Press release
Permanent Magnet Synchronous Motor (PMSM) Market 2024 - By Size, Share Analysis, Future Insights, Current Trends And Global Growth Outlook By 2033
Permanent Magnet Synchronous Motor (PMSM) Market
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According to The Business Research Company's, The permanent magnet synchronous motor (pmsm) market size has grown strongly in recent years. It will grow from $25.13 billion in 2023 to $27.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to electric vehicle (ev) and hybrid vehicle adoption, industrial automation and robotics, energy efficiency and green technology initiatives, increased use in hvac systems, advancements in magnet materials..
The permanent magnet synchronous motor (pmsm) market size is expected to see strong growth in the next few years. It will grow to $38.26 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to expansion of renewable energy applications, growth in ev charging infrastructure, smart grid and distributed energy systems, integration of pmsms in household appliances, electrification of transportation.. Major trends in the forecast period include rare-earth element recycling for magnets, pmsms with advanced sensor technology, adoption of silicon carbide (sic) power electronics, customized pmsm solutions for specific industries, smart motor diagnostics and predictive maintenance..
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Market Drivers and Trends:
The emergence of green vehicles is significantly contributing to the growth of the permanent magnet synchronous motor (PMSM) market. A green vehicle, also known as a clean vehicle or an eco-friendly vehicle, is a road motor vehicle that has fewer negative environmental effects than comparable conventional internal combustion engine vehicles that are powered by diesel, or alternative fuel vehicles. Due to its zero-emission and fuel economy standards, the demand for green vehicles is increasing. For instance, according to the report July 2021 published by the International Energy Agency IEA), a France-based autonomous intergovernmental organization for energy, the number of electric vehicle sales (including those of fully electric and plug-in hybrid vehicles) doubled to reach 6.6 million as compared to the previous year and around 16.5 million electric vehicles were on the road around the world as of the end of 2021. Additionally, the sales of electric vehicles nearly tripled to 3.3 million in China in 2021, making up about half of the global total, whereas, the sales increased significantly in both Europe (by 65% to 2.3 million) and the United States (more than doubling to 630 000). Therefore, the emergence of green vehicles is expected to propel the growth of the permanent magnet synchronous motor (PMSM) market over the coming years.
Technological advancements are the key trend being followed by the companies operating in the permanent magnet synchronous motor (PMSM) market. The rapid advancement of permanent magnet (PM) manufacturing technologies has significantly enhanced the efficiency and output power of PM synchronous machines (PMSMs), prompting the use of direct-drive-type high-speed PMSMs rather than traditional mechanical gear transmission systems in a number of industrial fields. For instance, in February 2021, according to the data by Find My Electric, that supports Tesla's mission to accelerate the world's transition to sustainable energy, the adaptive suspension, along with the PMSR motor and other powertrain modifications, is part of Tesla's next generation of technology to improve efficiency and ride quality on the model S and model X. The Raven Adaptive Suspension was designed exclusively for the Model S and X, and it was only offered as a standard option on the performance and long-range trim levels when it debuted in 2019. Tesla has developed the adaptive suspension as part of its Raven update. Tesla is a company operating a permanent magnet synchronous motor based in the United States.
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Major Key Players of the Market:
Siemens AG, Mitsubishi Electric Corporation, Toshiba Corp., Hitachi Ltd., Asea Brown Boveri Ltd., Robert Bosch GmbH, Meidensha Corporation, Continental AG, Alstom SA, Zhongshan Broad-Ocean Motor Co Ltd, Xizi Forvorda, DRS Technologies Inc., Emerson Electric Co, Johnson Electric Holdings Limited, Nidec Motor Corporation, AMETEK Inc., ARC Systems Inc., Bühler Motor GmbH, Danaher Corporation, Dunkermotoren GmbH, Dr. Fritz Faulhaber GmbH & Co. KG, Fuji Electric Co. Ltd., General Electric Company, Maxon Motor AG, Moog Inc., Oriental Motor Co. Ltd., Parker Hannifin Corporation, Regal Beloit Corporation, Rockwell Automation Inc., Schneider Electric SE, Sumitomo Heavy Industries Ltd., WEG S.A., Yaskawa Electric Corporation
Permanent Magnet Synchronous Motor (PMSM) Market 2024 Key Insights:
• The permanent magnet synchronous motor (pmsm) market size is expected to see strong growth in the next few years. It will grow to $38.26 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Green Vehicle Surge Boosts The Permanent Magnet Synchronous Motor (PMSM) Market
• Technological Advancements Propel The Evolution And Efficiency Of Permanent Magnet Synchronous Motors (PMSM)
• Asia-Pacific was the largest region in the permanent magnet synchronous market in 2023 and is also expected to be the fastest-growing region in the forecast period
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