The Permanent Magnet Motor market was valued at US$32.257 billion in 2019 and is expected to grow at a CAGR of 11.05% over the forecast period to reach a total market size of US$67.182 billion by 2026.
Permanent magnets are made of ferromagnetic materials, which have magnetic properties and generate their own magnetic fields. Permanent magnet motor manufacturers are leveraging energy-efficient motor manufacturing and growing use of permanent magnet motors in industries such as automotive to drive market growth. As a result, the market is seeing growth opportunities due to product innovations, the expansion of energy-efficient motors, and emerging robotic technologies. The market has seen major vendors launch highly efficient and low energy consuming motors for applications and the widespread adoption of permanent magnet motors in electric vehicles is offering a great opportunity to the market, while environmental concerns are also posing a good opportunity to this market. As of March 31, 2019, more than 1.18 million electric vehicles are on the road in the U.S. Approximately 62% of electric vehicles sold in the U.S. belong to Tesla, General Motors, and Nissan. (Source: eei.org)
Motors with permanent magnets can be far more energy-efficient than induction motors, and they are also the most power-efficient traction motors available at present. Due to the rising demand for efficient motors, permanent magnet synchronous motors will likely increase in demand across various industries. Electric, Textile, Pulp & Paper are some of the industries that use permanent magnet motors to provide better-functioning products that offer additional functions. Commercial and residential customers are also interested in using Permanent Magnet Motors in HVAC applications. In the near future, it is expected that electric vehicles will use permanent magnet synchronous motors. For instance, Mercedes-Benz and Siemens formed a joint strategy for a sustainable automotive production partnership in March 2021. As part of a project sponsored by the State of Berlin, the two companies will be collaborating to advance the digitization and automation of the automotive industry. A prominent target of Mercedes-Benz AG is digitizing manufacturing processes. A new magnetic material developed by Toshiba Corporation in December 2020 contributes to improved motor efficiency. Specifically, these features increase consumer satisfaction in weak-grid and off-grid markets, which subsequently leads to more customers willing to pay for high-performance appliances.
The high cost of permanent magnet motors is one of the major obstacles to their growth. As a result of rare-earth magnets' high cost, permanent magnets are highly efficient, but at a high price. Despite some industrial and commercial electronics manufacturers being reluctant to invest in permanent magnet motors, it is likely to change in the future because permanent magnet motors increase productivity, reduce maintenance costs, and improve operations in industrial and commercial sectors.
In the near future, the most significant impact will be felt through supply chains on permanent magnet motors in contracts already existing or manufacturing processes already underway. The industry anticipates a delay in delivery and construction due to closures of plants to limit the spread of the Coronavirus or because workers begin getting sick. Furthermore, PMMs are likely to be affected by the escalating COVID-19 pandemic, which has considerable applications in certain industries (such as the manufacturing sector) and has a high rate of adoption in the industrial sector. For instance, EV sales in China were expected to fall by 23% year on year to 821,000 units in 2020, but this decline was expected to be reversed in the second half of the year due to the COVID-19 outbreak.
|Market size value in 2019||US$32.257 billion|
|Market size value in 2026||US$67.182 billion|
|Growth Rate||CAGR of 11.05% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Motor Type, Magnet, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Siemens AG, ABB, Rockwell Automation, Inc., Franklin Electric Co., Inc., Toshiba Corporation, Allied Motion Technologies Inc., Autotrol Corporation, Johnson Controls, General Electric, Nidec Corporation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global permanent magnet motor market?
A1. Permanent Magnet Motor Market was valued at US$32.257 billion in the year 2019.
Q2. What will be the permanent magnet motor market size by 2026?
A2. The global permanent magnet motor market is expected to reach a market size of US$67.182 billion by 2026.
Q3. What are the growth prospects for the permanent magnet motor market?
A3. The permanent magnet motor market is expected to grow at a CAGR of 11.05% during the forecast period.
Q4. What factors are anticipated to drive the permanent magnet motor market growth?
A4. Permanent magnet motor manufacturers are leveraging energy-efficient motor manufacturing and growing use of permanent magnet motors in industries such as automotive to drive market growth.
Q5. How is the global permanent magnet motor market segmented?
A5. The permanent magnet motor market has been segmented by motor type, magnet, industry vertical, and geography.
Rockwell Automation, Inc.
Franklin Electric Co., Inc.
Allied Motion Technologies Inc.
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