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Permanent Magnet Industrial Motors Market - Forecast (2024-2030)
Permanent Magnet Industrial Motors Market Overview:
Permanent Magnet Industrial Motors Market size is estimated to reach $5.25 billion by 2030, growing at a CAGR of 4.51% during the forecast period 2023-2030. Permanent Magnet Industrial Motors (PMM) are seeing a significant increase in demand owing to their exceptional efficiency and throughput. From large PM synchronous motors for ship propulsion to stepping motors for wristwatches and industrial drives for machine tools, these motors are used for a range of applications.
Additionally, Electric vehicles have become widely available. Electric vehicles are frequently regarded as the automotive industry's future. Market growth is anticipated to be aided by rising PMDC motor deployment in electric vehicles and rising investments from key companies like Tesla Motors. As per International Energy Agency, electric cars seeing exponential growth as sales exceeded 10 million in 2022. The utilization of incredibly robust magnet engines is increasing owing to the growing interest in electric vehicles. These factors positively influence the Permanent Magnet Industrial Motors industry outlook during the forecast period.
Market Snapshot:
Permanent Magnet Industrial Motors Market- Report Coverage:
The “Permanent Magnet Industrial Motors Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Permanent Magnet Industrial Motors Market.
| Attribute | Segment |
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By Product Type |
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By Phase |
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By Power Rating |
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By Voltage |
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By Magnet Type |
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By Efficiency |
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By Application |
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By Geography |
Europe (Germany, France, UK, Italy, Spain, Netherlands, Belgium, Russia, Poland, Czechia, Sweden and Rest of Europe),
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COVID-19 / Ukraine Crisis - Impact Analysis:
The COVID-19 epidemic, which had an impact on numerous industries, forced the suspension of almost all industrial activities globally. Because the raw materials were and are currently imported from China, American tariffs had an impact on the sourcing. Additionally, the pandemic spread of COVID-19 badly hurt the market for PMMs, which have large uses in industries (such the manufacturing sector) and sees strong acceptance on the industrial front. However, currently the end-user industries are boosting the exceptional growth for the PMM market.
Electric motors, particularly permanent magnet industrial motors, are frequently used to power machinery and equipment in the thriving industrial sectors of Russia and Ukraine. Russia is famous for having a robust industrial base that includes companies in the mining, metallurgy, oil and gas, and manufacturing sectors. Permanent magnet industrial motor utilization has increased as a result of the country's vigorous efforts to upgrade its industries in order to boost energy efficiency and decrease environmental effects. Global manufacturers are collaborating to predict how the conflict would impact the entire supply chain. Rare-earth metals like neodymium, praseodymium, and dysprosium are frequently utilized as permanent magnets to create light, compact, and incredibly efficient traction motors.
However, their supply.
Key Takeaways:
Fastest Growth of Middle East & Africa Region
Geographically, in the global Permanent Magnet Industrial Motors Market share, Middle East & Africa is analyzed to grow with the highest CAGR of 7.77% during the forecast period 2023-2030. The two biggest automobile markets in the Middle East and Gulf are Iran and Saudi Arabia, and how well they perform will have a big impact on demand as a whole. One in every two vehicles sold in the region in recent years were for sale in Iran, demonstrating the importance of the nation. With the goal of encouraging more OEMs to follow suit, Saudi Arabia is now sponsoring select electric car startups like Lucid Motors in an effort to jump-start its own automotive manufacturing industry.
Permanent Magnet Synchronous Motor (PMSM) Segment to Register the Fastest Growth
In the Permanent Magnet Industrial Motors Market analysis, the Permanent Magnet Synchronous Motor (PMSM) segment is estimated to grow with the highest CAGR of 5.18% during the forecast period 2023-2030. There are several factors boosting the growth of this segment such as high-performance and high-efficiency motor drives frequently employ permanent magnet synchronous motors (PMSM), Smooth and precise rotation across the motor's whole speed range is a hallmark of high-performance motor control.
Industrial Automation Sector is the Fastest Growing Segment in the Market
According to the Permanent Magnet Industrial Motors Market forecast, the Industrial Automation sector is estimated to register the fastest growth during the forecast period. The demand for industrial automation has increased significantly over time as businesses from numerous industries look to maximize production, lower the cost of manual labor, and improve operational efficiency.
According to EAGLE TECHNOLOGIES 2022, the annual increase in productivity attributed to industrial automation will range from 0.8% to 1.4%. A further advantage of increasing automation in manufacturing facilities is the reduction of product costs, which boosts customers' overall spending power across the economy. As a result of less expensive products, new opportunities outside of production are emerging.
The Growing Shift Towards Smart Motors is a Key Driver Enhancing the Growth of the Market
The industrial motor business has increased significantly in recent years. The design and application of conventional motors have undergone significant modification as smart technology becomes more prevalent. Thus, the factor is promoting market expansion. Industrial motors are becoming smarter and more adaptable due to computer technology as a result of ongoing technological breakthroughs. Smart machinery is replacing traditional machinery as a result of the industrial Internet of Things (IIoT), which provides a higher return on investment than conventional motors. This feature promotes the adoption of intelligent motors.
Manufacturers are now able to develop smart motors with lower energy consumption, more efficiency, and lower costs due to advancements in technology. Smart motor manufacturers claim that energy use can be cut by 40%. This factor is leading to an increase in the demand for industrial motors.
Growing Demand for Industrial Motors in the Automotive and Oil and Gas Industries will Positively Impact the Market Growth
Increasing demand for industrial motors in the Automotive and Oil and Gas industries will positively impact market growth. In the oil & gas industry, industrial motors are used for a wide range of applications such as in offshore cranes, Compressors, Gas pumps, Winches, and many others, thus raising their adaptability. Additionally, industrial motors play a vital role in drilling and bringing oil and natural gas resources to the surface and other applications in the upstream part of this industry. Furthermore, rising investments for the expansion of oil and gas production across the world owing to the rising energy demands also trigger the growth of the market.
In December 2021, the Government of India planned to invest $2.86 billion in upstream oil and gas production to double natural gas production to 60 cm and drill more than 120 exploration wells by the end of 2022. These major investments tend to bring significant growth in the demand for industrial motors for the Upstream Oil and Gas industry, further driving its market growth during the forecast period.
High Cost of Raw Materials to Manufacture Industrial Motors Can Hamper the Market Growth
High cost of raw materials to manufacture industrial motors can act as a major challenge restraining the growth of the Industrial Motor Market. The cost of raw materials such as metals which includes steel, aluminum, and insulation materials are quite expensive. Steel prices have become highly volatile in global markets. Consequently, input costs for many steel-consuming industries have fluctuated dramatically. Steel is the predominantly used raw material in the industrial motors market, and price fluctuations for steel will have an adverse impact.
Raw material price volatility also has an impact on suppliers' and end-user industries' estimates and projections, which disturbs their growth strategy. Consequently, changes in the price of raw materials—particularly steel and aluminum—could impede the expansion of the worldwide industrial motors market. These challenges are set to hinder the Permanent Magnet Industrial Motors market growth in the future.
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Permanent Magnet Industrial Motors Market. The top 10 companies in this industry are listed below:
- ABB Ltd (ABB)
- Siemens AG (Siemens)
- Schneider Electric SE (Schneider Electric)
- General Electric Company (Woolong) (GE)
- WEG S.A. (Weg)
- Nidec Corporation (Merkle-Korff, Leroy-Somer, and Kato Engineering)
- Toshiba Corporation. (Toshiba)
- Regal Beloit Corporation (Genteq Hermetic, LEESON, and Marathon Motors)
- Rockwell Automation, Inc. (Rockwell Automation)
- TECO Electric (TECO)
Scope of Report:
| Report Metric | Details |
|---|---|
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Base Year Considered |
2022 |
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Forecast Period |
2023–2030 |
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CAGR |
4.51% |
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Market Size in 2030 |
$5.25 billion |
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Segments Covered |
Product Type, Phase, Power Rating, Voltage, Magnet Type, Efficiency, Application and Region |
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Geographies Covered |
North America (U.S., Canada and Others), Europe (Germany, France, UK, Italy, Spain, Netherlands, Belgium, Russia, Poland, Czechia, Sweden and Rest of Europe), Asia-Pacific, South America and Rest of the World (Middle East & Africa). |
Key Market Players |
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1. Permanent Magnet Motor Market - Overview
1.1 Definitions and Scope
2. Permanent Magnet Motor Market - Executive summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by type of Application
2.3 Key Trends segmented by Geography
3. Permanent Magnet Motor Market
3.1 Comparative analysis
3.1.1 Product Benchmarking - Top 10 companies
3.1.2 Top 5 Financials Analysis
3.1.3 Market Value split by Top 10 companies
3.1.4 Patent Analysis - Top 10 companies
3.1.5 Pricing Analysis
4. Permanent Magnet Motor Market - Startup companies Scenario Premium
4.1 Top 10 startup company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Market Shares
4.1.4 Market Size and Application Analysis
4.1.5 Venture Capital and Funding Scenario
5. Permanent Magnet Motor Market - Industry Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Case studies of successful ventures
5.4 Customer Analysis - Top 10 companies
6. Permanent Magnet Motor Market Forces
6.1 Drivers
6.2 Constraints
6.3 Challenges
6.4 Porters five force model
6.4.1 Bargaining power of suppliers
6.4.2 Bargaining powers of customers
6.4.3 Threat of new entrants
6.4.4 Rivalry among existing players
6.4.5 Threat of substitutes
7. Permanent Magnet Motor Market -Strategic analysis
7.1 Value chain analysis
7.2 Opportunities analysis
7.3 Product life cycle
7.4 Suppliers and distributors Market Share
8. Permanent Magnet Motor Market - By Product Type(Market Size -$Million / $Billion)
8.1 Market Size and Market Share Analysis
8.2 Application Revenue and Trend Research
8.3 Product Segment Analysis
8.3.1 Permanent Magnet Alternate Current Motor (PMAC)
8.3.2 Permanent Magnet Direct Current Motor (PMDC)
8.3.3 Brushless Dc Motor
9. Permanent Magnet Motor Market - By Power Rating (Market Size -$Million / $Billion)
9.1 Up to 25 kW
9.2 25100 kW
9.3 100300 kW
9.4 300 kW & Above
10. Permanent Magnet Motor - By End-use (Market Size -$Million / $Billion)
10.1 Industrial
10.1.1 Automotive
10.1.2 Textile
10.1.3 Pulp & Paper
10.1.4 Aerospace
10.1.5 Robotics
10.2 Commercial & Residential
10.3 Healthcare
10.4 Others
10.4.1 Transportation
10.4.2 Defense
10.4.3 Agriculture
10.4.4 Renewable
11. Permanent Magnet Motor- By Geography (Market Size -$Million / $Billion)
11.1 Permanent Magnet Motor Market - North America Segment Research
11.2 North America Market Research (Million / $Billion)
11.2.1 Segment type Size and Market Size Analysis
11.2.2 Revenue and Trends
11.2.3 Application Revenue and Trends by type of Application
11.2.4 Company Revenue and Product Analysis
11.2.5 North America Product type and Application Market Size
11.2.5.1 U.S
11.2.5.2 Canada
11.2.5.3 Mexico
11.2.5.4 Rest of North America
11.3 Permanent Magnet Motor- South America Segment Research
11.4 South America Market Research (Market Size -$Million / $Billion)
11.4.1 Segment type Size and Market Size Analysis
11.4.2 Revenue and Trends
11.4.3 Application Revenue and Trends by type of Application
11.4.4 Company Revenue and Product Analysis
11.4.5 South America Product type and Application Market Size
11.4.5.1 Brazil
11.4.5.2 Venezuela
11.4.5.3 Argentina
11.4.5.4 Ecuador
11.4.5.5 Peru
11.4.5.6 Colombia
11.4.5.7 Costa Rica
11.4.5.8 Rest of South America
11.5 Permanent Magnet Motor- Europe Segment Research
11.6 Europe Market Research (Market Size -$Million / $Billion)
11.6.1 Segment type Size and Market Size Analysis
11.6.2 Revenue and Trends
11.6.3 Application Revenue and Trends by type of Application
11.6.4 Company Revenue and Product Analysis
11.6.5 Europe Segment Product type and Application Market Size
11.6.5.1 U.K
11.6.5.2 Germany
11.6.5.3 Italy
11.6.5.4 France
11.6.5.5 Netherlands
11.6.5.6 Belgium
11.6.5.7 Denmark
11.6.5.8 Spain
11.6.5.9 Rest of Europe
11.7 Permanent Magnet Motor - APAC Segment Research
11.8 APAC Market Research (Market Size -$Million / $Billion)
11.8.1 Segment type Size and Market Size Analysis
11.8.2 Revenue and Trends
11.8.3 Application Revenue and Trends by type of Application
11.8.4 Company Revenue and Product Analysis
11.8.5 APAC Segment - Product type and Application Market Size
11.8.5.1 China
11.8.5.2 Australia
11.8.5.3 Japan
11.8.5.4 South Korea
11.8.5.5 India
11.8.5.6 Taiwan
11.8.5.7 Malaysia
11.8.5.8 Hong kong
11.8.5.9 Rest of APAC
11.9 Permanent Magnet Motor - Middle East Segment and Africa Segment Research
11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
11.10.1 Segment type Size and Market Size Analysis
11.10.2 Revenue and Trend Analysis
11.10.3 Application Revenue and Trends by type of Application
11.10.4 Company Revenue and Product Analysis
11.10.5 Middle East Segment Product type and Application Market Size
11.10.5.1 Israel
11.10.5.2 Saudi Arabia
11.10.5.3 UAE
11.10.6 Africa Segment Analysis
11.10.6.1 South Africa
11.10.6.2 Rest of Middle East & Africa
12. Permanent Magnet Motor Market - Entropy
12.1 New product launches
12.2 M&A s, collaborations, JVs and partnerships
13. Permanent Magnet Motor Market - Industry / Segment Competition landscape Premium
13.1 Market Share Analysis
13.1.1 Market Share by Country- Top companies
13.1.2 Market Share by Region- Top 10 companies
13.1.3 Market Share by type of Application - Top 10 companies
13.1.4 Market Share by type of Product / Product category- Top 10 companies
13.1.5 Market Share at a global level - Top 10 companies
13.1.6 Best Practises for companies
14. Permanent Magnet Motor Market - Key Company List by Country Premium
15. Permanent Magnet Motor Market Company Analysis
15.1 Market Share, Company Revenue, Products, M&A, Developments
15.2 ABB
15.3 Allied Motion
15.4 Ametek
15.5 Benchmarking
15.6 Emerson
15.7 GE
15.8 Johnson Electric
15.9 Nidec
15.10 Rockwell
15.11 Siemens
15.12 Toshiba Corporation
15.13 Weg
15.14 Yaskawa
15.15 Company 14
15.16 Company 15 & More
*Financials would be provided on a best efforts basis for private companies
16. Permanent Magnet Motor Market - Appendix
16.1 Abbreviations
16.2 Sources
17. Permanent Magnet Motor Market - Methodology
17.1 Research Methodology
17.1.1 Company Expert Interviews
17.1.2 Industry Databases
17.1.3 Associations
17.1.4 Company News
17.1.5 Company Annual Reports
17.1.6 Application Trends
17.1.7 New Products and Product database
17.1.8 Company Transcripts
17.1.9 R&D Trends
17.1.10 Key Opinion Leaders Interviews
17.1.11 Supply and Demand Trends
The Permanent Magnet Industrial Motors Market is projected to grow at 4.51% CAGR during the forecast period 2023-2030.
Global Permanent Magnet Industrial Motors Market size is estimated to be $3.85 billion in 2023 and is projected to reach $5.25 billion by 2030.
The leading players in the Permanent Magnet Industrial Motors Market are ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company (Woolong), WEG S.A, and others.