ID: MRFR/E&P/6846-HCR | 111 Pages | Published By Chitranshi Jaiswal on March 2023
Synchronous Motor Market is projected to reach approx USD 30.09 billion by 2027, registering 4.80% CAGR during the review period (2020 – 2027)
$30.09 billion
4.80%
North America
2020 – 2027
During the ongoing forecast period of 2022-2030, the synchronous motor market is likely to attain a global CAGR of 4.80% and reach a global market value worth USD 30.09 billion. There has been an increase in the demand for motors that promise functional efficiency, mainly in agroindustries. Also, the market is witnessing a growing need to implement synchronous motors in a vast array of industries. It is likely to promise the market good growth during the forecast period of 2021-2027.
The Synchronous Motor Market is expected to witness promising growth and development at a rapid scale during the estimated time frame due to growing investments, growing concerns regarding performance, and other factors like the cost-effectiveness of mechanical power transmission technologies.
Asynchronous Motor is electrical hardware equipped and is used to create high force at low-speed engine yield. These synchronous engines are an extensive blend of the engine and a synchronous reduction train. And the synchronous reduction reduces the motor speed through the expansion process in force to a synchronous extent. Synchronous Motors are of four significant types: Helical synchronous Motor, shaft mounted synchronous Motor, slope equipped engine, and the synchronous worm engine.
The synchronous motor market report suggests that the synchronous motor market size has been affected by the rising cases of the novel coronavirus with each passing day. The pandemic outbreak is a new-age difficulty that is having a significant impact on the production and manufacturing ability of the players to produce as per the demands of the global audience. Almost all market players fabricating the equipped engines have been struck as they manage circumstances like contracting interest, falling costs, and lack of resources and crude materials. Synchronous engines have colossal interest, mainly in the agribusiness business. Ranchers cannot spend a lot of sum on synchronous Motor because of a monetary emergency experienced during the COVID-19 pandemic outbreak in recent times. In this manner, they use the conventional techniques for the water system and different exercises.
The rising cases and alarming fatalities have forced the global governments to get their hands and investments and put the same for developing new market products and services. Also, the global market players are opting for developmental steps like mergers and acquisitions to compete in the international market and expand globally.
The synchronous motors promise a higher degree of efficiency than the induction motors and the most power-dense type of motors and their commercial availability. Many industries like Textile, Pulp, paper, and Electronic are opting to use such motors hand hence, offer higher-functionality products that come with additional features. The supply chain for the global synchronous motors market starts with suppliers of essential components, such as construction material, winding wires, frames, and electric connections, among other components. The manufactured parts are then assembled by Original Equipment Manufacturers (OEM) to form a synchronous motor, then tested. The distribution comes next, in which the majority of the production is directed toward the end-users.
But, a significant issue might restrain the synchronous motor market from growing during the forecast period ending in 2027. There is a high cost associated with the use of the market products. The main reason for the increasing cost is that the cost of rare-earth magnets is high, which adds to these market motors.
The rare-earth synchronous are commonly used for costly magnet motors. The ferrite magnets are used to manufacture cost-effective motors and are readily available in countries like China that are a part of the APAC region. The ferrite magnets don’t have a considerable current loss in low-frequency applications like the motor drivers. Many global participants seek opportunities to use these magnets irrespective of their market cost. They ensure a reduced maintenance cost.
The synchronous motor market has been divided all across the globe based on the following to meet the rising needs of the global target audience. The segment functioning also helps in understanding the Market’s focus, followed by analyzing its ability to meet the rising needs of the global target audience during the ongoing forecast period. The synchronous market segments are as follows:
According to the regional analysis, Europe has been enrolling an ongoing development in the synchronous Motor Market. Notwithstanding, the regional Market for equipped engines in North America, including regions like the U.S. and Canada, is anticipated to assume responsibility for the offered premise. The development of the Asia Pacific Market is helpful for the Asian Pacific to emerge as the largest Market for synchronous motors and will continue to dominate the synchronous motors market during the forecast period. China leads the regional synchronous motors market, whereas other global key markets include the U.S., India, Germany, Russia, Brazil, and Saudi Arabia. The synchronous motors market in China and India are expected to grow at a high CAGR of 5.1% and 5.1%, respectively, from 2016 to 2021, owing to a rise in manufacturing industries and increased awareness about energy efficiency.
The most prominent major key players in the synchronous motor market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the synchronous motor market in the global Market by going for mergers, and acquisitions, collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovating in the existing product, developing a unique production process, and many others to expand their customer base in the untapped Market of the synchronous motor market all across the globe.
Report Attribute/Metric | Details |
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Market Size |
|
CAGR | 4.80% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 & 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Mount Type, Voltage Class ,Application and End User |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | ABB, Siemens, General Electric, Rockwell Automation, Inc., Toshiba Corporation, WEG SA, Hitachi Ltd, Bosch Group, Johnson Electric Holdings Limited, Emerson Electric Co., Nidec Corporation |
Key Market Opportunities | New product launches and R&D Amongst major key Players |
Key Market Drivers |
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synchronous motors market is expected to record a substantial market valuation of USD 30.09 billion 2027.
synchronous motors market is projected to register a moderate 4.80% CAGR in the forecast period.
The horizontal mounting synchronous motor segment is slated to expand as the fastest-growing segment.
The medium voltage segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global synchronous motors market are Siemens, Toshiba Corporation, Robert Bosch GmbH (Germany), among others.