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Global Permanent Magnet Motor Market to Grow at a CAGR of 10% During 2021-2026, Aided by the Rising Demand for Sustainable Energy Sources

According to a new report by EMR titled, ‘Global Permanent Magnet Motor Market Report and Forecast 2021-2026’, the global market for permanent magnet motor attained a value of about USD 44 billion in 2020. The industry is further expected to grow at a CAGR of 10% in the forecast period of 2021-2026 to reach a value of approximately USD 77.9 billion by 2026.

North America accounts for a significant share of the permanent magnet motor industry due to the rising adoption of sustainable measures in the region. For instance, the United States Department of Energy (DOE) announced that wind energy accounted for 42% of the total electricity capacity. Hence, the rising demand for wind energy is surging the deployment of permanent magnet motors, which is propelling the market growth. Moreover, the increasing research and developments(R&D) activities to advance permanent magnet motor is providing further impetus to the market growth. Meanwhile, the Asia Pacific region is poised to witness healthy growth in the forecast period owing to the growing demand for electric vehicles in the region. As countries like India and China are some of the leading manufacturers of automobiles, the demand for permanent magnet motors is projected to grow. This is estimated to propel the industry growth in the forecast period.

Franklin Electric Co. (NASDAQ: FELE), one of the leading companies in the market, announced the launch of its 4” High Efficiency System in October 2019. The product consists of a variable frequency drive, submersible pump, permanent magnet synchronous motor, and an output filter to meet challenging water pumping requirements. The product offers enhanced energy and operational efficiency while providing smart high-output system solutions. It can be conveniently used in solar and grid applications. Moreover, the product is easy to install and provides excellent partial load behaviour to enhance cost-effectiveness. It also has Bluetooth 4.0 connectivity to enable remote control of operations through mobile applications. Such developments are propelling the market growth.

Market Analysis by Motor Type, Magnet Type, Power Range, End-User, and Region:

  • The market, on the basis of motor type, can be divided into AC motors, DC motors, and hermetic motors.
  • Based on magnet type, the industry can be divided into neodymium, samarium cobalt, and ferrite, among others.
  • The power ranges of permanent magnet motors include 4.0 kW and below, between 4.0 to 22.0 kW, between 22.0 to 75.0 kW, and 75.0 kW and above.
  • By end-user, the market is segmented into automotive, general industrial, energy, water and wastewater management, mining, oil, and gas, and aerospace and defence, among others.
  • The regional markets for permanent magnet motor include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing use of permanent magnet motors in the automotive sector owing to the rapid electrification of automobiles is augmenting the market growth.
  • The market is being aided by the growing demand for electric vehicles in both developing and developed countries, which is surging the use of permanent magnet motors.
  • The increasing demand for alternative energy sources, particularly wind energy, is surging the deployment of permanent magnet motors, hence aiding the market growth.
  • The development of innovative and advanced permanent magnet motors to enhance the functionality is providing impetus to the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for permanent magnet motor for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the motor types, magnet types, power ranges, end-users, and major regions of permanent magnet motor.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global permanent magnet motor market are ABB Ltd., Rockwell Automation, Inc., Siemens AG, Franklin Electric Co., Inc., Allied Motion, Inc., and Nidec Motor Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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