The permanent magnet motor market size was USD 34.28 billion in 2019 and expected to reach USD 51.45 billion by 2027; this converts into a compound annual growth rate (CAGR) of 5.21% for the forecast period.
By motor type:
By magnetic material type:
By end-user vertical:
Based on geography, the market is segmented as below:
A permanent magnet motor, a type of electric motor, consists of a permanent magnet as its stator while the rotor is similar to that of the commonly used induction motor. Despite the high cost, since the magnets are made from rare earth elements, high efficiency and longer life have made this motor type popular in recent times.
Rapid industrialization, extensive use in industrial applications, growing demand from the HVAC industry, proliferation in various sectors, etc. have positively influenced the electric motor market in the past few years. The market has witnessed a decline in demand due to the pandemic and the measures taken to curb the spread. Nevertheless, the significant rise in the adoption of electric vehicles will navigate the electric motor market through the pandemic.
PM motors offer better performance than induction motors, in the form of improved speed control, high torque and power densities, etc. Furthermore, rising pollution levels are leading to the increasing use of electric vehicles. As compared to other electric motors, PM motors could reduce electricity consumption by up to 20%. These factors will contribute to the growth of the permanent magnet motor market. On the flip side, the limited availability of the raw materials required to manufacture these magnets will hamper the market progress.
The alternating current segment secured nearly 65% of the market in 2019, due to its precise speed control and high-power density as compared to direct current PM motors. However, a highly efficient, easy to operate and compact direct current PM motor is witnessing a growing demand from the automotive sector. As a result, the segment is predicted to witness a CAGR of 8% between 2020 to 2027.
Several factors are making the neodymium segment register a high CAGR of around 8.5% during the forecast period. These factors include high energy products, better performance, and torque, ability to operate at high temperatures, moderate cost and more. The segment also held more than 50% of the market in 2019.
The widespread use of PM motors in the industrial sector has led to the dominance of the general industries segment in 2019. The segment accounted for over 25% of the market i.e., more than USD 9 billion in revenue. However, the automotive segment will expand at an approximate 8% CAGR from 2020 to 2027, owing to the surge in trend for electric vehicles.
Although a well-established automotive industry is driving the European permanent magnet motor market, the North American market is characterized by the expansion of the electronic, HVAC, automotive, and industrial sectors. Increasing demand for electric vehicles and consumer electronics are encouraging the augmentation of the market in Asia-Pacific.
A few key players include, but not limited to: Siemens AG, Rockwell Automation, ABB Limited, Franklin Electric Company Inc., Allied Motion Technologies Inc., Toshiba Corporation, Ametek Inc., Johnson Electric Holdings Ltd, Autotrol Corporation, Robert Bosch GmbH, Danaher Corporation, Bonfiglioli Group, Aerotech Corporation, Crouzet Automatismes, Buhler Motors, Nider Corporation.
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