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Permanent Magnet Motor Market is Forecasted to Reach US$64.6 billion by 2026

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Permanent Magnet Motor Market is Forecasted to Reach US$64.6 billion by 2026

September 15
10:05 2023
Permanent Magnet Motor Market is Forecasted to Reach US$64.6 billion by 2026
The major players in Permanent Magnet Motor market, such as ABB (Switzerland), Siemens (Germany), Wolong (China), WEG (Brazil) and Nidec (Japan).
The up to 25 kW segment is projected to hold the largest market share during the forecast period. The permanent magnet motors with power ranging up to 25 kW are widely used in medical electronics and industrial applications.

According to a new market research report, the global permanent magnet motor market is projected to reach USD 64.6 billion by 2026 from an estimated value of USD 41.2 billion in 2021, at a CAGR of 9.4% during the forecast period. Increasing demand for energy-efficient motors and growing implementation of permanent magnet motor in industries such as automotive are the key factors driving the permanent magnet motor market. The high initial cost of permanent magnet motor can restraint the growth of the permanent magnet motor market. However, growing robotics technology offers promising business opportunities in the permanent magnet motor market.

Key Market Players

ABB (Switzerland), Siemens (Germany), Rockwell Automation (US), Nidec Corporation (US), Johnson Electric (China), Wolong Electric (China), WEG (brazil), Allied Motion (US), AMETEK (US), Toshiba (Japan), Regal Beloit (Italy), Yaskawa (Japan), Liebherr (Switzerland), Faulhaber (Germany), TECO (Taiwan), Dumore (US), Kolmorgen (Japan), Electrocraft (Japan), Cartermotor Company(US), and Mark Elektriks (India)

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This research report categorizes the permanent magnet motor market by type, power rating, application, and region.

The permanent magnet motor market, by type, has been segmented as follows:

  • PMAC
  • PMDC
  • Brushless DC

The permanent magnet motor market, by power rating, has been segmented as follows:

  • Up to 25 kW
  • 25–100 kW
  • 100–300 kW
  • 300 kW and Above

The permanent magnet motor market, by end user, has been segmented as follows:

  • Industrial
    • Automotive
    • Textile
    • Pulp & Paper
    • Aerospace & Aviation
    • Electronics
    • Robotics
    • Food & Beverage
    • Chemicals & Petrochemicals
    • Others
  • Commercial and Residential
    • Commercial
      • Malls
      • Offices
      • Banks
      • Healthcare
      • Others
    • Residential
  • Others (Defense, Railways)

The permanent magnet motor market, by region, has been segmented as follows:

  • Asia Pacific
  • North America
  • Europe
  • Middle East & Africa
  • South America

Opportunities: Adoption of cost-effective ferrite permanent magnets

Rare-earth permanent magnets that are commonly used for permanent magnet motors are expensive. This is due to the use of expensive neodymium or samarium-cobalt magnets. Thus, ferrite magnets are used to manufacture cost-effective, permanent magnet motors. Apart from being cost-effective, these ferrite permanent magnets are easily available in China and have negligible current losses in low-frequency applications, such as motor drives. However, a motor with ferrite magnets is likely to have about 30-50% of rare-earth motor power density. Many companies are seeking opportunities to use cost-effective ferrites due to the high pricing of rare-earth magnets. This factor is likely to propel the demand for ferrite permanent magnet motors.

Challenges: Easy availability of low-quality and inexpensive electric motors

The permanent magnet motors market is highly fragmented, with a large number of local and international players. The organized sector in the market mainly targets industrial buyers and maintains excellent product quality, while the unorganized sector offers low-cost alternatives to tap local markets. Local manufacturers of electric motors in most countries target the unorganized sector and compete strongly with the global suppliers in the respective markets. Leading market players are currently exposed to intense competition from unorganized players supplying inexpensive and low-quality electric motors. This acts as a key challenge for the growth of the Permanent Magnet Motor market.

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Asia Pacific is expected to be the fastest-growing segment of the global permanent magnet motor market

The permanent magnet motor market in Asia Pacific, led by China, is expected to grow. APAC is a growing market for Permanent Magnet Motor in various applications, such as automotive, electronics in industrial segment and offices and healthcare in commercial segment, due to its fast-growing economies. The market in China is expected to grow mainly because the number of manufacturing units in China is increasing, which is expected to create a massive demand for Permanent Magnet Motor. Another reason for the growth of the market in APAC is the increase in the number of manufacturing plants in various sectors, such as transportation, chemicals, and pharmaceutical industries.

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