Permanent Magnet Synchronous Motors Market (By Type: Surface Permanent Magnet Synchronous Motor, Interior Permanent Magnet Synchronous Motor; By Control: Trapezoidal, Sinusoidal; By Capacity: 375450 kW, 450600 kW, Above 600 kW; By End Use) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021-2030

The global permanent magnet synchronous motors market size is predicted to surpass US$ 7 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.1% from 2021 to 2030. 

A permanent magnet synchronous electric motor is an AC motor. Current flows in a steady state with synchronized shaft rotation. The global permanent magnet synchronous motors market would be largely driven by factors such as rising demand for high-efficiency motors. Innovation in technology and design of permanent magnet synchronous motors is expected to boost the demand in the coming years. 

Market Trends

Rising demand for energy efficient and low power consuming systems across industries has significantly driven the need for invention of novel models. The emergence of synchronous motors was the result of this need.

This exponential boost in demand for highly efficient machine control motors is, therefore considered the key factor encouraging the market growth of synchronous motors worldwide.

In addition, implementation of regulations & standards such as MEPs (Minimum Energy Performance Standards) has also fueled the demand for synchronous motors globally.

The industry is likely to face a decline in its growth over the next couple of years, owing to disruptions in the global economy caused by the COVID-19 pandemic.

Drivers, Opportunities, and Restraints

The electric vehicle market has gained significant momentum across the globe driven mainly by environment concerns. This growing demand for higher operating efficiency in electric vehicles is likely to fuel the need for permanent magnet synchronous motors in the coming years.

Permanent magnet synchronous motors are up to 15% more efficient than induction motors and are among the highly power-dense type of traction motors commercially available.

Despite having a higher bill-of-materials than incumbent traction motor types such as IMs, use of a PMSM has remained substantially more economically attractive from the perspective of an automaker.

Controlling a permanent magnet synchronous motor remains challenging for end users, as it requires a complicated controlling system. This factor can slowdown the market growth in the coming years.

Growing Adoption in Automotive Industry to Propel Market

Permanent magnet synchronous motors are increasingly being used in the automotive sector around the world. Permanent magnet synchronous motors have gained considerable popularity due to their low costs, high efficiency, and optimum durability. In addition, these motors can be operated at high speeds and can be controlled electronically. These favorable features of permanent magnet synchronous motors have gradually made these motors an ideal choice for automotive components, thus driving the permanent magnet synchronous motors market. In addition, permanent magnet synchronous motors produce less noise and exhibit higher levels of efficiency in comparison with brushless DC motors– another factor that has contributed to the expansion of the permanent magnet synchronous motors market in recent years. Some of the other advantages of permanent magnet synchronous motors due to which the demand from the automotive industry has increased at an exponential rate include efficient heat dissipation, more reliable than other asynchronous motor alternatives, low rotor inertia, and high torque. These factors are fueling the expansion of the permanent magnet synchronous motors market.

Permanent magnet synchronous motors have emerged as a preferred choice among OEMs that are involved in the development of electric vehicles. Apart from a selected few, OEMs around the world are increasingly using AC motors for the electric vehicle powertrain. The high power density and the growing availability of permanent magnet synchronous motors are the leading factors that are likely to trigger the demand for permanent magnet synchronous motors in the production of electric and hybrid vehicles.

COVID-19 Impact

The advent of the novel COVID-19 pandemic has played a critical role in hindering the growth of an array of industrial sectors. Operations across multiple core industries have either come to a halt or are being carried out with a minimum workforce. The dwindling demand for permanent magnet synchronous motors from the different end-use industries is expected to hamper the expansion of the global permanent magnet synchronous motors market in 2020. In addition, as the government authorities around the world continue to contain the transmission of the COVID-19 virus, restrictions on trade and transportation are likely to put forward several hurdles across the supply chain due to which, the demand for permanent magnet synchronous motors is likely to take a dip amid the COVID-19 event.

Report Highlights

• Based on the capacity segment includes 375 – 450 kW, 450 – 600 kW, and above 600 kW. On a global scale, the motor above 650 kW is the largest segment in terms of value. However, in terms of volume, the 375 – 450 kW segment accounted for major share as the cost of 375 – 450 kW permanent magnet synchronous motors is much lower than a motor with capacity 650 and above.
• In terms of type, the interior segment accounted for major market share and is expected to maintain its dominance in the coming years. Interior permanent magnet synchronous motor (IPMSM) uses “maximum torque per ampere” (MTA) and “maximum torque per volt” (MTV) optimal control strategies and are preferred in different end-use industries.
• Based on control, the market has been bifurcated into trapezoidal and sinusoidal. Scaler control sinusoidal permanent magnet synchronous motors have high demand in the global market. The vector control of PMSM allows separate closed loop control of both the flux and torque.
• In terms of end use, the market has been divided into electrical & electronics, aerospace, automotive, oil & gas, marine, defense, power, mining, and others. High capacity permanent magnet synchronous motors have prominent demand in automotive, aerospace, and oil & gas industries. Companies are working on motors and generators with high efficiency features that can provide significant savings in power and operating expenses, and help end users to reduce carbon dioxide emissions.
• Permanent magnet synchronous motors offer a relatively higher power density for their sizes over induction motors. This impact of PMSMs is majorly attributed to the rotor flux, which is already established in the motor due to the presence of the permanent magnet. In case of induction motors, the stator current is required in order to induce rotor current, which in response causes heat amid the induction motor.
• The PMSM is also relatively more compact, which is majorly due to its low power density. This compactness of the PMSM results in its development with low rotor inertia, which has the potential to provide faster response. The ability of PMSMs to operate at high efficiency with relatively lower speeds optimally fits into the several regulatory guidance and thus is used across a wide spectrum of industries.
• Asia Pacific was the fastest growing market in 2020. A growing industrial sector coupled with easy government rules and regulations for establishment of small & medium manufacturing units is expected to boost the market growth.
• North America is the second largest market for permanent magnet synchronous motors as a result of high end user adoption of PMSMs.

Competitive Landscape

This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.

The analysts have provided a comprehensive analysis of the competitive landscape of the global permanent magnet synchronous motors market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.

• Company Overview
• Company Market Share/Positioning Analysis
• Product Offerings
• Financial Performance
• Recent Initiatives
• Key Strategies Adopted by Players
• Vendor Landscape
• List of Suppliers
• List of Buyers

Key players operating in the global permanent magnet synchronous motors market include ABB Ltd., Alstom, ATE antriebstechnik undentwicklungs GmbH & Co. KG, General Electric, Hansen Corporation, Hitachi, Ltd, MEIDENSHA CORPORATION, Nidec Corporation, OEMER MOTORI ELETTRICI S.P.A., Rolls Royce plc, Siemens AG, Toshiba International Corporation, WEG S.A., YASA Limited, YASKAWA Electric Corp. and Zhejiang Zhongyuan Electric Co., Ltd.

Market Segmentation

By Capacity

• 375 – 450 kW
• 450 – 600 kW
• Above 600 kW

By Type

• Surface Permanent Magnet Synchronous Motor
• Interior Permanent Magnet Synchronous Motor

By Control

• Trapezoidal
  • Open Loop
  • Closed Loop
• Sinusoidal
  • Scalar
  • Vector

By End Use

• Electrical & Electronics
• Aerospace
• Automotive
• Oil & Gas
• Marine
• Defense
• Power
• Mining
• Others (Healthcare, etc.)

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)
• South America

This report focuses on permanent magnet synchronous motors market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall permanent magnet synchronous motors market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global permanent magnet synchronous motors market.

The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.

In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).

The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.

Regional Analysis

The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.

The report provides in-depth segment analysis of the global permanent magnet synchronous motors market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the permanent magnet synchronous motors market.

The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.

In this study, the years considered to estimate the market size of permanent magnet synchronous motors are as follows:

• History Year: 2017-2020
• Base Year: 2021
• Forecast Year 2021 to 2030

Research Methodology

The research methodology adopted by analysts for compiling the global permanent magnet synchronous motors market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global permanent magnet synchronous motors market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2021) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.