This study describes an indirect matrix converter (IMC) that uses symmetrical space vector pulse width modulation (SSVPWM) to feed two loads from a single DC link at a variable frequency. Output stage‐I is connected to the static load, while output stage‐II is connected to the PMSM for speed control. It is appropriate for drive systems with variable frequency, such as those seen in wind power generation and aviation. In recent years, significant studies on AC‐AC converters have been conducted due to the rising interest in electric cars and renewable energy. The performance of permanent magnet motors is better than that of other types of AC motors due to their superior performance and residual flux permanent magnets. Contrary to normal back‐to‐back power conversion systems, IMC does not necessitate the use of capacitors in the DC‐link, decoupled control between the two‐stages, a simple clamping circuit or zero current switching in the rectifier stage, allowing the system's volume to be reduced. It is investigated how well the two output stages of the proposed IMC perform. To illustrate the benefits of the suggested IMC design, an improved SSVPWM is employed, and MATLAB/SIMULINK‐based simulations were performed to validate the efficacy of the modulation mechanism. In addition, the real‐time implementation of the work was validated using a real‐time simulator, OPAL‐RT (OP4510).