Permanent Magnet Motor Market Size, Share, Growth Analysis, By Motor Type(Permanent magnet alternating current Motor (PMAC), Permanent Magnet Direct Current Motor (PMDC), Brushless DC), By Magnet Type(Neodymium, Samarium Cobalt, Ferrite, Others), By Application(Factory Automation, Consumer, Office Automation, Commercial), By End User(Industrial (Automotive, Textile, Pulp & Paper, Aerospace & Aviation), By Region - Industry Forecast 2024-2031

Drivers

Rising motor efficiency due to permanent magnets

• Permanent magnet motors have been found to operate with enormous efficiency and speed in comparison to traditional ACIMs since there is no direct connection between the stator and rotor. As a result, it is currently being used by numerous vendors globally in a variety of end user sectors.

Rising demand of electric automotive 

• The permanent magnet motor is a suitable substitute or an alternative to the conventional motors due to its lower working temperature, which also results in less wear and tear and fewer maintenance requirements. Due to their improved bearing and insulation life, permanent magnet motors have been integrated into a variety of organisations and businesses.

Restraint:

Diminishing accessibility of the rare-earth metals

• The rare earth metals, such as neodymium and samarium-cobalt magnets, are the natural or organic metals used in permanent magnetic motors. With magnetic fields that are increasing to 1.4 tesla compared to the 0.5 to 1.0 tesla for ferrite or ceramic magnets, these metals are thought to have tremendous potential.

Diminishing of the metal from reserves

• Although these rare metals are used in a variety of industries, their accessibility has been restricted by their unique geochemical characteristics. At the moment, China produces the majority of rare-earth metals due to the country's abundant earth metal reserves. Outside of China, a shortage of rare-earth metals is anticipated.