The global permanent magnet synchronous motor (PMSM) market size is expected to grow from $20.73 billion in 2021 to $22.87 billion in 2022 at a compound annual growth rate (CAGR) of 10.33%. The growth in the market is mainly due to the companies' resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global PMSM market size is expected to reach $34.68 billion in 2026 at a CAGR of 10.96%.
What is the Global Permanent Magnet Synchronous Motor (PMSM) Market?
The permanent magnet synchronous motor (PMSM) market consists of sales of permanent magnet synchronous motors by entities (organizations, sole traders, and partnerships) that are used for high-efficiency and high-performance motor drives. The permanent magnet synchronous motor refers to an AC synchronous motor for which field excitation is provided by permanent magnets and has a sinusoidal back EMF waveform. PMSM can generate torque at zero speed, but it requires a digitally controlled inverter for operations with permanent magnets.
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What drives the Global Permanent Magnet Synchronous Motor (PMSM) Market?
The emergence of green vehicles is significantly contributing to the growth of the permanent magnet synchronous motor (PMSM) market. A green vehicle, also known as a clean vehicle or an eco-friendly vehicle, is a road motor vehicle that has fewer negative environmental effects than comparable conventional internal combustion engine vehicles that are powered by diesel, or alternative fuel vehicles. Due to its zero-emission and fuel economy standards, the demand for green vehicles is increasing. As technology advances in the electrification of two- and three-wheelers, buses, and trucks, so does demand. Therefore, the emergence of green vehicles is expected to propel the growth of the permanent magnet synchronous motor market over the coming years.
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Global Permanent Magnet Synchronous Motor (PMSM) Market Segments
The global PMSM market is segmented:
By Type: Surface, Interior
By Capacity: 375-450 kW, 450-600 kW, Above 600 kW
By Voltage Range: Above 60 V, 41 V-60 V, 31 V-40 V, 21 V-30 V, 10 V-20 V, 9 V and below
By Application: Automation, Consumer Electronics, Residential and Commercial, Automotive and Transportation, Lab Equipment, Medical, Military and Aerospace
By Geography: The regions covered in the permanent magnet synchronous motor (PMSM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Permanent Magnet Synchronous Motor (PMSM) Global Market Report 2022provides market size and growth forecasts for the global permanent magnet synchronous motor (PMSM) market, global PMSM market share, PMSM market segments and geographies, PMSM market competitive landscape including leading competitors’ revenues, profiles and market shares. The PMSM market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Permanent Magnet Synchronous Motor (PMSM) Industry Playersinclude Siemens AG, Mitsubishi Electric Corporation, Toshiba Corp., Hitachi, ABB, Bosch, MEIDENSHA, CONTINENTAL, ALSTOM, BROAD-OCEAN, XIZI FORVORDA, DRS Technologies, Emerson, Johnson Electric Holdings Limited, Leonardo DRS, and Nidec Motor Corporation. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
