Permanent Magnet Motor Market to Grow with a CAGR of 15.19% through 2028
Increasing
demand for industrial machinery and rising demand for electric vehicles are
likely to drive the market in the forecast period.
According to
TechSci Research report, “Permanent Magnet Motor Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Permanent Magnet Motor Market stood at USD 22.08 billion in 2022 and
is anticipated to grow with a CAGR of 15.19% in the forecast period.
One
of the primary drivers of the global Permanent Magnet Motor market is the
increasing emphasis on energy efficiency and environmental sustainability. In
today's world, where climate change concerns and environmental regulations take
center stage, the demand for more energy-efficient technologies is on the rise.
Permanent Magnet Motors (PMMs) are recognized for their exceptional efficiency
in converting electrical energy into mechanical power. Industries across the
spectrum, from automotive to industrial automation and renewable energy, are
actively seeking ways to reduce energy consumption and minimize their carbon
footprints. PMMs play a pivotal role in achieving these goals due to their
ability to deliver higher power density and efficiency compared to conventional
motors. This makes them ideal for applications where energy conservation is
paramount. Government regulations and standards promoting energy efficiency
further propel the adoption of PMMs. Incentives such as tax credits and rebates
encourage businesses and manufacturers to transition to PMM-driven systems,
resulting in reduced operational costs and a reduced environmental impact. As
organizations strive to meet sustainability targets and reduce greenhouse gas
emissions, PMMs are becoming indispensable components in their quest for
greener, more efficient operations. This driver is expected to continue fueling
the growth of the global Permanent Magnet Motor market.
The
ongoing trend toward automotive electrification and the increasing popularity
of Electric Vehicles (EVs) constitute a significant driver of the global
Permanent Magnet Motor market. As the world shifts away from internal
combustion engines (ICEs) and toward cleaner transportation alternatives, PMMs
have emerged as a critical technology in this transformative process. EVs, in
particular, rely heavily on PMMs for propulsion. The unique combination of high
power density and efficiency makes PMMs the motor of choice for electric
drivetrains. As automakers invest heavily in EV development to meet stringent
emissions regulations and address consumer demand for eco-friendly vehicles,
the demand for PMMs is skyrocketing. Moreover, the shift toward hybrid
vehicles, which combine internal combustion engines with electric propulsion,
also fuels the demand for PMMs. These motors are used in hybrid systems to
improve fuel efficiency and reduce emissions. As governments worldwide
implement policies promoting EV adoption, including financial incentives and
emissions targets, the Permanent Magnet Motor market is positioned for
substantial growth. The automotive industry's electrification drive, combined
with the consumer push for cleaner and more efficient transportation,
underscores the pivotal role of PMMs in shaping the future of automotive
propulsion systems.
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"Global Permanent Magnet Motor Market”
The Global Permanent
Magnet Motor Market is segmented into type, magnet type, power range, applications and region. Based on type, The
DC motors segment had the largest market share in 2022 & expected to
maintain it in the forecast period. DC (Direct Current) motors, particularly
Brushless DC (BLDC) motors, are gaining prominence in the global Permanent
Magnet Motor market due to several key advantages that make them a preferred
choice in various applications. While it's important to note that the dominance
of DC motors over AC motors depends on the specific application and industry,
there are some reasons why DC motors, especially BLDC motors, are becoming more
prevalent for instance, BLDC motors are known for their high energy efficiency.
They offer improved efficiency compared to traditional brushed DC motors and
even some types of AC motors. This efficiency translates to reduced energy
consumption and operating costs, making them highly attractive in applications
where energy efficiency is crucial. DC motors, especially BLDC motors, provide
precise speed and position control. They offer excellent torque control at both
low and high speeds, making them ideal for applications that require accurate
and responsive motor performance, such as robotics, drones, and CNC machines.
BLDC motors have a longer operational life compared to brushed DC motors
because they do not have brushes that wear out over time. This results in
reduced maintenance requirements, lower downtime, and longer service life,
making them cost-effective choices for industries where uptime is critical.
Based on magnet type, the Neodymium segment had the largest market share in 2022 and is projected to
experience rapid growth during the forecast period. Neodymium magnets,
specifically Neodymium Iron Boron (NdFeB) magnets, possess remarkable magnetic
properties, including high magnetic strength and energy density. They have the
highest magnetic energy product of any commercially available permanent
magnets. This strength allows Neodymium magnets to generate powerful magnetic
fields, making them highly efficient in PMMs. Neodymium magnets can produce
strong magnetic fields in relatively small sizes. This compactness is crucial
in applications where space is limited, such as electric vehicles (EVs),
robotics, and consumer electronics. The combination of high magnetic strength
and a small footprint results in PMMs with superior power-to-size ratios. PMMs
utilizing Neodymium magnets are known for their energy efficiency. They require
less electrical input to generate the required mechanical output, leading to
reduced energy consumption and operational costs. This energy efficiency is a
critical factor in industries striving to minimize energy waste and meet
stringent environmental regulations. Neodymium magnets can be easily customized
and shaped to fit various motor designs and applications. Their versatility
makes them suitable for a wide range of industries, including automotive,
industrial automation, renewable energy, and aerospace. They can adapt to
various operating conditions and are well-suited for both low and high-speed
applications. While Neodymium magnets are relatively expensive compared to
other permanent magnet materials, their cost-effectiveness is justified by the
improved motor performance and energy efficiency they offer.
Major companies
operating in the Global Permanent Magnet Motor Market are:
- ABB LTD
- Siemens
AG
- Nidec
Corporation
- Schneider
Electric SE
- Toshiba
International Corporation
- Ametek
Inc.
- Rockwell
Automation Inc.
- Allied
Motion Technologies Inc.
- Dana TM4
- Yaskawa America, Inc.
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“The Global Permanent
Magnet Motor market is expected to rise in the upcoming years and register a
significant CAGR during the forecast period.The growth of the permanent magnet
motor market is being driven by the increasing demand for energy-efficient
motors in a variety of applications, such as automotive, wind energy, and
industrial machinery. Permanent magnet motors are more efficient than
traditional induction motors, and they also have a higher power-to-weight
ratio. This makes them ideal for applications where space and weight are
limited, such as in electric vehicles and wind turbines. The wind energy sector is another major market for
permanent magnet motors. Permanent magnet motors are used in wind turbines to
convert the kinetic energy of the wind into electricity. The growth of the wind
energy sector is expected to drive the demand for permanent magnet motors in
the coming years. Therefore, the market of Permanent Magnet Motor is expected
to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Permanent
Magnet Motor Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Type (AC motors, DC Motors, Hermetic motors),
By Magnet Type (Neodymium, Samarium Cobalt, Ferrite), By Power Range (4.0 kW
and below, Between 4.0 22.0 kW, Between 22.0 75.0 kW, 75.0 kW and above), By Applications
(Factory Automation, Office Automation, Lab Equipment, Military/Aerospace), By
Region, By Competition”, has evaluated the future growth potential of Global
Permanent Magnet Motor Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers make sound investment
decisions., The report also identifies and analyzes the emerging trends along
with essential drivers, challenges, and opportunities in the Global Permanent
Magnet Motor Market.
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