PERMANENT MAGNET MOTOR MARKET ANALYSIS

Permanent Magnet Motor Market Size and Trends

The Global Permanent Magnet Motor Market is estimated to be valued at US$ 49.05 Bn in 2024 and is expected to reach US$ 96.34 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10.1% from 2024 to 2031.

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Permanent magnet motors are seeing increasing adoption across industries such as automotive, HVAC, and industrial machinery due to their high efficiency and low maintenance benefits compared to traditional motor types.

The permanent magnet motor market is expected to witness significant growth during the forecast period driven by the rising global demand for energy-efficient electric motors from end-use industries. Stringent regulations regarding energy efficiency and carbon emission levels across major countries will also boost the replacement of conventional motors with permanent magnet motors. Additionally, the increasing integration of automated manufacturing processes and the growing electric vehicle market will further support the demand for permanent magnet motors.

Growing demand from automotive industry

The automotive industry has seen a rise in the adoption of permanent magnet motors in applications such as electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. Permanent magnet motors provide advantages like higher efficiency, reliability and compact size. With growing environmental concerns and stringent emission regulations, automakers are focusing on electrification of vehicles. Both pure electric vehicles and hybrids rely heavily on permanent magnet motors to drive the electric powertrain. Motors with permanent magnets are well-suited for automotive applications as they provide high torque even at lower rpm which is ideal for traction motors. The sales of electric vehicles have been growing significantly and major automakers have aggressive plans to expand their EV portfolio in the coming years. As more automakers join the electrification revolution, the demand for permanent magnet motors from the automotive industry is expected to surge. With strong government support and falling battery prices, market analysts predict that electric vehicles will account for a considerable share of total vehicle sales over the next decade. This will present lucrative opportunities for permanent magnet motor manufacturers in the upcoming years.

Rising deployment in renewable energy systems

Another key driver for permanent magnet motors is the renewable energy industry. Permanent magnet motors find widespread usage in various renewable energy conversion systems such as solar power, wind power, hydroelectric power. In solar power systems, permanent magnet motors are used in solar trackers and concentrators to optimize sunlight exposure. They provide the precise torque control needed to automatically adjust the position of photovoltaic panels. In wind power generation, permanent magnet synchronous generators are the technology of choice for direct drive wind turbines due to their reliability and efficiency. They eliminate the need for gearboxes which are a major pain point in wind turbines. Permanent magnet motors also enable improved design of multi-pole and super-long stator linear generators for hydrokinetic turbines. With the growing emphasis on clean and green energy, investments in solar, wind and hydro power projects have been increasing tremendously. Agencies like IEA forecast that the global renewable energy capacity will almost double by 2030 from the 2020 levels. This expands the market for permanent magnet motors that play a crucial role in renewable energy technology. Their high performance, durability and maintenance-free operations make them well-aligned to deliver on the exploding demand from the renewable energy sector.