Permanent Magnet Motor Market: Latest Trends and Forecast Analysis up to 2026

Permanent magnet motors are electric motors that have permanent magnets placed inside or attached to a motor’s rotor instead of windings, as available in an induction motor. Permanent magnet motors are synchronous motors, which means the rotation of the shaft inside a permanent magnet motor is proportional to its current supply frequency. The main advantage of permanent magnet motors compared to induction motors are that the former does not require a feedback sensor to obtain precise speed control.

Across the world, there is a rising need for increasing efficiency of electric motors and lowering the size of machines. Permanent magnet motors are more compact, with lower frame size, and are lightweight and more efficient, thereby reducing CO₂emission in the atmosphere. They also have reduced operational cost than induction motors. All these factors are driving the demand for permanent magnet motors across all manufacturing industries.

In 2015, International Electrotechnical Commission (IEC) estimated that globally close to half of the electricity consumption is by electric motors including permanent magnet motors. In industrial application, the share of electricity consumption of electric motors is even higher. To reduce this huge energy consumption of electric motors, IEC has introduced IEC codes for motors with standard, high, premium, and super premium efficiency standards. Compared to induction motors, permanent magnet motors drastically reduces electricity consumption. These factors are increasing the demand for permanent magnet motors across the world.

There is an increasing demand for electric vehicles across the world due to increasing cost of fossil fuels and environmental concerns. Electric vehicles require AC permanent magnet motors for their efficient operations. Rising demand for electric vehicles across the world is increasing the demand for automotive permanent motors.

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Permanent magnets used inside a permanent magnet motor have a limited magnetic capability. Secondly, a permanent magnet motor is affected by rise in temperature. These are some of the restraints affecting the growth of the permanent magnet motor market across the world.

The global permanent magnet motor market when segmented by motor type includes direct current (DC) motor and alternating current (AC) motor. DC motors can further be sub-segmented into brush DC motor and brushless DC motor. The permanent magnet motor market when segmented by power rating comprise up to 25 kW, 25–100 kW, 100–300 kW, and 300 kW and above. In terms of magnet material, the market is segmented into Neodymium-iron-boron (Nd-Fe-B), Samarium-cobalt (Sm-Co), Aluminum-nickel-cobalt (alnico), and Ferrites (barium and strontium). Based on end-use industry, the market is segmented into industrial, commercial and residential, healthcare, and other end-use industries.

By geography, the permanent magnet motor market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is a prominent market among all the regions. The U.S. is anticipated to be the largest permanent magnet motor market in North America followed by Canada. Europe is a significant permanent magnet motor market, with Germany expected to be the largest market in the region.

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The U.K., France, Spain, and Italy are other prominent permanent magnet motor markets in Europe. In Asia Pacific, China is anticipated to be the largest market, and India, Japan, and South Korea are other prominent markets in the region. Middle East & Africa is another prominent market. GCC (Gulf Cooperation Council) countries are expected to constitute the largest market in the region. In Africa, South Africa is a major permanent magnet motor market. South America is another significant permanent magnet motor market, dominated by Brazil followed by Argentina.

Major companies operating in the global permanent magnet motor market are ABB Group, General Electric Company, Siemens AG, YaskawaElectric Corporation, Rockwell Automation Inc., Nidec Corporation, AMETEK, Inc., Toshiba Corporation, WEG Industries, and Emerson Electric among others.