Permanent Magnet Synchronous Motor (PMSM) Market 2024 - Global Driving Factors, Top Manufacturers, Growth Opportunities And Forecast To 2033

 

Permanent Magnet Synchronous Motor (PMSM) Market


Overview and Scope

The permanent magnet synchronous motor (PMSM) is used for high-efficiency and high-performance motor drives. The permanent magnet synchronous motor refers to an AC synchronous motor for which field excitation is provided by permanent magnets and has a sinusoidal back EMF waveform. PMSM can generate torque at zero speed, but it requires a digitally controlled inverter for operations with permanent magnets.

 

Sizing and Forecast

The permanent magnet synchronous motor (pmsm) market size has grown strongly in recent years. It will grow from $25.13  billion in 2023 to $27.46  billion in 2024 at a compound annual growth rate (CAGR) of 9.3%.  The  growth in the historic period can be attributed to electric vehicle (ev) and hybrid vehicle adoption, industrial automation and robotics, energy efficiency and green technology initiatives, increased use in hvac systems, advancements in magnet materials..

 

The permanent magnet synchronous motor (pmsm) market size is expected to see strong growth in the next few years. It will grow to $38.26  billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.  The growth in the forecast period can be attributed to expansion of renewable energy applications, growth in ev charging infrastructure, smart grid and distributed energy systems, integration of pmsms in household appliances, electrification of transportation.. Major trends in the forecast period include rare-earth element recycling for magnets, pmsms with advanced sensor technology, adoption of silicon carbide (sic) power electronics, customized pmsm solutions for specific industries, smart motor diagnostics and predictive maintenance..

 

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Segmentation & Regional Insights

The permanent magnet synchronous motor (pmsm) market covered in this report is segmented –

1) By Type: Surface, Interior

2) By Capacity: 375-450 kW, 450-600 kW, Above 600 kW

3) By Voltage Range: Above 60V, 41V60V, 31V40V, 21V30V, 10V20V, 9V and below

4) By Application: Automation, Consumer Electronics, Residential and Commercial, Automotive and Transportation, Lab Equipment, Medical, Military and Aerospace

 

Top Major Players

Siemens AG

Mitsubishi Electric Corporation

Toshiba Corp.

Hitachi Ltd.

Asea Brown Boveri Ltd.

 

Asia-Pacific was the largest region in the permanent magnet synchronous market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet synchronous motor (pmsm) market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

 

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Major Driver Impacting Market Growth

The emergence of green vehicles is significantly contributing to the growth of the permanent magnet synchronous motor (PMSM) market. A green vehicle, also known as a clean vehicle or an eco-friendly vehicle, is a road motor vehicle that has fewer negative environmental effects than comparable conventional internal combustion engine vehicles that are powered by diesel, or alternative fuel vehicles. Due to its zero-emission and fuel economy standards, the demand for green vehicles is increasing. For instance, according to the report July 2021 published by the International Energy Agency IEA), a France-based autonomous intergovernmental organization for energy, the number of electric vehicle sales (including those of fully electric and plug-in hybrid vehicles) doubled to reach 6.6 million as compared to the previous year and around 16.5 million electric vehicles were on the road around the world as of the end of 2021. Additionally, the sales of electric vehicles nearly tripled to 3.3 million in China in 2021, making up about half of the global total, whereas, the sales increased significantly in both Europe (by 65% to 2.3 million) and the United States (more than doubling to 630 000). Therefore, the emergence of green vehicles is expected to propel the growth of the permanent magnet synchronous motor (PMSM) market over the coming years.

 

Key Industry Players

Major companies operating in the permanent magnet synchronous motor (pmsm) market include  Siemens AG, Mitsubishi Electric Corporation, Toshiba Corp., Hitachi Ltd., Asea Brown Boveri Ltd., Robert Bosch GmbH, Meidensha Corporation, Continental AG, Alstom SA, Zhongshan Broad-Ocean Motor Co Ltd, Xizi Forvorda, DRS Technologies Inc., Emerson Electric Co, Johnson Electric Holdings Limited, Nidec Motor Corporation, AMETEK Inc., ARC Systems Inc., Bühler Motor GmbH, Danaher Corporation, Dunkermotoren GmbH, Dr. Fritz Faulhaber GmbH & Co. KG, Fuji Electric Co. Ltd., General Electric Company, Maxon Motor AG, Moog Inc., Oriental Motor Co. Ltd., Parker Hannifin Corporation, Regal Beloit Corporation, Rockwell Automation Inc., Schneider Electric SE, Sumitomo Heavy Industries Ltd., WEG S.A., Yaskawa Electric Corporation

 

The permanent magnet synchronous motor (pmsm)  market report table of contents includes:

1. Executive Summary

2. Permanent Magnet Synchronous Motor (PMSM) Market Characteristics

3. Permanent Magnet Synchronous Motor (PMSM) Market Trends And Strategies

4. Permanent Magnet Synchronous Motor (PMSM) Market - Macro Economic Scenario

5. Global Permanent Magnet Synchronous Motor (PMSM) Market Size and Growth

....................................

31. Global Permanent Magnet Synchronous Motor (PMSM) Market Competitive Benchmarking

32. Global Permanent Magnet Synchronous Motor (PMSM) Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Permanent Magnet Synchronous Motor (PMSM) Market

34. Permanent Magnet Synchronous Motor (PMSM) Market Future Outlook and Potential Analysis

35. Appendix

 

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