Permanent Magnet Motor market revenue.
The Permanent Magnet Motor market segmentation, based on Type, includes PMAC, PMDC, & Brushless DC. The PMAC category dominated the market, accounting for 42% of market revenue (USD 13.2 Billion) in 2022 due to it being more employed in electric cars and the industrial production sector and greater backing and investment in numerous manufacturing industries in APAC. The aforementioned important aspects are credited with boosting segment expansion.
Figure 1: Permanent Magnet Motor Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Permanent Magnet Motor market segmentation, based on Power Ratings, includes Up to 25kW, 25-100kW, 100-300kW, and 300kW & above. The up to 25kW category generated the highest market revenue of about 38% (USD 19.8 billion) in 2022. Because it is widely utilized in healthcare devices, including gas analyzers, membrane pumps, dental tools, and respiratory systems, it is also employed in various industrial uses, such as laser scanning devices.
The Permanent Magnet Motor market segmentation, based on End-Use, includes industrial, Commercial & Residential, & Healthcare. The industrial segment dominated the market, accounting for 46% of market revenue (USD 14.5 Billion) in 2022, as it is used in various sectors like the aerospace industry, automation, food and beverages, petroleum and natural gas, textile, motor vehicles, and others.
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Permanent Magnet Motor market will dominate during the projected timeframe, owing to the growing investments in various building and infrastructure development programs. The presence of numerous significant players will boost the market growth in the North American area.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Permanent Magnet Motor Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Permanent Magnet Motor market accounts for the second-highest market share because of widely recognized technologically advanced facilities; more power generation is required, creating greater growth potential in this region. Furthermore, rising investment and spending in power generation projects boost consumer interest. Further, the German Permanent Magnet Motor market holds the largest market share, and the UK Permanent Magnet Motor market is expected to grow and expand significantly in the European region during the projected timeframe.
The Asia-Pacific Permanent Magnet Motor Market is expected to grow quickly during the projected timeframe due to increased expenditures in the auto industry, particularly in electric cars, and the region's burgeoning electronics manufacturing. Increased use of PMDC engines in electric cars and increased investment by industry leaders like Tesla Motors are projected to drive the market forward. Moreover, China’s Permanent Magnet Motor market dominates the market share, and the Indian Permanent Magnet Motor market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Permanent Magnet Motor market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with significant market developments including new Type portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Permanent Magnet Motor industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the Permanent Magnet Motor industry to benefit customers and capture untapped market share and revenue. The Permanent Magnet Motor industry has recently offered significant advantages to the Industrial Motors, Pumps, and Control Devices industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Permanent Magnet Motor market, including ABB (Switzerland), General Electric (US), Siemens (Germany), Yaskawa (Japan), Rockwell (US), Nidec (Japan), Ametek (US), Toshiba Corporation (Japan), WEG (Brazil), Emerson (US), Johnson Electric (Hongkong), Allied Motion (US) are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.
Wright Electric is an American corporation that is working on an electric airplane. Wright Electric stated in October 2020 that it had signed an agreement with the US Department of Energy's Energy Innovative Energy Research Institute to assist in developing creative and inventive, thin, and highly effective electrically powered engines. This would provide an opportunity to expand the Fixed Magnet Motor Market.
Toshiba Corporation is a notable Japanese manufacturer and producer of household and industrial computers and electrical goods. Tokyo serves as the company's headquarters. Tokyo Shibaura Electric the business was established in 1939. Toshiba Corporation backed a smart, appealing material in December 2020 to enhance the engine's energy conversion competency. Productivity increased by 0.9 points after the items were tested. This component can also be utilized in concurrent engines to improve efficiency.
October 2020:Wright Electric stated in October 2020 that it signed an agreement with the US Department of Energy's Energy Innovative Energy Research Institute to assist in developing creative, inventive, thin, and highly effective electrically powered engines. This would provide an opportunity to expand the Fixed Magnet Motor Market.
December 2020:Toshiba Corporation backed a smart, appealing material in December 2020 to further enhance the engine's energy conversion competency. Productivity increased by 0.9 points after the items were tested. This component can also be utilized in concurrent engines to improve efficiency.
August 2018:Baker Hughes released their amazing permanent magnet motor in August 2018, allowing operators to improve electric submersible pump efficiency, cutting powering requirements and total lifting costs.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 31.5 Billion |
| Market Size 2023 | USD 34.24 Billion |
| Market Size 2032 | USD 66.73 Billion |
| Compound Annual Growth Rate (CAGR) | 8.7% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Power Rating, End-Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â ABB (Switzerland), General Electric (US), Siemens (Germany), Yaskawa (Japan), Rockwell (US), Nidec (Japan), Ametek (US), Toshiba Corporation (Japan), WEG (Brazil), Emerson (US), Johnson Electric (Hongkong), Allied Motion (US) |
| Key Market Opportunities | The manufacturing industry accounts for the majority of demand. |
| Key Market Dynamics | Good torque capacity, magnetic efficiency, and fast acceleration without the danger of magnet neutralization. |
Permanent Magnet Motor Market Highlights:
Frequently Asked Questions (FAQ) :
The Permanent Magnet Motor market size was valued at USD 31.5 Billion in 2022.
The Permanent Magnet Motor market is estimated to grow at a CAGR of 8.7% during the projected timeframe.
North American area has the highest percentage of the market.
The key players in the Market are ABB (Switzerland), General Electric (US), Siemens (Germany), Yaskawa (Japan), Rockwell (US), Nidec (Japan), Ametek (US), Toshiba Corporation (Japan), WEG (Brazil), Emerson (US), Johnson Electric (Hongkong), Allied Motion (US).
The PMAC category dominated the market in 2022.
Up to 25kW had the largest share of the market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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