Permanent Magnet Synchronous Motors Market 2024 | Entry of Novel Magnetic and Rare Earth Materials to Generate Considerable Demand for PMSM Motors

Electric motors are extensively used to convert electrical energy into mechanical energy. At present, some of the most popular categories of AC motors include synchronous and asynchronous motors. Out of the different types of synchronous motors, permanent magnet synchronous motors have gained considerable popularity and are increasingly being used in an array of end-use industries, including oil & gas, electrical & electronics, automotive, aerospace, defense, mining, and marine. Conventional synchronous machines operate on AC and DC power supply. However, permanent magnet synchronous motors require only AC supply to operate– a major factor that has played an imperative role in increasing demand.

Permanent magnet synchronous motors have advanced at a consistent pace over the past few decades, owing to the advent of rare earth materials and novel magnetic materials. In addition, permanent magnet synchronous motors offer significant benefits in scheming the current generation of motion management systems. Over the past decade, due to mounting concerns pertaining to environmental degradation, players operating in the permanent magnet synchronous motors market are expected to focus on designing and development of energy-efficient permanent magnet synchronous motors that are made from permanent magnet materials that have a high magnetic flux density. At the back of these factors, the global permanent magnet synchronous motors market is expected to attain a market value of ~US$ 7 Bn by the end of 2030.

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Interior Permanent Magnet Synchronous Motors to Lead Global Market

Technological advancements and entry of innovative design concepts have paved the way for different types of permanent magnet synchronous motors, including axial field and radial field permanent magnet synchronous motors. Axial field permanent magnetic motors are primarily used in various applications due to the high power density and swift acceleration. There are several ways in which permanent magnets can be placed on the permanent magnet synchronous motors rotor. Permanent magnet synchronous motors wherein the magnet is placed over the surface of the rotor lamination are popularly known as surface mount permanent magnet synchronous motors and the demand for the same is on the rise, owing to the high air gap flux density.

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Another popular technique of placing permanent magnets within a rotor is by embedding the magnet inside rotor laminations– this arrangement is commonly referred to as interior permanent magnet synchronous motor. Interior permanent magnet synchronous motors are widely used in applications that require high speeds.

Growing Adoption in Automotive Industry to Propel Market

Permanent magnet synchronous motors are increasingly being used in the automotive sector around the world. Permanent magnet synchronous motors have gained considerable popularity due to their low costs, high efficiency, and optimum durability. In addition, these motors can be operated at high speeds and can be controlled electronically. These favorable features of permanent magnet synchronous motors have gradually made these motors an ideal choice for automotive components, thus driving the permanent magnet synchronous motors market. In addition, permanent magnet synchronous motors produce less noise and exhibit higher levels of efficiency in comparison with brushless DC motors– another factor that has contributed to the expansion of the permanent magnet synchronous motors market in recent years. Some of the other advantages of permanent magnet synchronous motors due to which the demand from the automotive industry has increased at an exponential rate include efficient heat dissipation, more reliable than other asynchronous motor alternatives, low rotor inertia, and high torque. These factors are fueling the expansion of the permanent magnet synchronous motors market.

Permanent magnet synchronous motors have emerged as a preferred choice among OEMs that are involved in the development of electric vehicles. Apart from a selected few, OEMs around the world are increasingly using AC motors for the electric vehicle powertrain. The high power density and the growing availability of permanent magnet synchronous motors are the leading factors that are likely to trigger the demand for permanent magnet synchronous motors in the production of electric and hybrid vehicles.

Sluggish Growth Anticipated amid COVID-19 Pandemic, Market Likely to Show Signs of Recovery in 2024

The advent of the novel COVID-19 pandemic has played a critical role in hindering the growth of an array of industrial sectors. Operations across multiple core industries have either come to a halt or are being carried out with a minimum workforce. The dwindling demand for permanent magnet synchronous motors from the different end-use industries is expected to hamper the expansion of the global permanent magnet synchronous motors market in 2024. In addition, as the government authorities around the world continue to contain the transmission of the COVID-19 virus, restrictions on trade and transportation are likely to put forward several hurdles across the supply chain due to which, the demand for permanent magnet synchronous motors is likely to take a dip amid the COVID-19 event.

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