Permanent Magnet Motor Market By Motor Type (Direct Current, Alternating Current), By Magnetic Material Type (Ferrite, Neodymium, Samarium Cobalt, Other), By End-User Vertical (Automotive, General Industrial, Energy, Water & Wastewater Treatment, Mining, Oil & Gas, Aerospace & Defence, Other) and By Region (North America, Europe, Asia Pacific, Latin America, MEA) - Global Forecasts 2017 To 2027.

Date : Jun 2021

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Report ID : 81

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Category : Pumps Motors and Control Devices

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Report Format:  PDF EXCEL PPT WORD

Permanent Magnet Motor Market Definition and Estimation:

An electric motor is a machine that converts electrical energy to mechanical energy. It consists of a stator – the stationary part of the motor, and a rotor – a coil mounted on an axle that rotates at high speeds. While an induction motor consists of an electromagnet as its stator, a permanent magnet (PM) motor generates the magnetic field using typically a ferromagnet. Based on the principle of electromagnetism, the permanent magnet motor can function using alternating current (AC) or direct current (DC). These types of motors have been recently replacing the induction type due to its higher inherent efficiency as a result of the lower eddy current losses. The longer life of PM motors is an added bonus encouraging the transition from induction motors.

The permanent magnet motor market size was USD 34.28 billion in 2019 and expected to reach USD 51.45 billion by 2027; this converts into a compound annual growth rate (CAGR) of 5.21% for the forecast period.

Permanent Magnet Motor Market Overview:

The extensive use of electric motors in industrial applications such as conveyors, pumps, material handling equipment, manufacturing equipment, power tools, and more has driven the market substantially. Rapid industrialization in emerging countries will further the progress of the market. Moreover, the rising requirements from the HVAC industry have promoted market growth. However, due to the pandemic, worldwide closures of several industries coupled with the disruption in the supply chain have resulted in a decline in demand for electric motors. Post-lockdown scenarios seem to minimize any further deceleration in market growth. In recent times, the growing use of electric vehicles will boost the electric motor market.

The Permanent Magnet Motor Market is segmented to include:

By Motor Type:

  • Direct Current (DC) Motor
  • Alternating Current (AC) Motor

By Magnetic Material Type:

  • Ferrite
  • Neodymium
  • Samarium Cobalt
  • Other Magnetic Material Types

By End-User Vertical:

  • Automotive
  • General Industrial
  • Energy
  • Water & Wastewater Treatment
  • Mining, Oil, & Gas
  • Aerospace & Defence
  • Other End-user Verticals

Highly efficient, easy to operate, compact size, high power and torque and more have made direct current permanent magnet motors popular since the transition from induction motors. Furthermore, the rising use of DC motors in electric vehicles will propel the segment significantly. As a result, the direct current motor segment will register an approximate 8% CAGR during the forecast timeline. Nevertheless, owing to the precise speed control and high-power density, the alternating current motor segment accumulated a little under USD 22 billion or nearly 65% of the market in 2019.

Neodymium, on account of its high energy product and high residual flux density, accounted for over on-half of the permanent magnet motor market in 2019 i.e., nearly USD 18 billion in revenue. The material consists of high- and low-grade variants as well as provides better performance and torque. Also, it is extensively used due to its ability to operate at high temperatures and available at a moderate cost. The segment is therefore, anticipated to display the fastest CAGR of close to 8.5% from 2020 to 2027.

Government initiatives to reduce carbon footprint have increased the demand for electric and autonomous vehicles. Since, these vehicles necessitate the use of electric motors and the benefits that permanent magnet motors provide, the surge in demand from the automotive sector is predicted to boost the growth of the market. Hence, the automotive segment will witness a CAGR of over 8% between 2020 and 2027. However, the widespread applications of the motor in industries have led to the dominance of the general industries segment in 2019. It garnered over USD 9 billion in revenue, therefore capturing more than 25% of the market.

Permanent Magnet Motor Market - By Material Type

Permanent Magnet Motor Market by Geography Overview:

Based on geography, the market is segmented as below:

  • North America
  • Europe
  • APAC
  • Latin America (LATAM)
  • Middle East & Africa (MEA)

Asia-Pacific held over 40% of the permanent magnet motor market in 2019. The region is also, envisaged to expand at the fastest rate of 8% CAGR during the forecast period. The region is home to a flourishing electronics sector of which PM motors are a major component. Besides this, the increasing demand for these motors in end-use applications like electric vehicles, consumer electronics, and others will positively influence the market.

The North American market is driven by the growth of the automotive, HVAC, and electronic sectors. The adoption of PM motors in compressors, pumps, and machine tools within industries for better speed control is another factor contributing to the market growth.

Europe is largely influenced by the well-established automotive industry in the region. The rising investments in electric vehicles by customers and organizations will motivate the market’s progress.

Permanent Magnet Motor Market Dynamics:

As compared to the induction motor, the permanent magnet motors provide high power densities, improved speed control, motion control, high torque, are more compact in size, and more. These advantages are fuelling the demand for this motor type.

The surge in pollution, carbon emissions, global warming have encouraged the implementation of stringent government regulations. These regulations have paved the way for electric vehicles. With the growing demand for these vehicles, the need for PM motors will also increase.

Within the industrial sector, electric motors consume the majority of the electricity. The use of permanent magnet motors allows for the reduction in electricity consumption by up to 20% to perform the same task along with improved efficiency. Consequently, the increasing adoption of PM motors in the industrial sector will boost the market further.

PM motors are generally made using rare-earth metals, the most commonly used metal is sintered neodymium. This makes its construction expensive due to the limited availability of these metals. The expansion of the permanent magnet motor market is therefore threatened by the diminishing availability of rare-earth metals.

The market is studied by analyzing all the key market participants across the ecosystem. The key players include, but not limited to:

  • Siemens AG
  • Rockwell Automation
  • ABB Limited
  • Franklin Electric Company Inc.
  • Allied Motion Technologies Inc.
  • Toshiba Corporation
  • Ametek Inc.
  • Johnson Electric Holdings Ltd
  • Autotrol Corporation
  • Robert Bosch GmbH
  • Danaher Corporation
  • Bonfiglioli Group
  • Aerotech Corporation
  • Crouzet Automatismes
  • Buhler Motors
  • Nider Corporation

Recent News and Developments in the Permanent Magnet Motor Market:

  1. Nider Corporation announced its decision to open a new factory in Novi Sad, in the Republic of Serbia, in April 2021. It aims to meet the rising demands for automotive motors and related products through the establishment of this new factory.
  2. In June 2020, Buehler Motor was awarded GM supplier of the year by General Motors during a virtual ceremony honouring the recipients during the company’s 28th annual supplier of the year awards.

Frequently Asked Questions (FAQs)

How big is the permanent magnet motor market?

The market size was USD 34.28 Bn in 2019 and expected to reach USD 51.45 Bn by 2027.

What is the estimated market growth?

The market is estimated to grow at a compound annual growth rate (CAGR) of 5.21% during the forecast period.

Which geography accounted for the largest market share?

In the base year, APAC held the largest geographic share of the market.

Which geography is lucrative for an investment in the market?

With the highest growth-rate, APAC is the most lucrative region for investments.

Which is the fastest growing sub-segment of the motor type segmentation of the market?

AC motor type is the fastest growing sub-segment when analysing the market by motor type.

Who are the key players in the permanent magnet motor market?

A few key players include, but not limited to: Siemens AG, Rockwell Automation, ABB Limited, Franklin Electric Company Inc., Allied Motion Technologies Inc., Toshiba Corporation, Ametek Inc., Johnson Electric Holdings Ltd, Autotrol Corporation, Robert Bosch GmbH, Danaher Corporation, Bonfiglioli Group, Aerotech Corporation, Crouzet Automatismes, Buhler Motors, Nider Corporation.

Author Credentials

Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.

Chapter 1.  Research Objective

1.1 Objective, Definition & Scope

1.2 Methodology

   1.2.1 Primary Research

   1.2.2 Secondary Research

   1.2.3 Market Forecast - Estimation & Approach

   1.2.4 Assumptions & Assessments

1.3 Insights and Growth - Relevancy Mapping

   1.3.1 FABRIC Platform

1.4 Data mining & efficiency

 

Chapter 2.  Executive Summary

2.1 Permanent Magnet Motor Market Overview

2.2 Interconnectivity & Related markets

2.3 Ecosystem Map

2.4 Permanent Magnet Motor Market Business Segmentation

2.5 Permanent Magnet Motor Market Geographic Segmentation

2.6 Competition Outlook

2.7 Key Statistics

 

Chapter 3.  Strategic Analysis

3.1 Permanent Magnet Motor Market Revenue Opportunities

3.2 Cost Optimization

3.3 Covid19 aftermath - Analyst view

3.4 Permanent Magnet Motor Market Digital Transformation

 

Chapter 4.  Market Dynamics

4.1 DROC

4.1.1 Drivers

4.1.1.1 Increased Motor Efficiency due to Permanent Magnets

4.1.1.2 Rising Demand for Electric Vehicles

4.1.1.3 Rising Demand for Permanent Magnet Motor (PMM) in the Industrial Sector

4.1.2 Restraints

4.1.3 Opportunities

4.1.4 Challenges

4.1.4.1 Diminishing Availability of Rare-Earth Metals

4.2 PEST Analysis

   4.2.1 Political

   4.2.2 Economic

   4.2.3 Social

   4.2.4 Technological

4.3 Market Impacting Trends

    4.3.1 Positive Impact Trends

    4.3.2 Adverse Impact Trends

4.4 Porter's 5-force Analysis

4.5 Market News - By Segments

   4.5.1 Organic News

   4.5.2 Inorganic News

4.6 Price Trend Analysis

 

Chapter 5. Market Segmentation

5.1 The Permanent Magnet Motor Market Segmentation by Motor Type - Forecast till 2027

5.1.1 Direct Current (DC) Motor

5.1.2 Alternating Current (AC) Motor

5.2 The Permanent Magnet Motor Market Segmentation by Magnetic Material Type - Forecast till 2027

5.2.1 Ferrite

5.2.2 Neodymium

5.2.3 Samarium Cobalt

5.2.4 Other

5.3 The Permanent Magnet Motor Market Segmentation by End-user Vertical - Forecast till 2027

5.3.1 Automotive

5.3.2 General Industrial

5.3.3 Energy

5.3.4 Water & Wastewater Treatment

5.3.5 Mining, Oil & Gas

5.3.6 Aerospace & Defence

5.3.7 Other

 

North America Permanent Magnet Motor Market Segmentation

By Motor Type - Forecast till 2027

By Magnetic Material Type - Forecast till 2027

By End-user Vertical- Forecast till 2027

 

Europe Permanent Magnet Motor Market Segmentation

By Motor Type - Forecast till 2027

By Magnetic Material Type - Forecast till 2027

By End-user Vertical- Forecast till 2027

 

APAC Permanent Magnet Motor Market Segmentation

By Motor Type - Forecast till 2027

By Magnetic Material Type - Forecast till 2027

By End-user Vertical- Forecast till 2027

 

Latin America (LATAM) Permanent Magnet Motor Market Segmentation

By Motor Type - Forecast till 2027

By Magnetic Material Type - Forecast till 2027

By End-user Vertical- Forecast till 2027

 

The regions are further studied to analyse the major countries within the respective regions. The coverage of the country level data is dynamic and is updated regularly based on the market movements. Normally, the countries covered in the report include

North America - United States, Canada, Mexico; Europe - United Kingdom, France, Italy, Germany, Spain, Rest of Europe; Asia Pacific - China, India, Japan, South Korea, Rest of APAC; Middle East & Africa - South Africa, GCC Countries, Rest of MEA; LatAm - Brazil, Argentina, Rest of LatAm;

Chapter 6.  Market Use case studies

Chapter 7.  KOL Recommendations

Chapter 8.  Investment Landscape

8.1 Permanent Magnet Motor Market Investment Analysis

8.2 Market M&A

8.3 Market Fund Raise & Other activity

Chapter 9. Permanent Magnet Motor Market - Competitive Intelligence

9.1 Company Positioning Analysis

   9.1.1 Positioning - By Revenue

   9.1.2 Positioning - By Business Score

   9.1.3 Legacy Positioning

9.2 Competitive Strategy Analysis

   9.2.1 Organic Strategies

   9.2.2 Inorganic Strategies

Chapter 10.  Key Company Profiles

The Permanent Magnet Motor Market report profiles companies based on the material impact they have on the market ecosystem. These are hence, to be read as 'Key Players' and not necessarily 'Market Leaders'.

Companies are typically profiled to include

10.x.1 Company Fundamentals

10.x.2 Performance Overview

10.x.3 Product Overview

10.x.4 Recent Developments

 

The Companies profiled in this report include

  • Siemens AG
  • Rockwell Automation
  • ABB Limited
  • Franklin Electric Company Inc.
  • Allied Motion Technologies Inc.
  • Toshiba Corporation
  • Ametek Inc.
  • Johnson Electric Holdings Ltd
  • Autotrol Corporation
  • Robert Bosch GmbH
  • Danaher Corporation
  • Bonfiglioli Group
  • Aerotech Corporation
  • Crouzet Automatismes
  • Buhler Motors
  • Nider Corporation

Chapter 11.  Appendix

11.1 About ResearchCMFE

11.2 Service offerings

11.3 Author details

11.4 Terms & Conditions

11.5 Contact us

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