The permanent magnet motor market was valued at USD 30.11 billion in 2020 and expected to reach USD 50.27 billion by 2026 and grow at a CAGR of 9.21% over the forecast period (2021 - 2026). Permanent magnet motor (PMM) is witnessing a significant increase in demand due to its high efficiency and throughput. These motors cover a wide range of applications, from stepping motors for wristwatches and industrial drives for machine tools, to large PM synchronous motors for ship propulsion.

- A permanent magnet synchronous motor has a high torque-to-current ratio, high power-to-weight ratio, high efficiency, and robustness. Thus, these motors find application in the latest variable speed AC drives, particularly in electric vehicle applications. This has been a significant contributor to increased attention in the automotive sector.
- Eectric vehicles are expected to boost the growth of the market studied over the forecast period. The number of new EV cars registered globally hit an unprecedented market share in 2019, with the developed markets supporting this trend. With the leading automotive companies increasingly adopting permanent magnet motors into EVs, the global demand is expected to increase, further driving the market growth over the forecast period.
- Neodymium magnet accounted for the largest share in the market in 2019, and it is expected to be the fastest-growing magnetic material segment over the forecast period. The high energy product and high residual flux density of neodymium make it a compulsive choice of material for industrial applications. Neodymium offers both high- and low-grade variants, enabling it to deliver superior performance and torque, as compared to a conventional motor, thereby increasing its adoption. However, high prices and scarcity are likely to pose challenges to the growth of this material.
- The increasing demand for HVAC equipment is also expected to influence the market studied. It is majorly driven by the increase in the number of new households, rising average construction spending, rapid urbanization, and growth in disposable income across several major economies. The increasing standards on minimum energy efficiency on appliances and equipment are also driving the growth of PMMs in HVAC equipment.
- The COVID-19 outbreak has forced several industries to halt almost every industrial operation globally. Since the raw materials are bought in from China, the sourcing is affected by the United States' tariffs. Further, amidst the pandemic spread of COVID-19, the market for PMMs, which has a significant application in industries (such as the manufacturing sector) and sees substantial adoption at the industrial front, is likely to be impacted.

Key Market Trends

Direct Current Motor Holds Significant Share

- Permanent DC motors have been popular in the industry since the industry started shifting from an induction motor. The DC motors offer a few advantages, such as ease of operation, compact size, and ability to perform without further control.
- PMDC motors are highly efficient, and they can provide considerable power and torque in a tiny form factor. Additionally, they can be easily interfaced with batteries because they have been widely used in various applications. Their compact size and compatibility with batteries provide opportunities for many newer applications and industries, like drones, regenerative braking, power tools, etc.
- Moreover, users' major benefit is that they can easily operate a single product that can be configured to control different types of motors with various operating modes and control methods. Such initiatives are expected to boost the adoption of Permanent DC Motors amongst the users.
- PMDC motors have various applications in automobile components, which include windows and blowers used in AC and heaters, in personal computer disks and drives, as well as small power rating equipment, like toys and small robots.

- In recent years, the world witnessed the advent of electric vehicles. Electric cars are often considered as the future in the automotive market. Increasing adoption of PMDC motors in electric cars and increasing investments by leading players, like Tesla Motors, are expected to boost the market. The number of battery electric vehicles sold in the United States was approximately 245,000 in 2019, with sales of Tesla models accounting for almost 80% of that figure. (Inside EVs Estimates)

North America Holds Significant Market Share

For sample report please visit: https://www.statzyreports.com/report/sr496610/permanent-magnet-motor-market

- The North American region is expected to hold a significant share globally due to the increasing investments by market players and other organizations, coupled with government initiatives toward building an energy-efficient and sustainable environment. The strong wind energy sector is set to grow in the region and boost the growth of the permanent magnet market during the forecast period.

- With the focus on energy-efficient solutions rising, industries across the region are deploying PMM across various factory operation segments, in turn, augmenting the market for PMM. Canada is focusing heavily on energy consumption with programs like CIPEC (Canada Industry Program for Energy Conservation).
- Furthermore, Geomega Resources Inc, a rare earth cleantech developer for mining and recycling, collaborated with USA Rare Earth, a funding and development partner of the Round Top-Heavy Rare Earth and Critical Minerals Project West Texas, to recycle rare earth–containing production waste. This waste comes from USA Rare Earth’s production of sintered neodymium iron boron permanent magnets (sintered neo magnets) in the United States.
- Such initiatives are expected to boost the adoption of PMMs in the region, especially in this sector, which is a major industry in the region.

Competitive Landscape

The permanent magnet motor market is moderately competitive. Market incumbents can gain an advantage to garner a larger market share with innovations and investments in R&D. The intensity of competitive rivalry is expected to increase further, owing to increasing market penetration and deployment of powerful competitive strategies by market players. Some of the recent developments in the market are:

- March 2020 - ABB upgraded its synchronous reluctance (SynRM) to offer a new first choice to meet the growing global demand for improved energy efficiency. These motors now meet the new IE5 ultra-premium energy efficiency class defined by the International Electrotechnical Commission (IEC). ABB customers can increase energy efficiency, improve sustainability, and enhance reliability by upgrading to ABB IE5 ultra-premium SynRM motors that offer up to 50% lower energy losses than IE2 motors.
- March 2020 - Equipmake and the additive manufacturing company HiETA collaborated to develop and produce a power-dense permanent magnet electric motor. The partnership aims to produce a power-dense e-motor capable of outputting 220kW at 30,000 rpm, which weighs less than 10 kg (22 lb). While most permanent magnet motors currently struggle to produce 5 kW/kg, the new partnership aims to achieve 20 kW/kg. Such partnerships among supply chain partners are expected to boost investment in R&D in the market.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit: https://www.statzyreports.com/report/sr496610/permanent-magnet-motor-market