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

Global Permanent Magnet Motor Market size was valued at USD 41.2 billion in 2021 and is poised to grow from USD 45.07 billion in 2022 to USD 92.48 billion by 2030, growing at a CAGR of 9.4% in the forecast period (2023-2030).

Rare earth metals are used to create rare earth magnets. They serve as powerful magnets in PM motors. To sustain their electric field, permanent magnets don't require constant electrical power. PM motors are therefore preferred to electromagnetic motors. The diverse use of permanent nanocomposite magnets is one recent advancement in permanent magnets. Permanent nanocomposite magnets can be used to manufacture smaller, more efficient motors. In magnetic storage devices, biomedicine, sensors, pigments, and catalysts, these magnets are employed.

Most permanent magnet motors are paired with AC or DC electric motors. These motors outperform other electric motors in terms of power consumption, efficiency, and heat dissipation. Permanent magnet motors are used in a wide range of industrial applications to raise machine efficiency. Permanent magnet motors are commonly found in forklifts, robots, blower drives, switchers on railroads, tracks, and crossing gates, marine pumps, and amusement rides. The market for permanent magnet motors is now driven by a number of advantages of permanent magnets, including operating capabilities at higher temperatures due to more small rotor losses and more microscopic bearing currents due to more considerable air gaps. Additionally, compared to asynchronous type motors, permanent magnet synchronous motors have a torque capability that is 30% to 60% higher and accelerate and reduce speed more rapidly.

The global market for permanent magnet motors is anticipated to be driven mostly by industrial demand. The market has witnessed a rise in the demand for motors that promise energy efficiency, as well as a growing requirement for the permanent magnet motor to be implemented in a wide range of industries, including the automotive. During the anticipated period of 2023–2030, this is probably going to offer the market healthy growth.