Permanent Magnet Synchronous Motor Market Assessment, By Control [Trapezoidal, Sinusoidal], By Type [Surface, Interior], By Power Range [Up to 25 kW, 25-100 kW, 100-300 kW, and 300 kW and Above], By Design [Distributed Winding, Concentrated Winding], By E

Permanent Magnet Synchronous Motor Market Assessment, By Control [Trapezoidal, Sinusoidal], By Type [Surface, Interior], By Power Range [Up to 25 kW, 25-100 kW, 100-300 kW, and 300 kW and Above], By Design [Distributed Winding, Concentrated Winding], By End-use [Electrical and Electronics, Automotive, Oil and Gas, Marine, Defense, Power, Mining, Others], By Region, Opportunities and Forecast, 2017-2031F

Global permanent magnet synchronous motor market is projected to witness a CAGR of 7.8% during the forecast period 2024-2031, growing from USD 30.3 billion in 2023 to USD 55.26 billion in 2031. The market thrives at an average growth rate, attributed to its long range of applications.

Transforming the industrial landscape with the advent of robotics and automation requires additional component support. Magnetic innovations have seen an increase in interest from companies worldwide. A permanent magnet synchronous motor (PMSM) is a unique type of brushless motor commonly used for high-performance drives. For applications needing straight-line movement, a linear PMSM is perfect since it is made to directly produce linear motion. These drives vary from industrial roots and machine tools. PMSM has a long range of applications due to its strong environmental adaptability, electromagnetic compatibility, and higher power/mass ratio, making its market stable with a moderate growth rate. However, elements like higher adoption of electric vehicles (EVs) along with robotics and industrial automation are projected to impact the market positively. New elements like EVs and robotics also enable manufacturers to engage in material advancements, design enhancements, and control systems. PMSM’s potential expansion into new applications and deeper integration into emerging technologies ushered a new chapter in the history of direct-drive motor-driven systems. Motor manufacturers collaborate with technological partners to get controllers and microcontrollers for their respective PMS motors. Chip producers also develop new digital controllers for applications, including automotive, industrial, mining, etc.

For instance, in November 2023, Dalian Shiping Group launched a PMSM drive solution. The product is based on NXP Semiconductors N.V.’s products. NXP FS32K144W is a 32-bit, high-performance microcontroller based on Arm Cortex - M4F core, having an operating frequency of 80MHz, and high-temperature resistance environments up to 150°C. Not only does the device have CAN-FD as well as LIN communication peripheral interfaces but it also has analog and digital peripheral interfaces.

Wide Usage Across Multiple End-use Segments to Fuel Market Growth

From refrigerators to AC compressors and vehicles, PMSM is used everywhere with different power delivery goals. Such a wide range of applications adds value to its market space while integrating the product with the latest technologies like artificial intelligence and machine learning. The PMSM is also utilized in aerospace machinery, traction control units, machine tools, and direct drive washing machines. PMSM gets an edge over AC induction motor (ACIM) due to much less noise and higher power density. The motor is also resistant to wear and tear and minimizes torque ripples. The permanent magnet motor is the safest motor for use in complex and explosive environments as it does not emit sparks. The smooth low and high-speed performance capability makes PMSM perfect for industrial applications. Automated warehouses and industrial facilities also use PMSM in robotics and other automated tools. With this wide range of applications and unmatchable capabilities, manufacturers tend to experiment with the PMSM.

For example, in January 2024, WEG Industries Pvt. Ltd., a motor manufacturer, introduced a new line of motors called the W23 Sync+. This hybrid motor combines synchronous reluctance (SynRM) and permanent magnet (PM) motor technologies with ferrite or neodymium magnets to provide improved efficiency at all speeds than traditional induction motors. This motor is perfect for applications including compressors, pumps, fans, blowers, conveyors, and more.

Higher EV Adoption and Rapid Technological Advancements to Expand Market Size

Customers' growing awareness of electric and green vehicles is another factor supporting the PMSM market's expansion. Permanent magnet synchronous motors are significantly quieter and more efficient than traditional non-magnetic motors. Market revenue is primarily driven by the automobile industry's research and development around the permanent magnet synchronous motor. Electrical energy is converted into mechanical energy with electric motors. Furthermore, the development of high-energy density rare earth magnets like neodymium-iron-boron (NdFeB) has enabled more compact and efficient PMS motors to be designed. Methods such as additive manufacturing (AM) and selective laser melting (SLM) are developing in such a way that they influence the performance of PMS motors and make possible new designs. Effective cooling systems, particularly those based on liquid for stator cooling purposes, are required to lower temperatures, hence increasing efficiency. The market is anticipated to expand through PMSM’s usage in EVs as upcoming vehicles are applying the technology in their vehicle.

For example, in January 2023, Hyundai Motor India Ltd. introduced the IONIQ 5 at Auto Expo 2023. The powertrain features a permanent magnet synchronous motor with a rear-wheel drive setup, delivering a max power of 217 PS and a max power of 350 nm Omega Seiki also launched its LCV truck, which is equipped with a PMSM motor with a peak power rating of 60 kW and peak torque of 80 nm.

Dominance of Dedicated Permanent Magnet Synchronous Motor

Based on type, interior PMSM holds the major share in the global market and is likely to hold its position during the forecast period. The high-speed application due to embedded magnets and automotive compatibility is expected to fuel the segmented growth. In many applications that require high speeds, such as electric vehicles, industrial automation, and home appliances, IPMSMs are often utilized. IPMSMs refer to permanent magnet synchronous motors that have magnets permanently fixed on the rotor lamination, thus creating substantial and less space occupying roto units. These types of motors have a long-lasting nature and are cheaply priced when compared to other types like induction models. The increasing number of electric vehicles also contributes to the expansion of interior PMSM’s segmental share.

For instance, in February 2024, Attron Automotive Pvt. Ltd. launched its next-generation electric motors and controllers at the Bharat Mobility Expo 2024. The new products are RM14530 electric motor, RM16070 electric motor, RM16045 electric motor series, and the CTR072500 electric motor controller. The strategically placed magnets and patented topology optimize torque delivery to achieve an exceptional peak efficiency of 97%, leading the industry.

Asia-Pacific Dominates the Permanent Magnet Synchronous Motor Market

Asia-Pacific holds a significant market share due to the expanding manufacturing space and rising adoption of electric vehicles. Furthermore, foreign collaboration and new companies entering nations like China and India for enhanced supply chains will likely fuel the regional market. The rising consumer population of India and China makes the region a potential market for residential, industrial, and commercial spaces. The automobile industry and industrial automation in Asia-Pacific benefit greatly from technological motor breakthroughs, such as permanent magnets in brushless DC motors, which present profitable opportunities for both new and established businesses. The 'Make in India' program and other government programs in nations like India promote PMSM adoption and manufacture across various industries, including industrial automation and the automotive sector. The higher innovation and experimentation are adding value to the Asia-Pacific permanent magnet synchronous motor market.

For instance, in October 2022, Centre of Battery Engineering and Electric Vehicles (CBEEV) of the Indian Institute of Technology, Madras (IITM) Research Park launched its high-efficiency permanent magnet synchronous electric motor and controller for e-autos specially designed for Indian temperature conditions and terrains. The 5KW motor was developed and deployed by the industrial partner Alphasine Technologies Pvt. Ltd. The specifications of the 48V electric power train for e-auto of IP67 grade include motor efficiency of 94, controller efficiency of 97, and operating at a maximum operating temperature of 50 degrees Celsius.

Future Market Scenario (2024-2031F)

Rising adoption of EVs along with higher demand for HVAC equipment is likely to fuel market growth.

Higher penetration of industrial automation and robotics is projected to expand the permanent magnet synchronous motor market size.

Technological integrations and the usage of lightweight materials are expected to add value to the PMSM market.

Rapid urbanization, increased disposable income, and expanding manufacturing space in emerging Asian economies are anticipated to fuel market growth.

Key Players Landscape and Outlook

Key participants in the global permanent magnet synchronous motor market include Siemens AG, Yasa Ltd., and Toshiba, etc. Companies search for ways to develop higher quality products with faster production times, needing less maintenance while being more sustainable. Alongside, strategic partnerships, collaboration, acquisitions, and joint ventures are also used as the major elements of the market’s strategic landscape.

In May 2023, Alstom's Chinese joint venture - Alstom NUG Propulsion System Co., Ltd., successfully implemented its latest permanent magnet motor (PMM) and silicon carbide (SIC) propulsion system on a Chengdu Line 7 demonstration train before starting passenger service. A permanent magnet synchronous motor and a complete silicon carbide traction converter were coupled in a revolutionary traction system that was first introduced in China by the demonstration train.