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“The permanent magnet motor market is projected to grow at a CAGR of 9.4% from 2021 to 2026.”
The global permanent magnet motor market is projected to reach USD 64.6 billion by 2026 from an estimated value of USD 41.2 billion in 2021, at a CAGR of 9.4% during the forecast period. Increasing demand for energy-efficient motors and growing implementation of permanent magnet motor in industries such as automotive are the key factors driving the permanent magnet motor market. The high initial cost of permanent magnet motor can restraint the growth of the permanent magnet motor market. However, growing robotics technology offers promising business opportunities in the permanent magnet motor market. However, growing robotics technology offers promising business opportunities in the permanent magnet motor market. However, Due to the COVID-19 pandemic, local currencies of many countries have depreciated. There is a misalignment of supply and demand, leading to financial losses for components/parts manufacturers. Key components used in manufacturing permanent magnet motor are procured typically in US dollars, which results in increased component cost, which is likely to hamper the growth of the permanent magnet motor market.
“The PMAC segment, by type, is expected to be the largest market from 2021 to 2026.”
The permanent magnet motor market by type is categorized into 3 segments namely PMAC, PMDC, and Brushless DC. The PMAC segment is expected to hold the largest share of the global permanent magnet motor during the forecast period. Due to their superior efficiency, PMACs will save energy in all motor applications due to their superior efficiency. The best applications are motors located in refrigerated spaces, due to the added benefits of reduced refrigeration load. PMAC motors require variable frequency drives (VFDs) that are specially made and are typically offered only in sizes below 50 horsepower. These motors are primarily used in automatic machinery with high dynamic requirements. The high demand for the motors in this segment is expected to be large as it is largely consumed in electric vehicles and industrial manufacturing sector. The increased support and new investments in various industrial sector especially in Asia Pacific.
“The industrial segment, by application, is expected to be the largest market from 2021 to 2026.”
The permanent magnet motor market, by end user, is segmented into industrial, commercial and residential, and others. Others include defense, and transportation. Industrial segment of permanent magnet motors are expected to be the largest segment during the forecast period. Permanent magnet motors form an integral part of the industrial end use sector and are primarily used in automotive, textile, paper mills, and robotics applications, among others. Industrial segment is mainly driven by the increasing manufacturing of Electric vehicles & Electronic equipment’s in the countries specially China, Germany, United States, Japan and France.
“Asia Pacific: The largest market by region in the permanent magnet motor market.”
Asia Pacific is expected to be the largest permanent magnet motor market during the forecast period. Asia pacific includes China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. The Rest of Asia Pacific includes Myanmar, Vietnam, Indonesia, Malaysia, Singapore, Taiwan, and the Philippines. Asia Pacific is a growing market for Permanent Magnet Motor in various applications, such as automotive, electronics in industrial segment and offices and healthcare in commercial segment, due to its fast-growing economies. The market in China is expected to grow mainly because the number of manufacturing units in China is increasing, which is expected to create a massive demand for Permanent Magnet Motor. Another reason for the growth of the Permanent Magnet Motor market in APAC is the increase in the number of manufacturing plants in various sectors, such as transportation, chemicals, and pharmaceutical industries.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
- By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
- By Region: Asia Pacific- 33%, North America- 27%, Europe- 20%, Middle East & Africa– 12%, and South America- 8%
*Others include sales managers, engineers, and regional managers.
Note: Tier 1 Company—Revenue > USD 5 billion, Tier 2 Company—Revenue between USD 50 million and USD 5 billion, and Tier 3 Company—Revenue < USD 50 million
The global permanent magnet motor market is dominated by many major players with an extensive regional presence and many other local regional players. The major players in Permanent Magnet Motor market, such as ABB (Switzerland), Siemens (Germany), Wolong (China), WEG (Brazil) and Rockwell Automation (US), have comparable strengths in terms of customer base, diversified product portfolios, technological capabilities, and regional presence, and they cumulatively hold a major portion of the total market share.
Study Coverage:
The report defines, describes, and forecasts the permanent magnet motor market by type, power rating, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, including the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the permanent magnet motor market.
Key Benefits of Buying the Report
- The report identifies and addresses the key markets for permanent magnet motor sales, which would help equipment manufacturers and service providers review the demand growth.
- The report helps system providers understand the market's pulse and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand their competitors' strategies better and help them make better strategic decisions.