Permanent Magnet Synchronous Motors Market
The market for Permanent Magnet Synchronous Motors was estimated at $7.3 billion in 2024; it is anticipated to increase to $10.7 billion by 2030, with projections indicating growth to around $14.7 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Permanent Magnet Synchronous Motors Market Outlook
Revenue, 2024
$7.3B
Forecast, 2034
$13.8B
CAGR, 2025 - 2034
6.5%
The Permanent Magnet Synchronous Motors industry revenue is expected to be around $7.8 billion in 2025 and expected to showcase growth with 6.5% CAGR between 2025 and 2034. The Permanent magnet synchronous motors market demonstrates strong growth because of multiple essential factors. The market expansion is primarily driven by rising energy efficiency requirements across different industries and the transition to renewable energy systems and the increasing popularity of electric vehicles. The industrial automation sector highly values PMSM because it delivers exceptional efficiency and reliability together with superior performance characteristics which makes it highly relevant to today's market.
The AC motor known as pmsm permanent magnet synchronous motor uses permanent magnets to produce magnetic fields which enable precise rotational motion. The motors find widespread use in various applications because they offer high power density together with excellent efficiency and low maintenance requirements. The motors serve various industries including automotive motors and aerospace and industrial machinery and other sectors. The current digitalization movement and Industry 4.
Market Key Insights
- The Permanent Magnet Synchronous Motors market is projected to grow from $7.3 billion in 2024 to $13.8 billion in 2034. This represents a CAGR of 6.5%, reflecting rising demand across Electric Vehicles, Renewable Energy Systems and Industrial Automation.
- ABB Ltd, Siemens AG, General Electric Company are among the leading players in this market, shaping its competitive landscape.
- U.S. and China are the top markets within the Permanent Magnet Synchronous Motors market and are expected to observe the growth CAGR of 4.2% to 6.2% between 2024 and 2030.
- Emerging markets including Brazil, Indonesia and South Africa are expected to observe highest growth with CAGR ranging between 7.5% to 9.0%.
- Transition like Electrification of Vehicles has greater influence in U.S. and China market's value chain; and is expected to add $393 million of additional value to Permanent Magnet Synchronous Motors industry revenue by 2030.
- The Permanent Magnet Synchronous Motors market is set to add $6.4 billion between 2024 and 2034, with manufacturer targeting Industrial Automation & Consumer Electronics Applications projected to gain a larger market share.
- With Increased demand in renewable energy sector, and Advancements in electric vehicle technology, Permanent Magnet Synchronous Motors market to expand 88% between 2024 and 2034.
Opportunities in the Permanent Magnet Synchronous Motors
The worldwide transition to electric vehicles creates a major opportunity for PMSM. EVs utilize PMSM motors because they deliver high power density and efficiency. The growing EV market also drives up the need for PMSM products. The increasing demand for EVs creates a major business opportunity for manufacturers who deliver high-quality reliable motors.
Growth Opportunities in North America and Asia-Pacific
The North American market for Permanent magnet synchronous motors is driven by the regions robust industrial sector, particularly in industries such as automotive, manufacturing, and energy. The United States, being the largest market in this region, is witnessing a surge in the adoption of Permanent magnet synchronous motors due to the ongoing trend of automation and digitization in the industrial sector. Additionally, the presence of leading Permanent magnet synchronous motors manufacturers intensifies the competition in this region. However, this also opens up opportunities for innovation and product development, further propelling the market growth. The demand for energy-efficient motors to reduce carbon emissions is another significant driver in this region.
The Asia-Pacific region which includes China and India leads the Permanent magnet synchronous motors market through its rapid expansion. The main factor behind this growth stems from the fast-paced industrial development and urban transformation across these countries. The manufacturing industry expansion throughout the region together with energy efficiency initiatives drives up the demand for Permanent magnet synchronous motors. The market expansion benefits from government programs that encourage electric vehicle adoption because these motors serve as essential components in EVs. The market faces intense competition because it contains multiple domestic and international businesses operating within this region. The unexploited market potential in developing economies creates multiple opportunities for market growth.
Market Dynamics and Supply Chain
01
Driver: Increased Demand in Renewable Energy Sector, and Industrial Automation and Robotics
The renewable energy sector along with wind power generation has also experienced rising demand for Permanent magnet synchronous motors. Wind turbines rely on these motors to transform wind power into electricity through efficient and reliable operations. The worldwide initiative for sustainable energy will also continue to boost the expansion of Permanent magnet synchronous motors in this sector. Industrial automation and robotics are also increasingly relying on Permanent magnet synchronous motors for their high precision and control. These motors offer superior speed-torque characteristics and dynamic response, making them ideal for automated machinery and robotics. The growing trend of automation in various industries, including manufacturing, healthcare, and logistics, is also expected to fuel the demand for Permanent magnet synchronous motors.
The fast development of electric vehicle technology has also created rising market demand for Permanent magnet synchronous motors. Electric vehicles use these motors because they provide high power density and compact size and superior efficiency which leads to better electric vehicle performance. The worldwide transition to electric mobility will also drive up demand for Permanent magnet synchronous motors.
02
Restraint: High Initial Investment
The production of Permanent magnet synchronous motors demands a major initial financial outlay. The design complexity together with the expensive nature of rare-earth magnets which form the base of PMSMs leads to this situation. The expensive nature of these motors restricts their accessibility to smaller businesses and developing economies which limits market expansion.
03
Opportunity: Technological Innovations in Energy Efficiency and Strategic Collaborations for Customized Solutions
The market demand for energy-efficient solutions continues to rise and Permanent magnet synchronous motors lead this trend. The superior efficiency of these motors surpasses traditional induction motors which makes them suitable for applications requiring energy conservation. The growth of this segment will be driven by technological advancements in PMSM including better magnet materials and optimized motor designs.
The rising need for customized motor solutions creates a new market opportunity for PMSM. Through strategic partnerships with application-specific industries manufacturers can create motors that exactly match the distinct needs of each application. The development of application-specific motors through these partnerships leads to improved customer satisfaction while creating new growth opportunities for the PMSM market.
04
Challenge: Technical Challenges
The operation of Permanent magnet synchronous motors involves technical complexities such as precise control of the motor speed and torque, and efficient cooling of the motor. These technical challenges often require skilled personnel for operation and maintenance, adding to the operational cost. This can deter potential customers, especially in regions where skilled labor is scarce or expensive, thus impeding the market expansion.
Supply Chain Landscape
1
Raw Material Suppliers
Hitachi Metals Ltd.Arnold Magnetic Technologies
2
Component Manufacturers
Toshiba CorporationSiemens AG
3
Assembly & Testing
ABB Ltd.Nidec Corporation
4
End Users
AutomotiveIndustrial AutomationRenewable Energy
1
Raw Material Suppliers
Hitachi Metals Ltd.Arnold Magnetic Technologies
2
Component Manufacturers
Toshiba CorporationSiemens AG
3
Assembly & Testing
ABB Ltd.Nidec Corporation
4
End Users
AutomotiveIndustrial AutomationRenewable Energy
Use Cases of Permanent Magnet Synchronous Motors in Electric Vehicles & Renewable Energy Systems
Electric Vehicles : Permanent magnet synchronous motors are extensively used in electric vehicles due to their high efficiency and power density. These motors, specifically the interior PMSMs, are preferred for their robustness and ability to operate at high speeds. Tesla, a leading player in the electric vehicle market, utilizes these motors to deliver superior performance and extended driving range.
Industrial Automation : In the realm of industrial automation, PMSMs are highly valued for their precise speed control and energy-saving capabilities. High-torque PMSMs are commonly used in robotics and automated machinery, contributing to increased productivity and operational efficiency. Siemens, a global industrial automation leader, heavily relies on PMSMs in their advanced automation solutions.
Renewable Energy Systems : PMSMs play a critical role in renewable energy systems, particularly in wind turbines. The direct-drive PMSMs are mostly used due to their high torque and low-speed characteristics, making them ideal for harnessing wind energy. Vestas, a top player in the wind energy sector, utilizes PMSMs to enhance the efficiency and reliability of their wind turbines.
Recent Developments
The market for Permanent magnet synchronous motors has witnessed significant advancements in recent years, driven by the growing demand for energy-efficient solutions in various industries. These motors, characterized by their high efficiency and power factor, are increasingly being adopted in applications such as electric vehicles, industrial automation, and renewable energy systems. A key market trend that has emerged is the rising integration of PMSMs in electric vehicles .
December 2024 : Siemens AG launched a new range of energy-efficient Permanent magnet synchronous motors, enhancing its portfolio and strengthening its position in the market
October 2024 : ABB Ltd. introduced advanced Permanent magnet synchronous motors with improved torque density, aiming to cater to the growing demand in the industrial sector
August 2024 : General Electric announced a strategic partnership with Schneider Electric to develop smart Permanent magnet synchronous motors for industrial automation.
Impact of Industry Transitions on the Permanent Magnet Synchronous Motors Market
As a core segment of the Pumps, Motors & Valves industry,
the Permanent Magnet Synchronous Motors market develops in line with broader industry shifts.
Over recent years, transitions such as Electrification of Vehicles and Rise of Renewable Energy have redefined priorities
across the Pumps, Motors & Valves sector,
influencing how the Permanent Magnet Synchronous Motors market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Electrification of Vehicles
The automotive industry undergoes a major transformation toward electric vehicle adoption. The automotive industry shifts toward sustainable electric vehicles because of the necessity for environmentally friendly transportation solutions. Electric powertrains rely on permanent magnet synchronous motors as their core component because these motors deliver exceptional efficiency and power density. PMSMs deliver instant torque and sustained high performance across various speed ranges which makes them perfect for electric vehicle applications. The automotiveindustry'srising need for PMSMs drives up production levels and sparks innovative developments in motor manufacturing.
02
Rise of Renewable Energy
The global push towards renewable energy sources, particularly wind power, has created a significant demand for Permanent magnet synchronous motors. These motors are crucial in wind turbines, converting wind energy into electrical power with high efficiency. The transition towards renewable energy has not only increased the demand for PMSMs but also spurred research and development efforts to enhance their performance and reliability in harsh operating conditions.