Synchronous Motor Market 2021: Leading Players, Segments, Comprehensive Analysis, Future Growth – 2023
Research Reports
Jan 05, 2021
The synchronous motor market is growing rapidly, witnessing the rising usages across the end-use industry. The market is vastly dependent on automobile sales and is driven by the increase in automotive production. Besides, the largest market share attributes to the growth of the oil & gas, pulp & paper, and chemical industry. Moreover, exponential performance synchronous motors offer, especially in low RPM and low-to-medium voltage applications, escalating market growth.
According to Market Research Future (MRFR), the global synchronous motor market is projected to garner a valuation of approximately USD 26.09 BN by 2025, growing at 4.33% CAGR during the forecast period (2019 – 2025). Synchronous motors are widely used in compressors, pumps, fans, extruders, conveyor belts, and mixers. The growth of automation due to the wide applicability of the product in ventilation, cooling systems, and heating substantiates the market growth.
Synchronous motors with frequency inverter and encoder feedback via absolute or incremental encoders enable highly economical and precise positioning applications and dynamic movement of small & large packaging units. Additionally, the increasing sales of lightweight vehicles and the growing automobile industry worldwide foster the growth of the market. Technological advances in synchronous motors that can decrease active and reactive power consumption accelerate market growth.
On the other hand, non-suitable applications where the motors need a high load to start act as a significant headwind anticipated to impede the market growth. Also, high costs of synchronous motors are key factors predicted to obstruct the market growth. Nevertheless, future technological upgrades would support market growth throughout the forecast period, presenting cost-efficient manufacturing techniques that can reduce the overall cost of these motors.
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Global Synchronous Motor Market – Segments
The report is segmented into five dynamics;
By Mount Type : Horizontal Mounting Synchronous Motor, Vertical Mounting Synchronous Motor, and others.
By Voltage Class : Low, Medium, and High Voltage.
By Application : Compressors, Pumps, Fans, Extruders, Mixers, and others.
By End User : Oil & Gas, Chemicals & Petrochemicals, Mining, Metals, and others.
By Regions : Americas, Europe, APAC, and Rest of the World.
Synchronous Motor Market – Regional Analysis
The Asia Pacific region dominates the global synchronous motor market. The largest market growth attributes to the boom in the manufacturing industries in the region. Besides, the presence of the largest mining and pulp and paper industries in the region drive the growth of the market.
Moreover, the largest oil & gas market in the region fosters regional market growth, relying on synchronous pumps for transportation purposes. The APAC synchronous motor market is projected to retain its dominance throughout the estimated period.
North America stands second in the global synchronous motor market. Market growth is driven by the increased use of synchronous motor due to its increased energy efficiency and low maintenance costs. Additionally, the burgeoning oil & gas, chemical, and pulp & paper industry foster the growth of the regional market. The North American synchronous motor market is expected to create a substantial revenue pocket during the assessment period.
Europe synchronous motor market is growing rapidly. Factors such as the requirements in various manufacturing plants and the presence of a well-established oil & gas industry substantiate the regional market growth. Moreover, constant upgrades in manufacturing sectors boost the growth of the regional market. Also, the increasing emphasis on adopting the energy-efficient synchronous motor in the region contributes to market growth.
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Global Synchronous Motor Market – Competitive Analysis
Highly competitive, the synchronous motor appears to be fragmented owing to the presence of several well-established players accounting for a substantial market share. To gain a larger competitive share, players incorporate strategies such as acquisition, collaboration, partnership, expansion, and product & technology launch.
They invest substantially in new product development and geographical expansion initiatives. The market is anticipated to witness relentless innovations and new products, eventually intensifying competition among synchronous motor manufacturers.
Major Players:
- ABB, Siemens
- General Electric
- Rockwell Automation, Inc.
- Toshiba Corporation
- WEG SA, Hitachi Ltd.
- Bosch Group
- Johnson Electric Holdings Limited
- Emerson Electric Co.
- Nidec Corporation
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