Global Permanent Magnet Motor Market, Motor Type (Direct Current (DC) Motor, and Alternating Current (AC) Motor), Magnetic Material Type (Ferrite, Neodymium, Samarium Cobalt, and Other), End-user (Automotive, General Industrial, Energy Sector, Water and Wastewater Management, Mining, Oil, and Gas, Aerospace and Defense, and Other) - Industry Trends and Forecast to 2031.
Permanent Magnet Motor Market Analysis and Size
The market is experiencing significant growth driven by advancements in magnetic materials and increasing demand across various industrial sectors. Permanent magnet motor is known for their efficiency, reliability, and are widely used in automotive, industrial automation, consumer electronics, and energy applications.
The global permanent magnet motor market which was USD 47.86 billion in 2023, would rocket up to USD 94.67 billion by 2031, and is expected to undergo a CAGR of 7.87% during the forecast period.
This indicates the market value. The “Direct Current (DC) Motor” dominate the motor type segment of global permanent magnet motor market due to several key advantages. These motors are compact and easy to operate, making them ideal for various applications. Additionally, their efficiency and reliability, without the need for additional control systems, have made them a preferred choice since industries began transitioning from induction motors.
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable 2016-2021)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Motor Type (Direct Current (DC) Motor, and Alternating Current (AC) Motor), Magnetic Material Type (Ferrite, Neodymium, Samarium Cobalt, and Other), End-user (Automotive, General Industrial, Energy Sector, Water and Wastewater Management, Mining, Oil, and Gas, Aerospace and Defense, and Other)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, and Rest of Middle East and Africa
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Market Players Covered
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Siemens AG (Germany), Rockwell Automation (U.S.), ABB Limited (Switzerland), Franklin Electric Company Inc. (U.S.), Allied Motion Technologies Inc. (U.S.), Toshiba Corporation (Japan), Ametek Inc. (U.S.), Johnson Electric Holdings Ltd (Hong Kong), GIC Manufacturing, LLC (Autotrol Corporation) (U.S.), Robert Bosch GmbH (Germany), Danaher Corporation (U.S.), Bonfiglioli Group (Italy), Aerotech Corporation (U.S.), Crouzet Automatismes (France), Buhler Motors GmbH (Germany), and Nidec Corporation (Japan)
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Market Opportunities
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Market Definition
A permanent magnet motor utilizes permanent magnets embedded in or attached to the motor's rotor to generate a constant magnetic field. Unlike induction motors that require an electric current to induce a magnetic field in the rotor, permanent magnet motors are more efficient as they do not incur the electrical losses associated with the induction process. These motors are known for their high efficiency, compactness, and reliability, making them ideal for various applications including electric vehicles, industrial machinery, and robotics. Their ability to maintain high efficiency across various speeds and loads contributes to their growing popularity in sectors that enhance energy efficiency and performance. The market encompasses the global sales, production, and development of these motors, addressing the increasing demand across industries and the technological advancements driving their adoption.
Permanent Magnet Motor Market Dynamics
Drivers
- Increasing Demand for Energy-Efficient Motors
The global drive towards energy efficiency is a major driver for the permanent magnet motor market. Permanent magnet motors are highly efficient as compared to traditional induction motors. These motors require less power to operate and maintain high torque levels at varying speeds, leading to significant energy savings. As industries and governments intensify their focus on sustainability and reducing carbon footprints, the demand for energy-efficient solutions like permanent magnet motors is expected to grow, driving market expansion.
- Rise in Automation and Robotics
The expanding automation and robotics industry is another significant driver for the permanent magnet motor market. With industries depend on automation to improve productivity and reduce costs, the need for compact, reliable, and efficient motors is crucial. Permanent magnet motors are ideal for these applications due to their high power density and ability to provide precise motion control. As automation penetrates various sectors, including manufacturing, automotive, and healthcare, the demand for these motors is anticipated to rise substantially.
Opportunities
- Growth in the Electric Vehicle (EV) Market
The burgeoning electric vehicle market presents a substantial opportunity to expand the permanent magnet motor market. EVs rely heavily on these motors for propulsion due to their efficiency and high performance. As global sales of EVs increase, driven by environmental concerns and supportive government policies, the demand for permanent magnet motors is expected to surge.
- Technological Advancements in Motor Design and Materials
Technological innovations in motor design and the development of new magnetic materials have the potential to enhance the capabilities and applications of permanent magnet motors significantly. Innovations such as improved heat resistance and increased magnetic flux density can make these motors more robust and versatile. As technology evolves, these motors are likely to find new applications in areas that require highly efficient and compact power sources, thus opening up new opportunity for manufacturers.
- Renewable Energy Systems
The growth in renewable energy installations, such as wind turbines and solar power systems, is creating opportunities to use permanent magnet motors. These motors are preferred in renewable energy applications due to their reliability and high efficiency, particularly in variable speed environments.
Restraints/Challenges
- High Initial Cost
The materials required for manufacturing permanent magnets, such as rare earth metals, are expensive and subject to price volatility due to geopolitical and supply chain factors. This makes the initial investment in permanent magnet motors higher compared to other types of motors, which can deter potential users, particularly in cost-sensitive markets the high initial cost associated with these motors, restraining market growth
- Supply Chain Volatility of Rare Earth Elements
The production of permanent magnet motors heavily relies on rare earth elements, which are primarily sourced from a limited number of countries. This concentration in supply sources can lead to volatility in prices and availability, posing a significant challenge for motor manufacturers. Disruptions in the supply chain can impact production schedules and costs, posing risks to businesses that depend on these motors. In addition, geopolitical tensions and regulatory changes can exacerbate these supply issues, challenging market growth and stability.
The market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the variable frequency drive market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Development
- In July 2022, Collins Aerospace unveiled the first operational prototype of a 500-kilowatt electric motor designed for the Airlander 10 aircraft. This development was achieved in collaboration with Hybrid Air Vehicles and the University of Nottingham. Aiming for a power density of 9 kW/kg and an efficiency of 98%, Collins Aerospace is implementing a novel motor topology and composite construction to achieve these targets. The motor is engineered to operate at 2,000 rpm, utilizing permanent magnet technology
Permanent Magnet Motor Market Scope
The market is segmented based on motor type, magnetic material type, and end-use. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Motor Type
- Direct Current (DC) Motor
- Alternating Current (AC) Motor
Magnetic Material Type
- Ferrite
- Neodymium
- Samarium Cobalt
- Other
End-User
- Automotive
- General Industrial
- Energy Sector
- Water and Wastewater Management
- Mining, Oil, and Gas
- Aerospace and Defense
- Other
Permanent Magnet Motor Market Region Analysis/Insights
The market is analyzed and market size insights and trends are provided by motor type, magnetic material type, and end-user as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, and Rest of Middle East and Africa.
North America leads the market due to substantial investments and supportive government initiatives focused on energy efficiency and sustainability. The region's robust wind energy sector further boosts demand for these efficient motors, reinforcing its market dominance.
Asia-Pacific region is rapidly emerging as the fastest-growing market, driven by extensive industrialization and urbanization in major economies such as China and India. This growth is supported by a strong push towards automation and energy-efficient technologies, aggressive environmental policies and investments in renewable energy, significantly increasing the demand for permanent magnet motors.
The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.
Increased Efficiency and Productivity
The market also provides you with a detailed market analysis for every region’s growth in infrastructure development for capital equipment, installed base of different kinds of products for market, the impact of technology using lifeline curves, and changes in battery regulatory scenarios and their impact on the variable frequency drive market.
Competitive Landscape and Permanent Magnet Motor Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to the market.
Some of the major players operating in the market are:
- Siemens AG (Germany)
- Rockwell Automation (U.S.)
- ABB Limited (Switzerland)
- Franklin Electric Company Inc. (U.S.)
- Allied Motion Technologies Inc. (U.S.)
- Toshiba Corporation (Japan)
- Ametek Inc. (U.S.)
- Johnson Electric Holdings Ltd (Hong Kong)
- GIC Manufacturing, LLC (Autotrol Corporation) (U.S.)
- Robert Bosch GmbH (Germany)
- Danaher Corporation (U.S.)
- Bonfiglioli Group (Italy)
- Aerotech Corporation (U.S.)
- Crouzet Automatismes (France)
- Buhler Motors GmbH (Germany)
- Nidec Corporation (Japan)
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