Permanent Magnet Synchronous Motors Market

Permanent Magnet Synchronous Motors Market Outlook (2023 to 2033)

Worldwide sales of permanent magnet synchronous motors are predicted to increase at a CAGR of 4.2% from 2023 to 2033. The global permanent magnet synchronous motors market is thus expected to increase from a valuation of US$ 28.5 billion in 2023 to US$ 43 billion by 2033-end.

A permanent magnet synchronous motor is an AC synchronous motor in which field excitation is provided by permanent magnets. It has a sinusoidal back electromotive (EMF) waveform. Permanent magnet synchronous motors are widely used in various end-use industries.

Permanent magnet synchronous motors can run at very high speeds and be electronically controlled. The market for permanent magnet synchronous motors is being driven by the positive characteristics of these motors, which have gradually made them the best option for automotive components.

Global demand for permanent magnet synchronous motors is increasing as a result of the emergence of environmentally friendly cars. A green vehicle sometimes referred to as a clean vehicle or an eco-friendly vehicle, is a road motor vehicle that has less environmental impact than equivalent diesel-powered or alternative fuel vehicles with conventional internal combustion engines. Demand for green vehicles is rising as a result of their zero-emission and fuel efficiency criteria.

It is also anticipated that the permanent magnet synchronous motors market will be impacted by the rising demand for HVAC equipment. It is primarily fueled by growing average construction spending, rapid urbanization, and rising disposable income in several economies. The adoption of permanent magnet synchronous motors in HVAC equipment is also being fueled by the rising minimum energy efficiency regulations for equipment and appliances.

The efficiency and output power of permanent magnet synchronous motors have significantly increased thanks to the rapid development of permanent magnet (PM) manufacturing technologies. As a result, many industrial fields are now switching over to high-speed direct-drive permanent magnet synchronous motors instead of conventional mechanical gear transmission systems.

A major factor boosting market growth is the introduction of novel design and technological advancements in the machinery sector. In addition, the expanding use of permanent magnet synchronous motors for their quick acceleration and high power density characteristics will further contribute to market expansion.

Compared to conventional non-magnetic motors, permanent magnet synchronous motors are much more efficient and quieter. The growing usage of such motors in the automotive industry is driving market revenue.

For high-performance and high-efficiency motor drives, permanent magnet synchronous motors are employed. To operate with permanent magnets, permanent magnet synchronous motors need a digitally controlled inverter.

Report Attributes	Details
Market Size (2023)	US$ 28.5 Billion
Projected Market Value (2033)	US$ 43 Billion
Global Market Growth Rate (2023 to 2033)	4.2% CAGR
Market Share of Interior Permanent Magnet Synchronous Motors	60%
Key Companies Profiled	Nidec Corporation Autotrol Corporation Alstom AMETEK, Inc. Hansen Corporation Emerson Global ABB Ltd. Rockwell Automation General Electric Siemens AG Toshiba International Corporation YASA Limited Xizi Forvorda

What is Boosting Permanent Magnet Synchronous Motors Market Value?

“Constant Technological Advancements Coupled with R&D for Innovative Design Concepts”

Electric motors are widely utilized to transform electrical energy into mechanical energy. Synchronous and asynchronous motors are currently some of the most well-liked classifications of AC motors. Permanent magnet synchronous motors are one of the various types of synchronous motors that have grown to be widely employed in many end-use industries.

Traditional synchronous machines use AC and DC power supplies to run. However, permanent magnet synchronous motors only need an AC supply to run, which is a significant element that has significantly increased demand.

Moreover, consistent technological advancements coupled with research and development for innovative design concepts have benefited the market with the introduction of several types of permanent magnet synchronous motors such as axial field and radial field permanent magnet synchronous motors. Additionally, the market is seeing chances for growth due to rising product innovation, the trend toward energy-efficient motors, and new robotic technologies.

The permanent magnet synchronous motors market is pushed by expanding industrial demand for things such as energy renewables in numerous end-use industries, a rising need for electric motor reliability, and a growing preference for compact machine sizes. Because permanent magnet synchronous motors are more effective, lighter, and more compact than induction motors, they have reduced operating costs. They release less CO2 into the atmosphere as well.

Permanent magnet synchronous motors utilize less energy, are more efficient than other electric motors, and have excellent heat dissipation properties. Permanent magnet motors are used in a range of industrial applications to boost machine performance. Several benefits, such as the ability to operate at greater temperatures and lower bearing currents, are driving the market.

“Emergence of Novel Magnetic Materials and Rare Earth Elements”

New developments in permanent magnet synchronous motors with the emergence of novel magnetic materials and rare earth elements are boosting market growth. Additionally, the present generation of motion management systems can greatly benefit from the use of permanent magnet synchronous motors in their design.

Key players in the market are concentrating on quality control for developing energy-efficient permanent magnet synchronous motors that are made from permanent magnet materials that have a high magnetic flux density as a result of growing concerns about environmental degradation. Increasing robotics technology integration is anticipated to present significant potential for the major market participants.

What May Slightly Decrease the Demand for Permanent Magnet Synchronous Motors?

“Complexity of Production Process and High Cost of Permanent Magnet Synchronous Motors”

In permanent magnet synchronous motors, the only source is the AC supply on the stator. So, controlling the AC supply on the stator becomes the only way to control the motor. This requires a complex control system, including power electronics and microcontrollers which makes controlling a permanent magnet synchronous motor challenging for end users.

Pricing trends indicate that with enhancement in the performance of permanent magnet synchronous motors, cost also increases. So, the high initial cost and complex control of these motors are forecast to limit market growth.

Rare earth elements, a necessary component for the production of permanent magnet motors but with limited magnetic capability, could restrain market expansion. The extraction of neodymium, a rare earth element needed in the production of permanent magnet motors, is highly expensive, which may have a detrimental impact on the market expansion.

Which Region Holds a Dominating Position in this Industry?

“Launch of New Projects in Oil & Gas, Marine, and Defense Industries in Asia Pacific”

Asia Pacific accounts for 50% share of the global market. The launch of new projects in the oil and gas, marine, and defense industries, an increase in investments by key market players, and increasing usage of PMSM in electric vehicles are the elements propelling market growth in the region. Growing renewable energy capacities are anticipated to contribute to the expansion of the power production sector in the region.

Country-wise Insights

What Makes the United States a Leading Market for Permanent Magnet Synchronous Motors?

“Increase in Government Projects to Establish Energy-efficient and Sustainable Environment”

Growing usage of permanent magnet synchronous motors by high-end consumers and the strong wind energy industry is expected to expand are expected to accelerate market expansion in the United States. Market growth in the country is driven by the increase in government projects to establish an energy-efficient and sustainable environment.

Why is Germany a High Potential Market for Permanent Magnet Synchronous Motor Manufacturers?

“Rapid Expansion of Automotive Industry”

Surging demand for high-performance environment-friendly permanent magnet synchronous motors is boosting market value in Germany. The rapid expansion of the automotive industry and expanding production of electronics are driving the PMSM market growth in Germany.

Why is Japan Seeing High Sales of Permanent Magnet Synchronous Motors?

“Rising Adoption of Electrical Vehicles in Japan”

It is anticipated that market growth in Japan would be aided by the rise in small and medium-sized businesses. Due to the rapidly expanding manufacturing industries, several market players are concentrating on moving their production units to the country.

The high adoption of electrical vehicles is driving the demand for permanent magnet synchronous motors in the industry. A rise in the local supply of electric vehicles is attributed to strict regulations on car emissions and growing concern over CO2 emissions.

Category-wise Insights

Why is Demand for Interior Permanent Magnet Synchronous Motors Gaining Ground?

“Interior Permanent Magnet Synchronous Motors Widely Used in Many Applications that Demand High Speeds”

By type, the market is segmented into surface and interior. Interior permanent magnet synchronous motors account for 60% share of the global market. Permanent magnets are extensively used in rotors by being embedded within the rotor laminations; this arrangement is known as an interior permanent magnet synchronous motor. These motors are used in many applications that demand high speeds.

Which End Use Accounts for High Usage of Permanent Magnet Synchronous Motors?

“Huge Adoption of Permanent Magnet Synchronous Motors in Automotive Industry Due to Their Exceptional Durability”

Based on end use, the market is divided into electrical & electronics, automotive, oil & gas, marine, defense, power, mining, and others. Worldwide, the use of permanent magnet synchronous motors in the automotive industry is rising. Due to their low prices, great efficiency, and exceptional durability, permanent magnet synchronous motors have become increasingly common.

The high adoption of permanent magnet synchronous motors in the automotive industry is attributed to the rising popularity of electric vehicles and the expanding trend of energy-efficient motors. Other benefits of permanent magnet synchronous motors that have contributed to their exponential rise in popularity in the automotive industry include effective heat dissipation, superior dependability to alternatives to asynchronous motors, minimum rotor inertia, and high torque.

Competitive Landscape

Leading vendors are releasing power-efficient motors following safety regulations for use in several end-use industries. Top permanent magnet synchronous motor providers are enhancing product standards and focusing on supply chain management to grow their market share. Major companies are gradually increasing their resources and involvement in innovative initiatives, as well as their partnerships with other key players.

For instance :

• In 2020, ABB was acquired by Hitachi for an amount of US$ 7.8 billion. Hitachi wants to solve the issues with distributed energy and renewable energy in the power sector. Leading technological company ABB promotes societal and industrial change for a more prosperous and sustainable future.
• In 2021, Siemens and Mercedes-Benz established a strategic collaboration for sustainable automotive production to collaborate on improving digitalization and automation in the automotive industry.

Segmentation of Permanent Magnet Synchronous Motors Industry Research

• By Type :

  • Surface
  • Interior

• By Capacity :

  • 375 to 450 kW
  • 450 to 600 kW
  • Above 600 kW

• By Control :

  • Trapezoidal
  • Sinusoidal

• By End Use :

  • Electrical & Electronics
  • Automotive
  • Oil & Gas
  • Marine
  • Defense
  • Power
  • Mining
  • Others

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa