The global permanent magnet motor market is anticipated to grow at a CAGR of 9.4% during the forecast period (2024-2031). Permanent magnet motors find wide applications across various industries. In the automotive industry, they are commonly used in electric and hybrid vehicles for propulsion systems and electric power steering. In industrial manufacturing, they are employed in compressors for air compression and in pumps for fluid movement. In the renewable energy sector, they are utilized in wind turbines for converting mechanical energy into electrical energy, and in small-scale hydropower systems. Additionally, they are also found in consumer electronics such as household appliances and ventilation systems, in addition to medical devices like MRI machines and laboratory equipment. The market’s growth is attributed to the growing renewable energy demand across the globe. The increasing demand for renewable energy sources, especially wind power, is an essential component of the permanent magnet motor market. For instance, in August 2023, Enercon launched new 6MW onshore wind turbine with permanent magnet generator. The new E-175 EP5 E2 is scheduled to feature a 175-metre rotor diameter, as performed its predecessor, the E-175 EP5, that the company introduced as a wind turbine for low- and medium-speed wind sites.
Browse the full report description of “Permanent Magnet Motor Market Size, Share & Trends Analysis Report by Motor Type (Direct Current (DC) Motor and Alternating Current (AC) Motor), by Magnetic Material Type (Ferrite (Ceramic) Magnets, Neodymium Iron Boron (NdFeB or NIB), Samarium Cobalt (SmCo), and Others), and by End-User (Automotive, General Industrial, Renewable Energy (Wind Power), Water and Wastewater Management, Mining, Oil, and Gas, Aerospace and Defense, and Others) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/permanent-magnet-motor-market
Furthermore, improved dependability is a essential consideration when selecting motors for compressors, and the utilization of permanent magnet motors can significantly improve overall performance and reliability. in February 2021, Chicago Pneumatic India launched two new product variations in their Permanent Magnet motor compressors CPMV and CPVS range. The devices are equipped with a proven energy-saving technology of permanent magnet motors, that offers improved dependability.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2023-2031
• Segment Covered-
o By Motor Type
o By Magnetic Material Type
o By End-user
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes Danaher Corporation, Franklin Electric Co., Inc., Robert Bosch GmbH, Rockwell Automation Inc., and Siemens AG., and others.
• Key questions addressed by the report
Global Permanent Magnet Motor Market Report Segment
By Motor Type
By Magnetic Material Type
By End-user
Global Permanent Magnet Motor Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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