Permanent Magnet Motor Market Research Report Information by Type (PMAC, PMDC, & Brushless DC), Power Rating (Up to 25kW, 25-100kW, 100-300kW, and 300kW & Above), End-User (Industrial, Commercial & Residential, & Healthcare), and Regions– Forecast till 2030

Permanent Magnet Motor Market Overview

Rare earth magnets are made from rare earth metals. They are potent magnets used in PM motors. Permanent magnets are in no need of continuous electrical energy to maintain their electric field. Hence, PM motors are preferred over electromagnetic motors. One recent innovation in permanent magnets is the diverging use of permanent nanocomposite magnets. The use of such magnets reduces the size of motors and improves performance, which can be done using permanent nanocomposite magnets. Such magnets are used in magnetic storage media, biomedicine, sensors, pigments, and catalysts.

Most permanent magnet motors are combined with AC or DC electric motors. These motors require less power, possess excellent heat dissipation properties, and perform with higher efficiencies than other electric motors. Permanent magnet motors are used in various industrial applications to improve the efficiencies of the machines. Forklifts, Robots, Blower drives, Railroads like switchers, tracks, crossing gates, Marine Pumps, and Amusement rides are prime examples of permanent magnet motors. Presently, various advantages of permanent magnets, such as operating capabilities at higher temperatures due to more minor rotor losses and more miniature bearing currents due to more significant air gaps drive the permanent magnet motors market. Additionally, permanent magnet synchronous motors have a 30% to 60% higher torque capacity with faster acceleration and deceleration than asynchronous type motors.

The permanent magnet motor market is likely to attain a global CAGR of 8.70% from 2022-2030, with market value worth USD 64.6 billion during forecast period. Major demand coming from industrial sector is expected to drive global Permanent magnet motor Market. There has been an increase in the demand for motors that promise energy efficiency and also, the market is witnessing a growing need for implementation of the permanent magnet motor in a huge array of industries like the automotive. This is likely to promise the market good growth during the forecast period of 2022-2030.

Permanent Magnet Motor Market COVID 19 Analysis

The report suggests that the permanent magnet motor market size has been affected by the rising cases of the novel coronavirus with each passing day. The pandemic is a new-age difficulty that is having a major impact on the production and manufacturing ability of the players to produce as per the demands of the target audience. The arrival of the pandemic has also impacted the demand scale of the market as it has led to a huge chunk of the population bring changes to their lifestyle, preferences, and much more.

The rising cases have forced the global governments to get their hands and investments and put the same for the development of new market products and services. Also, the players are opting for mergers and acquisitions to compete in the international market and expand globally.

Permanent Magnet Motor Market Dynamics

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  Drivers

  
  

The permanent magnet motors promise a higher degree of efficiency in comparison to the induction motors and the most power-dense type of traction motors along with their commercial availability. There are many industries like Textile, Pulp, paper, and Electronic Electronic that are opting for the use of such motors hand hence, offer higher-functionality products that come with additional features.

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  Restraints

  
  

But, there has been a major issue that might restrain the market from growing during the forecast period that will be ending in 2028. There is a high cost that is associated with the use of the market products. The main reason behind this increasing cost is that the cost of rare-earth magnets is high which adds to these market motors.

Technology Analysis

The rare-earth permanent magnets are commonly used for very expensive magnet motors. The ferrite magnets are used for the manufacturing processes of cost-effective motors and are easily available in countries like China that are a part of the APAC region. The ferrite magnets don’t have any considerable amount of current loss in low-frequency applications like the motor drivers. Many countries are seeking opportunities to use these magnets irrespective of being expensive. They ensure a reduced maintenance cost.

Study Objectives

• The report covers the functional aspects of the market based on which the industry leaders and market experts have predicted the rate of global market growth and the achievable market revenue by the end of the forecast period in 2030. The report also covers the market dynamics like growth drivers and opportunities along with the possible challenges that might restrain the market from growing.


• The report discusses the basis of the global market that functions in the form of segments. The report further discusses the growth potential and the ability of these segments to meet the rising needs of the target audience and hence, expand at a considerable rate by the end of the forecast period.


• The report also understands the reason to study the rising competition for investments and market expansions in the form of joint ventures, collaborations, mergers, and acquisitions. The report discusses the recent developments that have positive attributes for the market.

Permanent Magnet Motor Market Competitive Landscape

The most prominent major key players in the permanent magnet motor market all across the globe are mentioned below:

• Allied Motion (US)


• Johnson Electric (Hongkong)


• Emerson (US)


• WEG (Brazil)


• Toshiba Corporation (Japan)


• Ametek (US)


• Nidec (Japan)


• Rockwell (US)


• Yaskawa (Japan)


• Siemens (Germany)


• General Electric (US)


• ABB (Switzerland)

These major key players use various strategies to sustain their market position in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market of the permanent magnet motor market all across the globe.

Recent Developments in Permanent Magnet Motor Market

• PMDC motors have various applications in automobile components, including windows and blowers used in AC and heaters, personal computer disks and drives, and small power rating equipment, like toys and small robots.


• Electric cars are often considered the future of the automotive market. PMDC motors in electric cars are increasing and increasing investments by leading players like Tesla Motors. The number of battery electric vehicles sold in the United States was approximately 245,000, with sales of Tesla models accounting for almost 80% of that figure.


• The most prominent major key players are highly investing in mergers and acquisitions, joint ventures, and new products.

• Johnson Electric (Hongkong) is spending a considerable sum of money on research and development to get an upper edge over its competitors. This will help the company on enhancing its sales revenue.


• In March 2021, a strategic partnership has been formed between Mercedes-Benz and Siemens for sustainable production of automobiles. This partnership will result in advanced digitalization, efficient, and highly flexible automotive production.


• In December 2020, for improving the motor energy conversion efficiency, new magnetic material has been developed by Toshiba Corporation. After testing the product, efficiency is increased to 0.9 pt. This product can also be installed in a synchronous motor for increased efficiency.

Permanent Magnet Motor Market Segmentation

The permanent magnet motor market has been divided all across the globe based on type, power rating, end-user, and region.

Based on the Type

The market has been divided all across the globe based on the type into brushless DC motor, PMDC, and PMAC.

Based on the Power Rating

The market has been divided all across the globe based on the power rating into 300 KW and above, 100-30 KW, 25-200 KW, and up to 25 KW. The largest market share is held by the 100-300 KW.

Based on the End-User

The market has been divided all across the globe based on the end-user into the healthcare sector, commercial and residential sector, and industrial sector. The largest market share is held by the industrial sector as it is an integral part of various industries like aerospace, robotics, food and beverage, oil and gas, textile, automotive, and various others.

Based on the Region

The market has been divided worldwide based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.

Permanent Magnet Motor Market Regional Analysis

The permanent magnet motor market has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. Being the fastest-emerging region, the largest market share in the global market is held by the Asia-Pacific region owing to the presence of countries like South Korea, Japan, China, and India which are regarded as hubs of electronic materials and hence drives the market demand in this region. Moreover, increasing urbanization is another factor that creates more market demand.

The second-largest market share in the global market is held by the North American region owing to the presence of countries like the US, Canada, and Mexico that drive the market demand in this region. Increasing investment in various construction and infrastructural development programs creates more market demand. The presence of various major key players also drives the market demand in this region.

The third-largest market share in the global market is held by the European region owing to the presence of a well-established technologically advanced infrastructure that requires more power generation and hence creates more growth opportunities in this region. Moreover, increasing investment coupled with increased expenditure in various power generation projects drives the market demand in this region.

The Latin American region and the Middle East and African region show the least market share due to the presence of low infrastructure in both these regions. Low per capita income is another contributing factor that restricts the market growth in these regions.

Permanent Magnet Motor Market Report Overview

This global permanent magnet motor market research report consists of the following components mentioned below:

• Permanent Magnet Motor Market Overview


• COVID 19 Analysis


• Permanent Magnet Motor Market Dynamics


• Technical Analysis


• Permanent Magnet Motor Market Segmentation


• Regional Analysis


• Competitive Landscape


• Recent Developments

This market research report contains factors that drive the growth of the permanent magnet motor market in the global market and the factors that restrict its growth in the global market. The technical analysis in the global market during the forecasted period is mentioned. The impact of the COVID 19 on the global market is mentioned. The future growth rate in the market during the review period is estimated and mentioned.