Permanent Magnet Synchronous Motor (PMSM) Global Market Report 2024

The Permanent Magnet Synchronous Motor (PMSM) is utilized for high-efficiency and high-performance motor drives. This type of motor is an AC synchronous motor in which the field excitation is provided by permanent magnets, resulting in a sinusoidal back EMF (electromotive force) waveform. PMSM can generate torque even at zero speed, but its operation with permanent magnets requires a digitally controlled inverter.

The main types of Permanent Magnet Synchronous Motors available in the market are surface and interior types. The surface PMSM consists of a brushless DC motor with a surface permanent magnet. Permanent Magnet Synchronous Motors come in various capacities, including 375–450 kW, 450–600 kW, and above 600 kW. They are available in different voltage types, such as above 60V, 41V–60V, 31V–40V, 21V–30V, 10V–20V, and 9V and below. These motors find applications in various industries, including automation, consumer electronics, residential and commercial sectors, automotive and transportation, lab equipment, medical, and military and aerospace.

The permanent magnet synchronous motor (PMSM)s research report is one of a series of new reports that provides permanent magnet synchronous motor (PMSM)s statistics, including global market size, regional shares, competitors with permanent magnet synchronous motor (PMSM)s share, detailed permanent magnet synchronous motor (PMSM)s segments, market trends and opportunities, and any further data you may need to thrive in the permanent magnet synchronous motor (PMSM)s industry. This permanent magnet synchronous motor (PMSM) research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The permanent magnet synchronous motor (pmsm) market size has grown strongly in recent years. It will grow from $25.13 billion in 2023 to $27.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The expansion observed in the historical period can be attributed to several factors, including the adoption of electric vehicles (EVs) and hybrid vehicles, increased usage in industrial automation and robotics, initiatives promoting energy efficiency and green technology, a rise in the application of these motors in HVAC (heating, ventilation, and air conditioning) systems, and advancements in magnet materials.

The permanent magnet synchronous motor (pmsm) market size is expected to see strong growth in the next few years. It will grow to $38.26 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period can be attributed to several factors, including the expansion of renewable energy applications, the growth of electric vehicle (EV) charging infrastructure, the development of smart grids and distributed energy systems, the integration of Permanent Magnet Synchronous Motors (PMSMs) in household appliances, and the electrification of transportation. Major trends expected in the forecast period encompass rare-earth element recycling for magnets, the use of PMSMs with advanced sensor technology, the adoption of silicon carbide (SiC) power electronics, the customization of PMSM solutions for specific industries, and the implementation of smart motor diagnostics and predictive maintenance.

The permanent magnet synchronous motor (PMSM) market is experiencing significant growth, primarily attributed to the rise of green vehicles. Green vehicles, characterized by their reduced environmental impact, are gaining traction due to zero emissions and fuel economy standards. The International Energy Agency (IEA) reported a doubling of electric vehicle sales globally, reaching 6.6 million, with approximately 16.5 million electric vehicles on the roads by the end of 2021. China led the sales with nearly tripled numbers, Europe saw a 65% increase, and the United States witnessed a doubling to 630,000. This surge in demand for green vehicles is anticipated to drive the growth of the permanent magnet synchronous motor (PMSM) market in the foreseeable future.

The permanent magnet synchronous motor (PMSM) market is poised for expansion due to the escalating construction spending. Construction projects, involving infrastructure and facility development, utilize PMSMs in construction equipment for precise speed and torque control. In August 2023, the U.S. Census Bureau reported an estimated seasonally adjusted annual rate for construction expenditure in the U.S. at $1,983.5 billion, reflecting a 0.5% increase from the previous month. This growing investment in construction is a key driver for the permanent magnet synchronous motor market.

A notable trend in the permanent magnet synchronous motor (PMSM) market is technological advancements. Continuous improvements in permanent magnet manufacturing technologies have enhanced the efficiency and output power of PMSMs. The adoption of direct-drive-type high-speed PMSMs, eliminating the need for traditional mechanical gear transmission systems, is becoming prevalent across various industrial applications. Tesla's utilization of PMSR motors and adaptive suspension in its Model S and Model X exemplifies the integration of advanced PMSM technology. Tesla, a U.S.-based company operating in the permanent magnet synchronous motor sector, has been at the forefront of incorporating innovative technologies to improve efficiency and ride quality.

Major companies in the permanent magnet synchronous motor market are introducing new products to meet the rising demand for energy-efficient solutions. IE5+ motors, a classification of high-efficiency permanent magnet synchronous motors, were launched by NORD DRIVESYSTEMS in 2021. These motors are highly efficient, economically suitable for partial load ranges, and particularly advantageous for industries with specific requirements such as intralogistics and hygiene-sensitive sectors like food and pharmaceuticals. These IE5+ motors can seamlessly integrate with all NORD DRIVESYSTEMS gear units and drive electronics.

In December 2022, Cummins, a U.S.-based company specializing in diesel and alternative fuel engines, acquired Siemens e-Drives Business. This strategic move encompassed expertise in electric motors, including direct drive and transmission-based remote mount electric motors, inverters, software, and related services for electric powertrains. Among the acquired products is the single-winding permanent synchronous magnet direct drive motor, tailored for 9-to-12-meter buses. This acquisition positions Cummins to leverage advanced electric propulsion technologies for sustainable transportation solutions.

Major companies operating in the permanent magnet synchronous motor (pmsm) market include Siemens AG, Mitsubishi Electric Corporation, Toshiba Corp., Hitachi Ltd., Asea Brown Boveri Ltd., Robert Bosch GmbH, Meidensha Corporation, Continental AG, Alstom SA, Zhongshan Broad-Ocean Motor Co Ltd., Xizi Forvorda, DRS Technologies Inc., Emerson Electric Co, Johnson Electric Holdings Limited, Nidec Motor Corporation, AMETEK Inc., ARC Systems Inc., Bühler Motor GmbH, Danaher Corporation, Dunkermotoren GmbH, Dr. Fritz Faulhaber GmbH & Co. KG, Fuji Electric Co. Ltd., General Electric Company, Maxon Motor AG, Moog Inc., Oriental Motor Co. Ltd., Parker Hannifin Corporation, Regal Beloit Corporation, Rockwell Automation Inc., Schneider Electric SE, Sumitomo Heavy Industries Ltd., WEG S.A., Yaskawa Electric Corporation

Asia-Pacific was the largest region in the permanent magnet synchronous market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet synchronous motor (PMSM) market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the Permanent Magnet Synchronous Motor (PMSM) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The permanent magnet synchronous motor market consists of sales of rotor, stator, induction motor. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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