Global Permanent Magnet Motor Market to Reach $39.1 Billion by 2026

Demand for permanent magnets has increased in recent years especially for small motors as magnets help in generating equal torque and power despite smaller size of the motor. Using permanent magnets also leads to more efficiency than synchronous or induction motors. In PM motors, the rotor is usually located inside. However, sometimes the rotor can be external as well. Structurally, permanent magnet motors can be classified into types: surface and interior. Each type can be further categorized into sub-categories. The magnets of a surface permanent magnet motor can be positioned on or embedded into the rotor surface. On the other hand, the magnets of interior permanent magnet (IPM) motors can be embedded as a big cluster or spaced out as the magnets reach nearer to the core. The magnets can also be set in a spoke pattern in IPMs. Permanent magnet motors can be used with all kinds of controllers which makes it ideal for both the DC and AC small motors. Although the DC and AC permanent magnet motors function primarily in the same way, different techniques are used to produce and control magnetic fields. Brushless DC motors are generally used in appliances and other low power activities. Nonetheless, they are slowly gaining traction in process automation as well. Non-removable control systems of BLDC motors create a limitation in using them.

Amid the COVID-19 crisis, the global market for Permanent Magnet Motor estimated at US$26.2 Billion in the year 2020, is projected to reach a revised size of US$39.1 Billion by 2026, growing at a CAGR of 7.1% over the analysis period. Alternate Current Motor, one of the segments analyzed in the report, is projected to record a 8% CAGR and reach US$19.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Direct Current Motor segment is readjusted to a revised 6.7% CAGR for the next 7-year period.

The U.S. Market is Estimated at $4.7 Billion in 2021, While China is Forecast to Reach $9.9 Billion by 2026

The Permanent Magnet Motor market in the U.S. is estimated at US$4.7 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$9.9 Billion by the year 2026 trailing a CAGR of 8.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.7% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.3% CAGR. Rapid industrialization represents the most important growth driver for PM motor market. Rising demand for industrial robots as well the wider inclination towards automation substantially boost the prospects for permanent magnet motor market as automation accounts for 30% of total market. On the other hand, uncertainty in supply of rare earth elements (RREs) used in making permanent magnet is a major bottleneck for the market.

Brushless DC Segment to Reach $8.2 Billion by 2026

A brushless DC electric motor, or electronically commutated motor (ECM), are synchronous motors backed by direct current electricity through an inverter or switching power supply, which generates power as alternating current to let each motor phase through a closed-loop controller. The controller gives current pulses to the motor windings while maintaining the motor`s torque and speed, replacing the commutator in several conventional electric motors. The Brushless motor system and PMSM (permanent magnet synchronous motor) share the same design. However, BLDC can also be an induction motor of a switched reluctance motor. BLDC uses neodymium magnets and is outrunners, inrunners, or axial. In the global Brushless DC segment, USA, Canada, Japan, China and Europe will drive the 5.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.2 Billion in the year 2020 will reach a projected size of US$6.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$852 Million by the year 2026, while Latin America will expand at a 6.5% CAGR through the analysis period.