The permanent magnet motor market is estimated to grow at a CAGR of 8.87%, from 2018 to 2023, to reach a projected market size of USD 45.13 billion by 2023. A permanent magnet motor (consisting of a stator and a rotor having permanent magnets) is a machine in which its rotor spins in synchronization with the rotating internal magnetic field without incurring any excitation losses. Increasing demand for energy-efficient & low-cost maintenance motors and increased implementation of permanent magnet motors across industries are some of the factors contributing to the growth of the permanent magnet motor market. Shifting from rare earth magnets to cost-effective ferrite permanent magnets is one of the major opportunities for the permanent magnet motor market.
Asia Pacific is expected to be the fastest-growing market for permanent magnet motors from 2018 to 2023. The demand for permanent magnet motors in Asia Pacific is driven by rapid industrialization, rising population, and urbanization. Countries such as China and Japan have implemented energy-efficiency standards to save electricity consumption, which has led to a growth in the demand for permanent magnet motors. China and Japan are expected to be the two largest markets for permanent magnet motors in the region in 2018. These countries are witnessing the increasing government initiatives to strengthen the automotive sector as well as developing healthcare sector. Moreover, the market is also expected to grow significantly in countries such as India and South Korea during the forecast period. Factors such as growing renewable power generation and rising adoption of new technologies in electric vehicles are driving the permanent magnet motor market in India and South Korea.
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The permanent magnet AC motor segment is expected to be the fastest-growing segment of the permanent magnet motor market from 2018 to 2023. This is due to the major advantages of these motors such as providing high torque capacity, high-quality magnetic performance, high accelerations, and high withstand overloads capacity without risk of magnetization of the magnets, which helps to eliminate the need for costly maintenance. Asia Pacific is the fastest-growing market for permanent magnet motors and offers various business opportunities to permanent magnet motor manufacturers in the permanent magnet AC motor segment. In Asia Pacific, governments are focusing on promoting the use of energy-efficient motors in order to save electricity. These factors would drive the permanent magnet motor market.
The up to 25 kW segment is expected to be the fastest-growing market, by power rating, from 2018 to 2023. The permanent magnet motor ranging up to 25 kW is used in textile, pulp & paper, medical devices, aerospace, robotics, window shutters, air conditioners, door shutters, and electrical vehicles. A total of 70–80% of these motors are used in consumer electronics and industrial sectors. Hence, Asian countries, such as China, India, Japan, and South Korea, where these sectors are expected to experience a lot of investments in the coming years, will result in the higher market share of the up to 25 kW permanent magnet motor segment.
The industrial segment is expected to be the fastest-growing segment of the permanent magnet motor market from 2018 to 2023. These motors are used in industrial machines, textile rewinding machines, and also used with Variable Frequency Drives (VFDs) in pumps, blowers, fans, compressors, and hoists. The automotive is one of the major industries within the industrial sector, installing the maximum number of permanent magnet motors.
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