Global sales of permanent magnet synchronous motors market are projected to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2033. Consequently, the market value is expected to rise from US$ 28.5 billion in 2023 to US$ 43 billion by the end of 2033.

A permanent magnet synchronous motor is an AC synchronous motor where field excitation is supplied by permanent magnets, resulting in a sinusoidal back electromotive force (EMF) waveform. These motors are extensively utilized across various industries due to their efficiency and performance.

"The market will reflect notable growth in rising nations of Asia Pacific. The green recovery concept from the ongoing COVID-19 outbreak will impel the demand for energy-effective permanent magnet synchronous motors. The leading share will be accounted by the automotive industry." opines a Fact.MR analyst.

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Key Takeaways

• The segment with capacities above 600 kW will continue to be the most lucrative category in the global market.
• The interior type segment is projected to experience significant growth during the forecast period.
• The sinusoidal control segment, driven by scalar control, is expected to remain highly profitable in the global market.
• The aerospace and automotive end-use segment holds the largest market share due to the increasing demand for electric vehicles.
• The Asia-Pacific region, particularly led by China, is likely to remain the most lucrative market, followed by North America.

Drivers

• The implementation of standards and regulations like Minimum Energy Performance Standards (MEPs) is driving global demand.
• The exponential increase in demand for highly efficient machine control motors is propelling market growth.
• The rising demand for low-power, energy-efficient systems across various sectors has significantly boosted the need for innovative synchronous motors, contributing to market expansion.

Constraints

• Increased initial cost are projected to restrict the market growth over the forecast period.
• Controlling the motor remains challenging for users, since it necessitates a complicated controlling system, limiting the market growth.

Anticipated Market Impact by COVID-19 Outbreak

The permanent magnet synchronous motors market will be facing a drop in its growth due to disruptions in the economy stimulated by the COVID-19 outbreak. Amid the crisis, the market is encountering with limitations on transportation and trade of products. Moreover, the scenario is deteriorated by changing taxes and currency fluctuations. Market players are now strategising in a manner such that they advance their products by pairing them with latest technologies to save costs without conceding the employees' health.

Competitive Landscape:

Leading vendors are introducing power-efficient motors that comply with safety regulations for use in various industries. Top providers of permanent magnet synchronous motors are improving product standards and focusing on supply chain management to increase their market share. Major companies are also expanding their resources and involvement in innovative initiatives and forming partnerships with other key players.

For example:

• In 2020, ABB was acquired by Hitachi for US$ 7.8 billion. Hitachi aims to address issues related to distributed energy and renewable energy in the power sector. ABB, a leading technology company, is committed to driving societal and industrial transformation for a more sustainable and prosperous future.
• In 2021, Siemens and Mercedes-Benz entered into a strategic collaboration to enhance sustainable automotive production. Their partnership focuses on advancing digitalization and automation within the automotive industry.

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More on the Report

The Fact.MR's market research report provides in-depth insights into the permanent magnet synchronous motors market. The market is scrutinized on the basis of capacity (375-450 kW, 450-600 kW and above 600 kW), type(surface and interior)according to the control (Trapezoidal (open loop and closed loop) and Sinusoidal (scalar and vector)), end-use industries (electrical and electronic, aerospace and automotive, oil and gas, marine, defense, power, mining and others), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).

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