The permanent magnet motor market is projected to grow at a CAGR of 8.87%, from 2022 to 2031.”
The Permanent Magnet Motor Market is projected to reach USD 45.13 billion by 2031, from an estimated USD 29.50 billion in 2022, at a CAGR of 8.87%, during the forecast period. The increasing demand for energy-efficient & low-cost maintenance motors have boosted the demand for permanent magnet motors. Also, the increasing implementation of permanent magnet motors across industries would further aid the growth of this market. High initial cost of permanent magnet motors would act as a restraint for the permanent magnet motor market.
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“The up to 25 kW segment is expected to grow at the highest CAGR, from 2022 to 2031.”
The up to 25 kW segment is expected to be the fastest-growing permanent magnet motor market, by power rating, from 2022 to 2031. It is considered to be the ideal power range for permanent magnet motors. These motors are used in various application areas such as textile, pulp & paper, medical devices, aerospace, robotics, window shutters, air conditioners, door shutters, and electrical vehicles. Application-based demand is high for this particular power range, resulting in the higher market share of up to 25 kW permanent magnet motors. The demand for up to 25 kW permanent magnet motors is also driven by the increasing demand for energy-efficient motors in developing countries such as India, China, and Japan.
“The industrial segment is expected to dominate the permanent magnet motor market from 2022 to 2031.”
The industrial segment is estimated to be the largest market for permanent magnet motors in 2022. The market for the industrial segment is driven by the investments being made in the electronic and automotive sectors in order to increase efficiency, productivity, reliability, and safety in the industrial sector.
“Asia Pacific: The largest market for permanent magnet motor”
Asia Pacific is expected to be the largest market for permanent magnet motors in 2022, followed by North America and Europe. China and Japan are expected to be the largest markets for permanent magnet motors in the region because of significant investments being made in the industrial sector.
The permanent magnet motor market is also growing at a good pace in countries such as India, Australia, and South Korea because of increasing infrastructure developments. These factors are expected to boost the growth of the permanent magnet motor market in Asia Pacific.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants to obtain and verify critical qualitative and quantitative information as well as assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1 – 51%, Tier 2 – 30%, and Tier 3 – 19%
By Designation: C-Level – 31%, D-Level – 43%, Others – 26%
By Region: Asia Pacific – 30%, Europe – 27%, North America – 21%, Middle East – 12%, and South America – 6%, and Africa – 4%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = >USD 10 billion, Tier 2 = from USD 1 billion to USD 10 billion, and Tier 3 = The leading players in the permanent magnet motor market include GE (US), Siemens (Germany), ABB (Switzerland), Toshiba Corporation (Japan), and Emerson (US).
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The report defines, describes, and forecasts the global permanent magnet motor market by type, power rating, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.
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