Permanent Magnet Synchronous Motor Market Overview
Permanent Magnet Synchronous Motor Market Size was estimated at 14.27 (USD Billion) in 2022. The Permanent Magnet Synchronous Motor Market Industry is expected to grow from 15.94(USD Billion) in 2023 to 43.16 (USD Billion) by 2032. The Permanent Magnet Synchronous Motor Market CAGR (growth rate) is expected to be around 11.7% during the forecast period (2024 - 2032).
Key Permanent Magnet Synchronous Motor Market Trends Highlighted
Key market drivers for permanent magnet synchronous motors (PMSMs) include their high efficiency, reliability, and cost-effectiveness. PMSMs are more efficient than traditional induction motors, which means they consume less energy. They are also more reliable, as they have a longer lifespan and require less maintenance. Additionally, PMSMs are becoming more cost-effective as the cost of manufacturing them decreases.
Opportunities for growth in the PMSM market include the increasing demand for electric vehicles, the growing popularity of renewable energy sources, and the development of new applications for PMSMs. Electric vehicles are becoming increasingly popular as they offer a number of advantages over traditional gasoline-powered vehicles, including lower operating costs, reduced emissions, and improved performance. PMSMs are well-suited for use in electric vehicles as they are highly efficient and can operate at high speeds.
Recent trends in the PMSM market include the development of new materials for PMSMs, the use of artificial intelligence (AI) to optimize PMSM performance, and the integration of PMSMs with other technologies, such as batteries and inverters. New materials are being developed that can improve the performance of PMSMs, such as rare-earth magnets that are more powerful and less expensive. AI is being used to optimize the performance of PMSMs by identifying and correcting inefficiencies. PMSMs are being integrated with other technologies, such as batteries and inverters, to create more efficient and reliable systems.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Permanent Magnet Synchronous Motor Market Drivers
Increasing Demand for Energy-Efficient Motors
Permanent magnet synchronous motors (PMSMs) are known for their high efficiency and low energy consumption, making them an attractive option for various industries seeking to reduce their carbon footprint and operating costs. The growing awareness of energy conservation and the need to meet stringent environmental regulations are driving the demand for PMSMs in sectors such as industrial automation, electric vehicles, and renewable energy systems. As industries strive to enhance their energy efficiency and sustainability, the market for PMSMs is anticipated to flourish in the coming years.
Technological Advancements and Innovation
The Permanent Magnet Synchronous Motor Market Industry is a dynamic market, which keeps evolving over the years. Various materials, designs, and manufacturing methods have seen technological advancements, which have led to better-performing motors. Permanent magnet synchronous motors are more efficient and have better power density. High energy magnets and modern algorithms have seen PMSMs becoming even more effective. Technological advancements are expected as R goes on, leading to market growth.
Government Initiatives and Regulations
The usage of energy-efficient technologies, including PMSMs, can be promoted by government actions and regulations. Many countries have already introduced rules and incentives to support the use of high-efficiency motors in enterprises and industries. Since such initiatives aim to reduce energy consumption, decrease carbon emissions, and the development of the sustainability of the economy, further adoption of energy-efficient regulations is expected to result in the growth of PMSM markets.
Permanent Magnet Synchronous Motor Market Segment Insights
Permanent Magnet Synchronous Motor Market Motor Type Insights
The Permanent Magnet Synchronous Motor Market is segmented by Motor Type into Surface-Mounted Permanent Magnet Synchronous Motor and Interior Permanent Magnet Synchronous Motor. Surface-Mounted Permanent Magnet Synchronous Motor Surface-Mounted Permanent Magnet Synchronous Motor (SPMSM) is a type of permanent magnet synchronous motor (PMSM) in which the magnets are mounted on the surface of the rotor. This design offers several advantages, including high torque density, low cogging torque, and a wide speed range. SPMSMs are commonly used in high-performance applications such as electric vehicles, wind turbines, and industrial machinery.The SPMSM market is expected to grow at a CAGR of 12.5% from 2024 to 2032, reaching a value of USD 25.43 billion by 2032. Interior Permanent Magnet Synchronous Motor Interior Permanent Magnet Synchronous Motor (IPMSM) is another type of PMSM in which the magnets are embedded within the rotor. This design offers higher efficiency and power density than SPMSMs, but it is also more complex and expensive to manufacture. IPMSMs are commonly used in applications that require high efficiency and torque, such as hybrid electric vehicles, traction motors, and power tools.The IPMSM market is expected to grow at a CAGR of 13.2% from 2024 to 2032, reaching a value of USD 17.73 billion by 2032. The choice between SPMSM and IPMSM depends on the specific application requirements. SPMSMs are generally more cost-effective and easier to manufacture, while IPMSMs offer higher efficiency and power density. The market for both types of motors is expected to grow significantly in the coming years, driven by the increasing demand for electric vehicles, renewable energy, and industrial automation.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Permanent Magnet Synchronous Motor Market Power Rating Insights
The Power Rating segment plays a crucial role in shaping the dynamics of the Permanent Magnet Synchronous Motor Market. The segment is broadly classified into four categories Below 10 kW, 10-50 kW, 50-100 kW, and Above 100 kW. Each category caters to specific applications and industries, driving the overall market growth. In 2023, the Below 10 kW segment held a significant market share, primarily driven by its extensive use in small-scale industrial equipment, consumer appliances, and electric vehicles. The 10-50 kW segment is projected to witness steady growth over the forecast period, owing to its increasing adoption in mid-sized industrial machinery, power tools, and hybrid vehicles.The 50-100 kW segment is expected to gain traction due to its suitability for larger industrial applications, such as pumps, compressors, and fans. The Above 100 kW segment is anticipated to experience substantial growth, driven by its use in heavy-duty industrial machinery, traction motors for electric vehicles, and renewable energy systems. Overall, the Power Rating segment offers a diverse range of options for various applications, contributing significantly to the Permanent Magnet Synchronous Motor Market growth and shaping its future trajectory.
Permanent Magnet Synchronous Motor Market Application Insights
The Permanent Magnet Synchronous Motor (PMSM) Market is segmented by Application into Industrial Machinery, Electric Vehicles, Wind Turbines, and HVAC Systems. The Industrial Machinery segment is expected to account for the largest share of the market in 2023, owing to the increasing adoption of PMSMs in various industrial applications such as robotics, automation, and power tools. The Electric Vehicles segment is expected to grow at the fastest CAGR during the forecast period, driven by the rising demand for electric vehicles and the need for efficient and reliable motors.The Wind Turbines segment is expected to account for a significant share of the market, owing to the growing adoption of wind power as a renewable energy source. The HVAC Systems segment is expected to grow steadily, driven by the increasing demand for energy-efficient HVAC systems. Overall, the PMSM Market is expected to grow significantly over the next ten years, driven by the rising adoption of PMSMs in various applications across industries.
Permanent Magnet Synchronous Motor Market Cooling Method Insights
The Permanent Magnet Synchronous Motor (PMSM) market is segmented based on cooling method into air-cooled, water-cooled, and oil-cooled motors. Among these, the air-cooled segment is expected to dominate the market with a revenue of USD 12.32 billion by 2024, attributed to its wide adoption in various industrial applications such as fans, pumps, compressors, and electric vehicles. The increasing demand for energy-efficient and compact motors in these applications is further driving the growth of the air-cooled PMSM market. On the other hand, the water-cooled segment is projected to grow at a significant rate during the forecast period due to its superior cooling capabilities and suitability for high-power applications, such as traction motors in electric vehicles and industrial machinery.
Permanent Magnet Synchronous Motor Market Regional Insights
The Permanent Magnet Synchronous Motor market reached a value of USD 15.94 billion in 2023, and it is expected to grow at a CAGR of 11.7% to reach USD 43.16 billion by 2032. Regionally, North America dominates the market, accounting for over 30% of the revenue in 2023. The region's growth is attributed to the increasing adoption of electric vehicles and the presence of major automotive manufacturers such as General Motors and Ford. Europe is the second-largest market, with a market share of around 25% in 2023. The region's growth is driven by government regulations promoting the adoption of electric vehicles and the presence of major automotive manufacturers such as Volkswagen and BMW.APAC is the fastest-growing region, with a market share of over 20% in 2023. The region's growth is attributed to the increasing demand for electric vehicles in countries such as China and India. South America and MEA are the smallest markets, with a combined market share of less than 10% in 2023. However, these regions are expected to witness significant growth in the coming years due to the increasing adoption of electric vehicles and government initiatives promoting the use of renewable energy.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Permanent Magnet Synchronous Motor Market Key Players And Competitive Insights
Major players in the Permanent Magnet Synchronous Motor Market industry are constantly developing new technologies and products to meet the evolving needs of customers. Leading Permanent Magnet Synchronous Motor Market players are investing heavily in research and development to gain a competitive edge in the market. The Permanent Magnet Synchronous Motor Market is expected to witness significant growth in the coming years, driven by increasing demand from various end-use industries such as automotive, industrial, and consumer electronics. The competitive landscape of the Permanent Magnet Synchronous Motor Market is characterized by the presence of both and regional players.A leading company in the Permanent Magnet Synchronous Motor Market is Nidec Corporation. The company is a leader in the design, manufacture, and sale of electric motors, generators, and power electronics. Nidec's Permanent Magnet Synchronous Motors are known for their high efficiency, reliability, and durability. The company has a strong presence in the automotive, industrial, and consumer electronics markets. Nidec is committed to innovation and continues to invest in research and development to develop new and improved products.A competitor company in the Permanent Magnet Synchronous Motor Market is Johnson Electric. The company is a provider of electric motors, actuators, and motion control solutions. Johnson Electric's Permanent Magnet Synchronous Motors are used in a wide range of applications, including automotive, industrial, and consumer electronics. The company has a strong focus on quality and innovation and is committed to providing its customers with high-performance products. Johnson Electric is a key player in the Permanent Magnet Synchronous Motor Market and is expected to continue to grow in the coming years.
Key Companies in the Permanent Magnet Synchronous Motor Market Include
- Mitsubishi Electric
- Yaskawa Electric
- Nidec
- Ametek
- Linde
- Hitachi
- Johnson Electric
- Emerson Electric
- Siemens
- Regal Beloit
- Baldor Electric
- Toshiba
- Parker Hannifin
- ABB
- Marathon Electric
Permanent Magnet Synchronous Motor Market Industry Developments
The Permanent Magnet Synchronous Motor (PMSM) market is expected to grow significantly in the coming years. In 2023, the market was valued at USD 15.94 billion, and it is projected to reach USD 43.16 billion by 2032, exhibiting a CAGR of 11.7% during the forecast period (2024-2032). The growth of the PMSM market is attributed to the increasing demand for energy-efficient motors in various industries, such as automotive, industrial, and consumer electronics. PMSMs offer several advantages over conventional motors, including higher efficiency, lower noise, and reduced maintenance costs.Recent developments in the PMSM market include the introduction of new materials and technologies that are improving the performance and efficiency of these motors. For instance, the use of rare-earth magnets in PMSMs has led to significant improvements in torque and power density. Additionally, the development of new control techniques is helping to optimize the performance of PMSMs, making them more suitable for use in a wider range of applications. Overall, the outlook for the PMSM market is positive, driven by the increasing demand for energy-efficient motors and the ongoing development of new technologies.
Permanent Magnet Synchronous Motor Market Segmentation Insights
Permanent Magnet Synchronous Motor Market Motor Type Outlook
Surface-Mounted Permanent Magnet Synchronous Motor
Interior Permanent Magnet Synchronous Motor
Permanent Magnet Synchronous Motor Market Power Rating Outlook
Below 10 kW
10-50 kW
50-100 kW
Above 100 kW
Permanent Magnet Synchronous Motor Market Application Outlook
Industrial Machinery
Electric Vehicles
Wind Turbines
HVAC Systems
Permanent Magnet Synchronous Motor Market Cooling Method Outlook
Air-Cooled
Water-Cooled
Oil-Cooled
Permanent Magnet Synchronous Motor Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
14.27(USD Billion) |
| Market Size 2023 |
15.94(USD Billion) |
| Market Size 2032 |
43.16(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
11.7% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Mitsubishi Electric, Yaskawa Electric, Nidec, Ametek, Linde, Hitachi, Johnson Electric, Emerson Electric, Siemens, Regal Beloit, Baldor Electric, Toshiba, Parker Hannifin, ABB, Marathon Electric |
| Segments Covered |
Motor Type, Power Rating, Application, Cooling Method, Regional |
| Key Market Opportunities |
Growing EV production Industrial automation advancements Renewable energy systems expansion Rising demand for energy efficiency Technological advancements |
| Key Market Dynamics |
Rising demand from the electric vehicle industry Increasing investments in renewable energy Government initiatives promoting energy efficiency. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Permanent Magnet Synchronous Motor Market was valued at USD 15.94 billion in 2023 and is expected to reach USD 43.16 billion by 2032, at a CAGR of 11.7% from 2024 to 2032.
North America is expected to dominate the Permanent Magnet Synchronous Motor Market throughout the forecast period.
The growing demand for energy-efficient motors in various industries, such as automotive, industrial, and consumer electronics, is driving the growth of the Permanent Magnet Synchronous Motor Market.
Permanent Magnet Synchronous Motors are used in a wide range of applications, including electric vehicles, industrial automation, robotics, and medical devices.
Some of the key competitors in the Permanent Magnet Synchronous Motor Market include Nidec Corporation, Johnson Electric, and Regal Beloit Corporation.
The Permanent Magnet Synchronous Motor Market is expected to grow at a CAGR of 11.7% from 2024 to 2032.
The challenges faced by the Permanent Magnet Synchronous Motor Market include the high cost of raw materials and the complex manufacturing process.
The opportunities for growth in the Permanent Magnet Synchronous Motor Market include the increasing demand for electric vehicles and the development of new applications.
The trends in the Permanent Magnet Synchronous Motor Market include the miniaturization of motors and the development of new materials.
The future outlook of the Permanent Magnet Synchronous Motor Market is positive due to the growing demand for energy-efficient motors and the development of new applications.
