Di. Jul 2nd, 2024

The global permanent magnet synchronous motor market is projected to witness a CAGR of 7.8% during the forecast period 2024–2031, growing from USD 30.3 billion in 2023 to USD 55.26 billion in 2031. The market thrives at an average growth rate, attributed to its long range of applications.

Transforming the industrial landscape with the advent of robotics and automation requires additional component support. Magnetic innovations have seen an increase in interest from companies worldwide. A permanent magnet synchronous motor (PMSM) is a unique type of brushless motor commonly used for high-performance drives. For applications needing straight-line movement, a linear PMSM is perfect since it is made to directly produce linear motion. These drives vary from industrial roots and machine tools. PMSM has a long range of applications due to its strong environmental adaptability, electromagnetic compatibility, and higher power/mass ratio, making its market stable with a moderate growth rate. However, elements like higher adoption of electric vehicles (EVs) along with robotics and industrial automation are projected to impact the market positively. New elements like EVs and robotics also enable manufacturers to engage in material advancements, design enhancements, and control systems. PMSM’s potential expansion into new applications and deeper integration into emerging technologies ushered a new chapter in the history of direct-drive motor-driven systems. Motor manufacturers collaborate with technological partners to get controllers and microcontrollers for their respective PMS motors. Chip producers also develop new digital controllers for applications, including automotive, industrial, mining, etc.

For instance, in November 2023, Dalian Shiping Group launched a PMSM drive solution. The product is based on NXP Semiconductors N.V.’s products. NXP FS32K144W is a 32-bit, high-performance microcontroller based on Arm Cortex — M4F core, having an operating frequency of 80MHz, and high-temperature resistance environments up to 150°C. Not only does the device have CAN-FD as well as LIN communication peripheral interfaces but it also has analog and digital peripheral interfaces.

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Wide Usage Across Multiple End-use Segments to Fuel Market Growth

From refrigerators to AC compressors and vehicles, PMSM is used everywhere with different power delivery goals. Such a wide range of applications adds value to its market space while integrating the product with the latest technologies like artificial intelligence and machine learning. The PMSM is also utilized in aerospace machinery, traction control units, machine tools, and direct drive washing machines. PMSM gets an edge over AC induction motor (ACIM) due to much less noise and higher power density. The motor is also resistant to wear and tear and minimizes torque ripples. The permanent magnet motor is the safest motor for use in complex and explosive environments as it does not emit sparks. The smooth low and high-speed performance capability makes PMSM perfect for industrial applications. Automated warehouses and industrial facilities also use PMSM in robotics and other automated tools. With this wide range of applications and unmatchable capabilities, manufacturers tend to experiment with the PMSM.

For example, in January 2024, WEG Industries Pvt. Ltd., a motor manufacturer, introduced a new line of motors called the W23 Sync+. This hybrid motor combines synchronous reluctance (SynRM) and permanent magnet (PM) motor technologies with ferrite or neodymium magnets to provide improved efficiency at all speeds than traditional induction motors. This motor is perfect for applications including compressors, pumps, fans, blowers, conveyors, and more.

Higher EV Adoption and Rapid Technological Advancements to Expand Market Size

Customers’ growing awareness of electric and green vehicles is another factor supporting the PMSM market’s expansion. Permanent magnet synchronous motors are significantly quieter and more efficient than traditional non-magnetic motors. Market revenue is primarily driven by the automobile industry’s research and development around the permanent magnet synchronous motor. Electrical energy is converted into mechanical energy with electric motors. Furthermore, the development of high-energy density rare earth magnets like neodymium-iron-boron (NdFeB) has enabled more compact and efficient PMS motors to be designed. Methods such as additive manufacturing (AM) and selective laser melting (SLM) are developing in such a way that they influence the performance of PMS motors and make possible new designs. Effective cooling systems, particularly those based on liquid for stator cooling purposes, are required to lower temperatures, hence increasing efficiency. The market is anticipated to expand through PMSM’s usage in EVs as upcoming vehicles are applying the technology in their vehicle.

For example, in January 2023, Hyundai Motor India Ltd. introduced the IONIQ 5 at Auto Expo 2023. The powertrain features a permanent magnet synchronous motor with a rear-wheel drive setup, delivering a max power of 217 PS and a max power of 350 nm Omega Seiki also launched its LCV truck, which is equipped with a PMSM motor with a peak power rating of 60 kW and peak torque of 80 nm.

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Key Trends Driving the Market

  1. Energy Efficiency and Sustainability: PMSMs are highly efficient compared to traditional motors, which makes them an attractive choice for applications where energy savings are crucial. The growing emphasis on sustainability and the need to reduce carbon footprints are major drivers of this market. Governments and organizations worldwide are implementing stringent regulations to promote energy-efficient technologies, further boosting the demand for PMSMs.
  2. Electric Vehicle Adoption: The EV market is a significant growth driver for PMSMs. These motors are preferred in EVs due to their high efficiency, compact size, and excellent torque-to-weight ratio. As countries push for greener transportation solutions, the adoption of EVs is expected to surge, subsequently driving the demand for PMSMs.
  3. Industrial Automation: The rise of Industry 4.0 and the increasing adoption of automation in manufacturing processes are creating substantial demand for PMSMs. These motors are integral in various automated systems and robotics, providing precise control and high performance necessary for modern industrial applications.
  4. Advancements in Motor Technology: Continuous innovations in motor design and materials are enhancing the performance of PMSMs. The development of advanced permanent magnets, such as those made from rare-earth materials, is leading to motors with higher efficiency and power density.
  5. Renewable Energy Applications: PMSMs are widely used in wind turbines and other renewable energy systems due to their reliability and efficiency. As the global push towards renewable energy intensifies, the demand for PMSMs in this sector is expected to grow.

Challenges in the Market

  1. High Initial Costs: Despite their long-term benefits, the initial cost of PMSMs is higher compared to traditional motors. This can be a barrier for some industries, particularly in cost-sensitive applications.
  2. Supply Chain Issues: The production of permanent magnets relies heavily on rare-earth materials, which are subject to supply chain disruptions and price volatility. Ensuring a stable and cost-effective supply of these materials is a significant challenge.
  3. Complex Manufacturing Process: The manufacturing process of PMSMs is complex and requires advanced technology and expertise. This can limit the entry of new players and pose a challenge for existing manufacturers in terms of scalability.

Future Outlook

The future of the global PMSM market looks promising, with several factors poised to drive continued growth and innovation.

  1. Increased Investment in R&D: Ongoing research and development efforts are expected to yield more advanced and cost-effective PMSM solutions. Investments in R&D will focus on enhancing motor performance, reducing costs, and finding alternatives to rare-earth materials.
  2. Expansion in Emerging Markets: Emerging economies in Asia-Pacific, Latin America, and Africa present significant growth opportunities. Industrialization, urbanization, and the push for energy-efficient technologies in these regions will drive the demand for PMSMs.
  3. Integration with IoT and Smart Technologies: The integration of PMSMs with IoT and smart technologies will enhance their capabilities and applications. Smart PMSMs will provide real-time monitoring, predictive maintenance, and improved efficiency, catering to the evolving needs of various industries.
  4. Government Initiatives and Incentives: Government initiatives and incentives aimed at promoting energy-efficient technologies and reducing carbon emissions will continue to support the growth of the PMSM market. Subsidies, tax benefits, and funding for green projects will play a crucial role.


The global Permanent Magnet Synchronous Motor market is on a dynamic growth trajectory, driven by the increasing demand for energy-efficient and high-performance motor solutions. While challenges such as high initial costs and supply chain issues persist, the opportunities for innovation and expansion are vast.

As industries worldwide continue to prioritize sustainability, efficiency, and advanced automation, PMSMs are set to play a pivotal role in shaping the future of motor technology. The journey ahead promises significant advancements, reflecting the resilience and innovation of the global PMSM market.

Mr. Vivek Gupta

5741 Cleveland street,
Suite 120, VA beach, VA, USA 23462
Tel: +1 (757) 343–3258

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