Permanent magnet motor market is anticipated to grow at a CAGR of 9.4% during the forecast period (2024-2031). The market’s growth is attributed to the growing demand for imperative for energy efficiency across the globe. The development of medium-range Permanent Magnet Pumps complies with the global push for energy efficiency. The capacity to operate at NEMA Ultra-Premium Efficiency levels demonstrates a dedication to decreased energy usage, which is essential in modern sustainability-focused the globe. For instance, in February 2022, Armstrong Launched a Medium Range Line of Permanent Magnet Pumps. The pumps feature motors ranging from 15 to 50 hp, offering 20% lower operating costs and operating at NEMA Ultra-Premium Efficiency levels.
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The global permanent magnet motor market is segmented on the motor type, magnetic material type, and end-user. Based on the motor type, the market is sub-segmented into direct current (DC) motor, and alternating current (AC) motor. Based on the magnetic material type, the market is sub-segmented into ferrite (ceramic) magnets, neodymium iron boron (NdFeB or NIB), samarium cobalt (smco), and others. Furthermore, based on end-users, the market is sub-segmented into automotive, general industrial, renewable energy (wind power), water and wastewater management, mining, oil, and gas, aerospace and defense, and others. The neodymium iron boron subcategory is expected to capture a significant portion of the market share within the magnetic material type segment. The growth can be attributed to the neodymium is a mineral element essential in the manufacturing process of permanent magnet motors, and its extraction is highly expensive, potentially slowing the expansion of the permanent magnet motor market.
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- Market Coverage
- Market number available for – 2024-2030
- Base year- 2023
- Forecast period- 2024-2030
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Permanent Magnet Motor Market Report Segment
By Motor Type
- Direct Current (DC) Motor
- Alternating Current (AC) Motor
By Magnetic Material Type
- Ferrite (Ceramic) Magnets
- Neodymium Iron Boron (NdFeB or NIB)
- Samarium Cobalt (SmCo)
- Others ( Alnico (Aluminum, Nickel, Cobalt, and Iron), and Bonded Magnets)
By End-user
- Automotive
- General Industrial
- Renewable Energy (Wind Power)
- Water and Wastewater Management
- Mining, Oil, and Gas
- Aerospace and Defense
- Others (Medical Devices, Telecommunications, and Consumer Electronics)
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
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global permanent magnet motor market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.
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