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 2021

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 2020. 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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Permanent Magnet Synchronous Motors Market: Overview

  • A permanent magnet synchronous electric motor is an AC motor. Current flows in a steady state with synchronized shaft rotation.
  • Asia Pacific accounted for the largest market share 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 as a result of high end user adoption of permanent magnet synchronous motors.
  • The U.S. accounted for a major market share in North America. The U.S. is the manufacturing hub in North America. Companies are working on developing high efficiency products to increase their market share.

Permanent Magnet Synchronous Motors Market: Market Trends

  • Rising demand for energy efficient and low power consuming systems across industries has significantly driven the need for invention of novel models. The emergence of synchronous motors was the result of this need.
  • This exponential boost in demand for highly efficient machine control motors is, therefore considered the key factor encouraging the market growth of synchronous motors worldwide
  • In addition, implementation of regulations & standards such as MEPs (Minimum Energy Performance Standards) has also fueled the demand for synchronous motors globally
  • The industry is likely to face a decline in its growth over the next couple of years, owing to disruptions in the global economy caused by the COVID-19 pandemic

Permanent Magnet Synchronous Motors Market: Drivers, Opportunities, and Restraints

  • The electric vehicle market has gained significant momentum across the globe driven mainly by environment concerns. This growing demand for higher operating efficiency in electric vehicles is likely to fuel the need for permanent magnet synchronous motors in the coming years.
  • Permanent magnet synchronous motors are up to 15% more efficient than induction motors and are among the highly power-dense type of traction motors commercially available
  • Despite having a higher bill-of-materials than incumbent traction motor types such as IMs, use of a PMSM has remained substantially more economically attractive from the perspective of an automaker
  • Controlling a permanent magnet synchronous motor remains challenging for end users, as it requires a complicated controlling system. This factor can slowdown the market growth in the coming years.

Permanent Magnet Synchronous Motors Market: Key Segments

  • The global permanent magnet synchronous motors market has been segmented based on capacity, type, control, end use, and region
  • In terms of capacity, the global permanent magnet synchronous motors market has been divided into 375 – 450 kW, 450 – 600 kW, and above 600 kW
  • Based on type, the global permanent magnet synchronous motors market has been classified into surface permanent magnet synchronous motor and interior permanent magnet synchronous motor
  • In terms of control, the global permanent magnet synchronous motors market has been divided into trapezoidal and sinusoidal. Trapezoidal is segregated into open loop and closed loop. Sinusoidal is sub-segmented into scaler and vector.
  • Based on end use, the global permanent magnet synchronous motors market has been classified into electrical & electronics, aerospace, automotive, oil & gas, marine, defense, power, mining, and others
  • Based on region, the global permanent magnet synchronous motors market has been divided into North America (U.S., Canada, and Rest of North America), Europe (U.K., France, Germany, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa), and South America (Brazil and Rest of South America)

Permanent Magnet Synchronous Motors Market: Competition Landscape

  • Competition in the global permanent magnet synchronous motors market is very high. Large number of small- and large-scale players are present in the market. Companies are opting for various strategies to increase their market share, including mergers & acquisitions, and product innovation and development. Asia Pacific is an emerging region, which attracts companies to set up their manufacturing plants in China, India, South Korea, and Japan.
  • Some of the key players operating in this market are
    • 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.
    • Zhejiang Zhongyuan Electric Co., Ltd.

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