Permanent Magnet Synchronous Motors Market: Industry Outlook, Growth Prospects and Key Opportunities 2020 - 2030

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Transparency Market Research delivers key insights on the global permanent magnet synchronous motors market. In terms of revenue, the global permanent magnet synchronous motors market is estimated to expand at a CAGR of ~5% during the forecast period from 2020 to 2030, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global permanent magnet synchronous motors market report.

In the report, TMR predicts that the global permanent magnet synchronous motors market would be largely driven by factors such as rising demand for high-efficiency motors. Innovation in technology and design of permanent magnet synchronous motors is expected to boost the demand in the coming years. 

According to the permanent magnet synchronous motors market report, the capacity segment includes 375 – 450 kW, 450 – 600 kW, and above 600 kW. On a global scale, the motor above 650 kW is the largest segment in terms of value. However, in terms of volume, the 375 – 450 kW segment accounted for major share as the cost of 375 – 450 kW permanent magnet synchronous motors is much lower than a motor with capacity 650 and above.

In terms of type, the interior segment accounted for major market share and is expected to maintain its dominance in the coming years. Interior permanent magnet synchronous motor (IPMSM) uses “maximum torque per ampere” (MTA) and “maximum torque per volt” (MTV) optimal control strategies and are preferred in different end-use industries.

Based on control, the market has been bifurcated into trapezoidal and sinusoidal. Scaler control sinusoidal permanent magnet synchronous motors have high demand in the global market. The vector control of PMSM allows separate closed loop control of both the flux and torque.

In terms of end use, the market has been divided into electrical & electronics, aerospace, automotive, oil & gas, marine, defense, power, mining, and others. High capacity permanent magnet synchronous motors have prominent demand in automotive, aerospace, and oil & gas industries. Companies are working on motors and generators with high efficiency features that can provide significant savings in power and operating expenses, and help end users to reduce carbon dioxide emissions.

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Permanent magnet synchronous motors offer a relatively higher power density for their sizes over induction motors. This impact of PMSMs is majorly attributed to the rotor flux, which is already established in the motor due to the presence of the permanent magnet. In case of induction motors, the stator current is required in order to induce rotor current, which in response causes heat amid the induction motor.

The PMSM is also relatively more compact, which is majorly due to its low power density. This compactness of the PMSM results in its development with low rotor inertia, which has the potential to provide faster response. The ability of PMSMs to operate at high efficiency with relatively lower speeds optimally fits into the several regulatory guidance and thus is used across a wide spectrum of industries.

Permanent Magnet Synchronous Motors Market: Prominent Regions

Asia Pacific was the fastest growing market in 2019. A growing industrial sector coupled with easy government rules and regulations for establishment of small & medium manufacturing units is expected to boost the market growth. North America is the second largest market for permanent magnet synchronous motors as a result of high end user adoption of PMSMs.

Permanent Magnet Synchronous Motors Market: Key Players

Key players operating in the global permanent magnet synchronous motors market include ABB Ltd., Alstom, ATE antriebstechnik undentwicklungs GmbH & Co. KG, General Electric, Hansen Corporation, Hitachi, Ltd, MEIDENSHA CORPORATION, Nidec Corporation, OEMER MOTORI ELETTRICI S.P.A., Rolls Royce plc, Siemens AG, Toshiba International Corporation, WEG S.A., YASA Limited, YASKAWA Electric Corp. and Zhejiang Zhongyuan Electric Co., Ltd. Companies are extensively focusing on introducing innovative products in order to gain market share. The trend of low-cost product launch is prevalent in the Asia Pacific region. 

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