Permanent Magnet Motor Market Size, Share & Industry Analysis, By Type (Alternate Current Motor, Direct Current Motor, Brushless DC Motor), By Power Rating (Up to 25kW, 25-100kW, 100-300kW, Above 300kW), By End-User (Automotive, Consumer Electronics, Healthcare, Industrial, Others) and Regional Forecast, 2024-2032

The induction motor has ruled the industry several years, but in recent period permanent magnet motor (PMM) has gained importance over its advantageous properties. The shift towards permanent magnet motor offers up 20% of energy savings, high power densities, and improved control. PMM is the best solution for motion control and power transmission application where compact size, high torque at low speed, and safety considerations for low voltages are important. It used in range of applications from battery powered equipment such as wheelchairs and power tools to electric vehicles, conveyors, and pumping equipment among others. It uses permanent magnet in place of windings in the field, which offers precise control over the speed of the motor. The recent shift towards electric vehicles and rising concern environment is likely to boost the demand for permanent magnet motor.

Permanent Magnet Motor (PMM) market segmentation done based on type, power rating, and end-user. Type is further divided into permanent magnet alternating current motor (PMMAC), permanent magnet direct current motor (PMMDC), and brushless DC motor. Permanent magnet alternating current is expected to lead the type segment due to high torque & power density and its ability to withstand extremely high load without demagnetization. Permanent magnet motors are used in numerous industries as it offers reliability and high performance. The automotive segment is projected to dominate the end-user segment owing to growing demand for electric vehicles and expansion of e-mobility.

Key Market Driver -

Key Market Driver – Excellent performance characteristics and increasing reliance on PMM

Key Market Restraint -

Key Market Restraint – Key element required for manufacturing of PMM is rare earth element

Permanent magnet motor superior in performance and offers high power density or torque density, which is essential in the industrial application that may drive the PMM market. Also, increasing reliance on electronic devices around the world; growing industrial demand for industrial purposes such as in renewable energy, healthcare, aerospace, defense, and IT industries, among others is likely to uplift the permanent magnet motor market.

Neodymium is a primary element used in the production of permanent magnet motor, which is a rare earth’s element, and its extraction is quite expensive that may retard the growth of the permanent magnet motor market.

Key Players Covered:

The conglomerate companies for permanent magnet motor are ABB, Siemens, Schneider Electric, Toshiba International Corporation, Arnold Magnetic Technologies, Nidec Motor Corporation, Liebherr Group, Weg, Rockwell Automation, Ametek, Dana Tm4, and Yaskawa America, Inc. - Drives & Motion Division.

Regional Analysis:

The global permanent magnet motor market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The growth of the permanent magnet motor in the United States is driven by the rising adoption of electric vehicles, enormous growth in HVAC, and rising demand for artificial lift. Similarly, in many electronic applications, PMM’s are used to achieve high performance. Several companies are using PMM in compressor & pumps and machine tools for better control over speed, which projected drive the permanent magnet motor market.

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European countries likely to offer profitable market for the growth of the permanent magnet motor. The shifting trend towards electric vehicles to mitigate the serious concern of global warming and expansion of wind power installation may anticipate the permanent magnet motor market. Germany, UK, Norway, and France aiming to make sizeable investments in e-mobility that may drive the permanent magnet motor market. Asia Pacific is expected to account highest market share of permanent magnet motor due to increasing demand for electronic devices, medical equipment, electric motor & generators.  

Segmentation

Key Industry Developments

• In August 2018, Baker Hughes recently launched its magnificent permanent magnet motor (PMM) enabling operators to enhance electric submersible pumping efficiency thereby lowering powering requirement and overall lifting cost.


• In June 2016, TM4 launched new TM4 Sumo powertrain models that offer an enhanced 45% in torque and speed. TM4 electric motor based on surface-mounted permanent magnets.