Permanent Magnet Synchronous Motor Market Size

The global permanent magnet synchronous motor market size was valued at $38.45 billion in 2024 and is projected to reach $72.70 billion by 2030, growing at a CAGR of 11.2% during the forecast period.

Permanent Magnet Synchronous Market Overview 

A Permanent Magnet Synchronous Motor (PMSM) is a type of electric motor that operates on the principle of synchronous rotation, where the rotor rotates at the same speed as the rotating magnetic field produced by the stator's windings. The key feature that sets PMSMs apart from other electric motors is the use of permanent magnets on the rotor, which generates a constant magnetic field without the need for an external power source. PMSMs offer precise speed control and can maintain a constant speed even under varying loads. This feature makes them suitable for applications where accurate and consistent speed is essential.

Permanent Magnet Synchronous Market Dynamics

• The permanent magnet synchronous motor market is expected to witness significant growth in the future due to the emergence of robotics technology, growing acceptance of 5G technology, and the increasing use of IoT.

• Additionally, the increasing demand for higher operating efficiency motors and rising awareness towards the use of green vehicles are the prominent factors driving the growth of the Permanent Magnet Synchronous Motor market demand.

• However, the high cost of permanent magnet synchronous motors and the complexities in the process of production are restraining the market growth.

• On the contrary, increasing emphasis on the maintenance and use of standard motors and rapid expansions in the automotive sector is creating opportunities for market growth.

Impact of COVID-19 on Permanent Magnet Synchronous Motor Market

The pandemic led to fluctuations in demand for PMSMs. While some industries faced a downturn due to lockdowns and reduced manufacturing activities, others experienced increased demand in sectors like healthcare and data centers. The pandemic brought changes in end-user applications. For example, there was an increased demand for PMSMs in medical equipment, including ventilators and diagnostic devices, as well as data centers to support the surge in remote working and online activities. Despite short-term challenges, the PMSM market is expected to continue growing in the long term, driven by the increasing adoption of electric vehicles, industrial automation, and the push for energy-efficient solutions in various sectors.

By End User, the Automation Segment is projected to be the Largest Segment in the Permanent Magnet Synchronous Motor Market

The automation segment is projected to be the largest segment in the Permanent Magnet Synchronous Motor market during the forecast period owing to the increasing transition to electric and hybrid vehicles. Major automotive manufacturers have made commitments to transition to electric vehicles, further boosting the demand for PMSMs in the industry. The demand for PMSMs in the automotive sector is expected to continue to rise as the automotive industry continues to shift towards electrification and as technology advancements further improve the performance and cost-effectiveness of electric and hybrid vehicles.

By Geography, Asia Pacific Region Holds the Dominant Position in the Market Revenue

Asia Pacific region holds the dominant position in the market revenue due to the favorable government policies, incentives, and subsidies to promote electric vehicle adoption across the region. The Asia Pacific region is a major hub for industrial manufacturing and automation. PMSMs are used in various industrial applications, including robotics, conveyor systems, and automated machinery, which has contributed to the demand for these motors. Many countries in the region have introduced energy efficiency regulations that encourage the use of energy-efficient technologies like PMSMs in various applications, including HVAC systems and industrial equipment. Ongoing infrastructure development projects, including construction and transportation initiatives, drive the demand for PMSMs in various building automation and transportation systems.

Key Target Audience:

• Data Centers

• Consultants and Service Providers

• Government and Regulatory Bodies

• Agricultural Equipment Manufacturers

• Renewable Energy Companies

• Manufacturers and Suppliers

• Educational and Research Institutions

List of the Key Players Profiled in the Report Includes:

• Hitachi Ltd

• Emerson Electric Corp

• DRS Technologies Inc

• Baldor Electric Company, Inc

• ABB Group

• Toshiba Corporation

• General Electric Company

• Siemens AG

• Johnson Electric

• Mitsubishi Electric Corporation

• Rockwell Automation, Inc

• Bosch

• Leonardo DRS

• Nidec Motor Corporation

Recent Developments:

• In September 2023, ABB has expanded its award-winning IE5 SynRM (synchronous reluctance motor) series by introducing the IE5 SynRM Increased Safety motor. This groundbreaking development caters to customers operating in hazardous industries, providing an opportunity to enhance safety and energy efficiency. These motors can deliver up to a remarkable 40 percent reduction in energy losses compared to commonly used IE3 motors. The latest iteration of the IE5 SynRM motor is designed for applications in potentially explosive environments, offering precise control and high efficiency across the entire speed range, even under partial loads.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Type:

• Interior Permanent Magnet Synchronous Motor

• Surface Permanent Magnet Synchronous Motor

Market by, Control:

• Sinusoidal

• Trapezoidal

Market by, Voltage Range:

• 9V and Below

• 10V-20V

• 21V-30V

• 31V-40V

• 41V-60V

• Above 60V

Market by, End User:

• Automation

• Consumer Electronics

• Automotive & Transportation

• Lab Equipment

• Medical & Healthcare

• Military/Aerospace

• Other End Users

Market by, Geography:

The permanent magnet synchronous motor report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

What can be explored with this research report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.

• Identify growth opportunities.

• Porter's five force analysis.

• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.

• Historical and forecast size of the market in terms of revenue (USD Million).

• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.