The global permanent magnet motor market is projected to reach USD 64.6 billion by 2026 from an estimated value of USD 41.2 billion in 2021, at a CAGR of 9.4% during the forecast period. Increasing demand for energy-efficient motors and growing implementation of permanent magnet motor in industries such as automotive are the key factors driving the permanent magnet motor market. The high initial cost of permanent magnet motor can restraint the growth of the permanent magnet motor market. However, growing robotics technology offers promising business opportunities in the permanent magnet motor market.
The major players in Permanent Magnet Motor market, such as ABB (Switzerland), Siemens (Germany), Wolong (China), WEG (Brazil) and Nidec (Japan), have comparable strengths in terms of customer base, diversified product portfolios, technological capabilities, and regional presence, and they cumulatively hold a major portion of the total market share.
These players major strategies include contracts & agreements, product launches, investments & expansions, and mergers & acquisitions. Product launches is the most commonly adopted strategy from January 2017 to March 2021.
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ABB is a Sweden based company which mainly operates in Electrification, Industrial Automation, Motion, & Robotics and Discrete Automation. Company offers a wide range of products and services and systems to various end use industries such as utilities, Infrastructure, and transportation. It provides the electrical motors through its Motion division which generated around 39% of the total company’s revenue in 2020. ABBs Motion business provides customers with different ranges of electrical motors, generators, drives, and services. They also provide powertrain solutions and transmission products. Through its different Motion business solutions company provides wide range of automation applications in transportation, discrete and process industries and infrastructure. The division provides a large range of motors, from general purpose to highly customized designs, large AC Synchronous Motors and high voltage induction motors to support high efficiency, reliability and availability across all major industries and applications. ABB is extensively focusing on its growth strategy by making massive strategic partnerships and acquisitions resulting in holding a strong market position. Company is looking to optimize energy efficiency, improve safety and reliability and achieve precise control through high investment in R&D of the efficient solution for PM Motors.
Siemens Limited is a technology-based company engaged in manufacturing of Generators, electric motors, transformers and electricity distribution, and control apparatus. Company also manufactures general purpose machinery, and electrical signaling, safety or traffic control equipment. Company operates in multiple segments such as: Digital Industries, Smart Infrastructure, Mobility, Siemens Healthiness and others. Digital industry segment offers a detailed product portfolio and system solutions for automation used in discrete and process industries which includes motors, drives and inverters and integrated automation systems for machine tools and production machines. The company has focused more on contracts & agreements as a growth strategy. It has signed some of the contracts with companies who are into EV manufacturing in many countries and is planning to increase its market share in different regions. The company intends to strengthen its portfolio through investments in new growth fields like IoT integration services. As a part of this strategy, Siemens recently acquired Mendix to expand its market leadership in Industry 4.0.
Permanent Magnet Motor Market by Type (PMAC, PMDC, and Brushless DC), Power Rating (Up to 25 kW, 25–100 kW, 100–300 kW, and 300 kW & Above), End-User (Industrial, Commercial & Residential), and Region - Global Forecast to 2026
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