What Are The Current Size, Projections, And Key Drivers For The Global Permanent Magnet Synchronous Motor (PMSM) Market?
The Permanent Magnet Synchronous Motor (PMSM) market has witnessed robust growth in recent years, increasing from $27.01 billion in 2024 to $29.3 billion in 2025 registering a compound annual growth rate (CAGR) of 8.5%. This growth was spurred by several factors including the adoption of electric and hybrid vehicles, advances in industrial automation and robotics, a drive towards energy-efficient green technologies, increased usage in HVAC systems, and advancements in magnet materials. Looking ahead, the PMSM market is projected to grow to $40.4 billion in 2029 at a CAGR of 8.4%. This growth will be underpinned by the expansion of renewable energy applications, burgeoning EV charging infrastructure, development of smart grid and distributed energy systems, increased integration of PMSMs in household appliances, and the rising electrification of transportation. Key emerging trends include advancements in rare earth element recycling for magnets, adoption of silicon carbide (sic) power electronics, the burgeoning of customized pmsm solutions for specific industries, along with the rise of smart motor diagnostics and predictive maintenance.
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What Are The Key Growth Drivers In The Permanent Magnet Synchronous Motor (PMSM) Market?
One of the key growth drivers in the Permanent Magnet Synchronous Motor (PMSM) market is the rising adoption of green vehicles. Known as clean or eco-friendly vehicles, these are road motor vehicles featuring lower negative environmental impacts compared to diesel-powered conventional internal combustion engine vehicles or alternative fuel vehicles. The increasing demand for green vehicles, driven by their zero-emission and fuel economy standards, is tremendously benefiting the PMSM market. For instance, in June 2023, according to a report by the International Council for Clean Transport (ICCT), global EV sales in 2022 reached 10 million, a 54% increase from 2021, with China leading with 6.2 million EVs sold. This rise in green vehicles is set to fuel the growth of the PMSM market further.
What Are The Main Segments Within The Global Permanent Magnet Synchronous Motor (PMSM) Market?
The Permanent Magnet Synchronous Motor (PMSM) market is segmented as follows:
1) By Type: Surface, Interior
2) By Capacity: 375-450 kW, 450-600 kW, Above 600 kW
3) By Voltage Range: Above 60V, 41V60V, 31V40V, 21V30V, 10V20V, 9V and below
4) By Application: Automation, Consumer Electronics, Residential and Commercial, Automotive and Transportation, Lab Equipment, Medical, Military and Aerospace
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Who Are The Major Players In The Permanent Magnet Synchronous Motor (PMSM) Market?
Notable 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., and Yaskawa Electric Corporation.
What Are The Emerging Trends In The Permanent Magnet Synchronous Motor (PMSM) Market?
Technological advancements are shaping the landscape of the Permanent Magnet Synchronous Motor (PMSM) market. The progress in permanent magnet (PM) manufacturing technologies has significantly enhanced the efficiency and output power of PM synchronous machines (PMSMs), leading to the increased use of direct-drive-type high-speed PMSMs over traditional mechanical gear transmission systems across various industrial fields.
Which Region Is Set To Grow The Fastest In The Permanent Magnet Synchronous Motor (PMSM) Market?
Asia-Pacific was the largest and also the fastest-growing region in the permanent magnet synchronous (PMSM) market in 2024. The report also covers other regions including Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Permanent Magnet Synchronous Motor (PMSM) Market Report 2025 Offer?
The Permanent Magnet Synchronous Motor (PMSM) is used for high-efficiency and high-performance motor drives. They use AC synchronous motor technology and generate torque at zero speed. However, they require a digitally controlled inverter for operations. The Permanent Magnet Synchronous Motor (PMSM) Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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