Permanent Magnet Industrial Motors Market Size Worth $5.25 Billion By 2030: IndustryARC
Research Reports
Oct 09, 2023
Permanent Magnet Industrial Motors Market size is predicted to reach $5.25 billion by 2030, growing at a CAGR of 4.51% during the forecast period 2023-2030 Permanent Magnet Industrial Motors are very efficient and provide high power or torque densities, all of which are necessary for the industrial applications that could propel the Permanent Magnet Industrial Motors Market during the forecast period, finds IndustryARC in its recent report, titled “Permanent Magnet Industrial Motors Market Size, Share & Trends Analysis Report By Product Type (Permanent Magnet Synchronous Motor (PMSM), Interior Permanent Magnet (IPM) Motor, Surface Permanent Magnet (SPM) Motor, Flux Switching Motor (FSM), Permanent Magnet DC Motor (PMDC), Permanent Magnet Brushless DC Motor), By Phase (Single Phase, Three Phase), By Power Rating (Below 0.5W, 0.5W-1W, 1W to 100W, 100W to 1KW, 1KW to 10KW, 10KW and Above), By Voltage (Low Voltage, Medium Voltage, High Voltage), By Magnet Type (Neodymium Iron Boron (NdFeB) Magnets, Samarium Cobalt (SmCo) Magnets, Ferrite (Ceramic) Magnets, Alnico Magnets, Others), By Efficiency (IE1, IE2, IE3, IE4), By Application (Oil and Gas, Aerospace, Automotive, HVAC, Paper & Pulp, Food & Beverage, Textile, Transportation, Power Generation, Agriculture, Chemicals, Industrial Machinery, Plastics & Packaging, Industrial Automation, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030.”
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Middle East & Africa to Register Highest Growth:
During the forecast period of 2023-2030, the Middle East & Africa region is expected to exhibit the highest compound annual growth rate (CAGR) of 7.77% in the global Permanent Magnet Industrial Motors Market. Iran and Saudi Arabia are the region’s two largest vehicle markets, and how well they perform will have a significant impact on demand generally. The importance of the country is evidenced by the fact that Iran sold one out of every two vehicles sold in the area in recent years. These factors are driving the demand for Permanent Magnet Industrial Motors and contributing to the growth of the Permanent Magnet Industrial Motors Market share in the Middle East & Africa region.
Permanent Magnet Industrial Motors Market 2023-2030: Scope of the Report
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Report Metric |
Details |
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Base Year Considered |
2022 |
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Forecast Period |
2023–2030 |
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CAGR |
4.51% |
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Market Size in 2030 |
$5.25 billion |
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Segments Covered |
Product Type, Phase, Power Rating, Voltage, Magnet Type, Efficiency, Application and Region |
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Geographies Covered |
North America (U.S., Canada and Others), Europe (Germany, France, UK, Italy, Spain, Netherlands, Belgium, Russia, Poland, Czechia, Sweden and Rest of Europe), Asia-Pacific, South America and Rest of the World (Middle East & Africa). |
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Key Market Players |
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Permanent Magnet Industrial Motors Market Report – Key Takeaways:
- The Industrial Automation Sector is the Market’s Fastest-Growing Segment.
According to the Permanent Magnet Industrial Motors Market forecast, the Industrial Automation sector is estimated to register the fastest growth during the forecast period. The need for industrial automation has grown dramatically over time as companies from a variety of industries try to maximize output, reduce the cost of manual labor, and boost operational effectiveness.
EAGLE TECHNOLOGIES 2022, predicts that industrial automation will enhance productivity on a yearly basis by between 0.8% and 1.4%. The ability of consumers to spend more money across the economy is increased as a result of the manufacturing facilities’ increased automation.
- The Growing Shift Towards Smart Motors is a Key Driver Enhancing the Growth of the Market
Industrial motor business has increased significantly in recent years. The design and application of conventional motors have undergone significant modification as smart technology becomes more prevalent. Thus, the factor is promoting market expansion. Industrial motors are becoming smarter and more adaptable due to computer technology as a result of ongoing technological breakthroughs. Smart machinery is replacing traditional machinery as a result of the industrial Internet of Things (IIoT), which provides a higher return on investment than conventional motors. This feature promotes the adoption of intelligent motors.
Manufacturers are now able to develop smart motors with lower energy consumption, more efficiency, and lower costs due to advancements in technology. Smart motor manufacturers claim that energy use can be cut by 40%. This factor is leading to an increase in the demand for industrial motors.
- Growing Demand for Industrial Motors in the Automotive and Oil and Gas Industries will Positively Impact the Market Growth
Increasing demand for industrial motors in the Automotive and Oil and Gas industries will positively impact market growth. In the oil & gas industry, industrial motors are used for a wide range of applications such as in offshore cranes, Compressors, Gas pumps, Winches, and many others, thus raising their adaptability. Additionally, industrial motors play a vital role in drilling and bringing oil and natural gas resources to the surface and other applications in the upstream part of this industry. Furthermore, rising investments for the expansion of oil and gas production across the world owing to the rising energy demands also trigger the growth of the market.
In December 2021, the Government of India planned to invest $2.86 billion in upstream oil and gas production to double natural gas production to 60 cm and drill more than 120 exploration wells by the end of 2022. These major investments tend to bring significant growth in the demand for industrial motors for the Upstream Oil and Gas industry, further driving its market growth during the forecast period.
- High Cost of Raw Materials to Manufacture Industrial Motors Can Hamper the Market Growth
High cost of raw materials to manufacture industrial motors can act as a major challenge restraining the growth of the Industrial Motor Market. The cost of raw materials such as metals which includes steel, aluminum, and insulation materials are quite expensive. Steel prices have become highly volatile in global markets. Consequently, input costs for many steel-consuming industries have fluctuated dramatically. Steel is the predominantly used raw material in the industrial motors market, and price fluctuations for steel will have an adverse impact.
Raw material price volatility also has an impact on suppliers’ and end-user industries’ estimates and projections, which disturbs their growth strategy. Consequently, changes in the price of raw materials—particularly steel and aluminum—could impede the expansion of the worldwide industrial motors market. These challenges are set to hinder the Permanent Magnet Industrial Motors market growth in the future.
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Key Opportunity Analysis:
Increasing Adoption of Cost-Effective Ferrite Permanent Magnet
Permanent magnets made of rare earth are frequently utilized in Permanent Magnet Industrial Motors but are pricey. This is because costly neodymium is used. that ferrite magnets are used to make Permanent Magnet Industrial Motors at a low cost. These ferrite permanent magnets are not only inexpensive but also readily accessible in China and have negligible current losses in low-frequency applications like motor drives. However, is more likely to have a rare earth power motor density of between 30 and 50%. Since rare earth metals are so expensive, many businesses are looking for ways to employ ferrite instead. This element will probably accelerate the market’s expansion.
Permanent Magnet Industrial Motor Demand is Increasing in the Energy Sector
Permanent magnet industrial motor utilization is developing along with the deployment of wind turbines as a result of the growing need for alternative energy sources. Permanent Magnet Industrial Motors are used more frequently in wind turbine generators because of their efficiency in converting mechanical energy to electrical energy.
Additionally, the start of several research and development (R&D) projects for improvements in wind energy is expanding the use of permanent magnet industrial motors, supporting the market’s expansion.
Innovations in the Permanent Magnet Industrial Motors
Market expansion is anticipated to be aided by the creation of novel Permanent Magnet Industrial Motors that maintain a consistent speed while preventing slippage. The market is expected to increase as a result of the cost-effectiveness, simplicity of installation, fuel efficiency, and low density offered by such motors.
Additionally, a number of major companies are working to create motors that only use permanent magnets to produce magnetic force for rotors and generators. As a result, it is anticipated that their explosive demand will support the expansion of the permanent magnet industrial motor market throughout the forecast period.
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The Report also Covers the Following Areas:
- Permanent Magnet Industrial Motors Market Size and Forecast
- Permanent Magnet Industrial Motors Market Trends
- Permanent Magnet Industrial Motors Market Analysis by Deployment Type
Permanent Magnet Industrial Motors Market2023-2030: Key Highlights
- CAGR of the market during the forecast period 2023-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Permanent Magnet Industrial Motors Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Permanent Magnet Industrial Motors Market
Covid and Ukrainian Crisis Impact:
- The COVID-19 epidemic, which had an impact on numerous industries, forced the suspension of almost all industrial activities globally. Because the raw materials were and are currently imported from China, American tariffs had an impact on the sourcing. Additionally, the pandemic spread of COVID-19 badly hurt the market for PMMs, which have large uses in industries (such the manufacturing sector) and sees strong acceptance on the industrial front. However, currently the end-user industries are boosting the exceptional growth for the PMM market.
- Electric motors, particularly permanent magnet industrial motors, are frequently used to power machinery and equipment in the thriving industrial sectors of Russia and Ukraine. Russia is famous for having a robust industrial base that includes companies in the mining, metallurgy, oil and gas, and manufacturing sectors. Permanent magnet industrial motor utilization has increased as a result of the country’s vigorous efforts to upgrade its industries in order to boost energy efficiency and decrease environmental effects. Global manufacturers are collaborating to predict how the conflict would impact the entire supply chain. Rare-earth metals like neodymium, praseodymium, and dysprosium are frequently utilized as permanent magnets to create light, compact, and incredibly efficient traction motors. However, their supply.
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List of Key Market Players in Permanent Magnet Industrial Motors Market:
The key companies profiled in the Permanent Magnet Industrial Motors Market Report are listed below:
- ABB Ltd.
- Siemens AG
- Schneider Electric SE
- General Electric Company (Woolong)
- WEG S.A.
- Nidec Corporation
- Toshiba Corporation.
- Regal Beloit Corporation
- Rockwell Automation, Inc.
- TECO Electric
- Ametek
- Johnson Electric
- Franklin Electric
- Allied Motor
- Faulhaber
Related Reports:
India Industrial Motor Market – The India Industrial Motor Market size is projected to grow at a CAGR of 4.24% from 2022 to 2027, The market expansion for industrial motors in the Indian industry is often driven by increased research and technological development to produce sophisticated motors.
Servo Motors and Drives Market – Servo motors and drives are used for automation in industrial processes has resulted in high throughput, less cost, low errors and less man-power requirement. Globally, development of efficient and advance automation technology, rise in adoption of energy-efficient international
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Mr. Venkat Reddy IndustryARC Email: sales@industryarc.com USA: (+1) 518-282-4727
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