Press release
Permanent Magnet Motor Market Size, Share, Growth, Forecast 2024-2032
Permanent Magnet Motor Market
According to the report by Expert Market Research (EMR), the global permanent magnet motor market size is projected to grow at a CAGR of 10% between 2024 and 2032. Aided by the escalating demand for energy-efficient motors and the widespread adoption across various sectors, the market is expected to grow significantly by 2032.
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Permanent magnet motors, known for their superior efficiency and reliability over traditional induction motors, are increasingly becoming the motor of choice in various applications. These motors utilise permanent magnets to generate the magnetic field, eliminating the need for external excitation current, which leads to higher efficiency and lower energy consumption. They are widely used in electric vehicles, industrial machinery, HVAC systems, and consumer electronics.
The primary factor propelling the permanent magnet motor market growth is the global shift towards energy efficiency and sustainability. With the rising cost of energy and growing environmental concerns, industries and consumers are increasingly opting for energy-saving solutions. Permanent magnet motors, with their high efficiency and low power consumption, align perfectly with this trend, boosting their demand across various sectors.
Another significant driver of the permanent magnet motor market demand is the booming electric vehicle (EV) industry. As the world moves towards cleaner transportation solutions, the demand for high-efficiency motors for electric and hybrid vehicles has surged. Permanent magnet motors, due to their compact size, high power density, and efficiency, are ideal for EV applications, thus experiencing increased demand in this sector.
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Technological advancements in magnet materials have also played a crucial role in the market growth. Innovations in rare earth magnets, such as Neodymium Iron Boron (NdFeB), have led to the development of more powerful and efficient permanent magnet motors. These advancements not only enhance the performance of the motors but also expand their application range.
The Asia Pacific region holds a significant portion of the permanent magnet motor market share, driven by the rapid industrialisation and the burgeoning automotive sector, particularly in countries like China and India. The region's focus on energy efficiency and the increasing adoption of electric vehicles further contribute to the market growth.
Looking ahead, the market is poised for continued growth. The increasing emphasis on energy efficiency, coupled with technological advancements, will further enhance the adoption of these motors. The expanding electric vehicle market and the rising demand from industrial and consumer sectors are expected to be key drivers of this growth.
Permanent Magnet Motor Market Segmentation
The market can be divided based on motor type, magnet type, power range, end-user, and region.
Market Breakup by Motor Type
AC Motors
DC Motors
Hermetic Motors
Market Breakup by Magnet Type
Neodymium
Samarium Cobalt
Ferrite
Others
Market Breakup by Power Range
0 kW and Below
Between 4.0 to 22.0 kW
Between 22.0 to 75.0 kW
0 kW and Above
Market Breakup by End-User
Automotive
General Industrial
Energy
Water and Wastewater Management
Mining, Oil, and Gas
Aerospace and Defence
Others
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global permanent magnet motor market. Some of the major players explored in the report by Expert Market Research are as follows:
ABB Ltd.
Rockwell Automation, Inc.
Siemens AG
Franklin Electric Co., Inc.
Allied Motion, Inc.
Nidec Motor Corporation
Others
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