Press Release

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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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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