Synchronous Motor Market Research Report - Global Forecast till 2030

Synchronous Motor Market Research Report: By Mount Type (Horizontal Mounting Synchronous Motor, Vertical Mounting Synchronous Motor), By Voltage Class (Medium Voltage, Low Voltage), By Application (Compressors, Pumps, Fans, Extruders, Mixers, Others) and By End User (Oil & Gas, Chemicals & Petrochemicals, Mining, Metals, Others) – Forecast to 2030

ID: MRFR/E&P/6846-HCR | 111 Pages | Published By Chitranshi Jaiswal on March 2023         

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Synchronous Motor Market

Synchronous Motor Market is projected to reach approx USD 30.09 billion by 2027, registering 4.80% CAGR during the review period (2020 – 2027)

By Mount Type Horizontal Mounting Synchronous Motor Vertical Mounting Synchronous Motor
By Voltage Class Medium Voltage Low Voltage
By Application Compressors Pumps Fans Extruders Mixers Others
By End User Oil & Gas Chemicals & Petrochemicals Mining Metals Others
Key Players
Companies Profiled   ABB    Siemens    General Electric    Rockwell Automation Inc.    Toshiba Corporation    WEG SA    Hitachi Ltd    Bosch Group    Johnson Electric Holdings Limited    Emerson Electric Co.    Nidec Corporation
Market Driving Forces   Increased demand for synchronous motors in automation    Requirements in the growing oil & gas industry    High efficiency
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Synchronous Motor Market Overview

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.

Synchronous Motor Market COVID 19 Analysis

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.

Synchronous Motor Market Dynamics

  • Drivers

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.

  • Restraints

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.

  • Technology Analysis

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.

Study Objectives

  • The report covers the functional aspects of the market based on which the industry leaders and market experts have projected the rate of global market growth and the achievable market revenue by the end of the forecast period in 2027. It also covers the market dynamics like growth drivers and opportunities, along with the possible challenges that might restrain the market from growing.

  • The report discusses the basis of the global market that functions in the form of segments to meet the rising needs of the target audience and hence, expand at a considerable rate by the end of the forecast period. The report discusses the growth potential of the Market. It discusses the distribution of market resources that will give rise to market developments at a larger scale and establish domination.

  • The report further establishes an understanding of the Market need to study the rising competition for investments and market expansions in joint ventures, collaborations, mergers, and acquisitions. The report discusses the recent developments by the global competitive players that have positive attributes for the Market.

Synchronous Motor Market Segmentation

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:

By Application

  • Pumps

  • Fans

  • Extruders

  • Conveyors

  • Compressors

  • Mixers

  • Others

By End-User

  • Chemicals & Petrochemicals

  • Oil & Gas

  • Metal Plants

  • Mining

  • Pulp & Paper

  • Others

By Voltage

  • Low Voltage

  • Medium Voltage

  • By Mount Type

  • Horizontal

  • Vertical

By Region

  • North America

  • South America

  • Europe

  • Asia-Pacific

  • Middle East

  • Africa

Synchronous Motor Market Regional Analysis

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.

Competitive Landscape

The most prominent major key players in the synchronous motor market all across the globe are mentioned below:

  • ABB Limited (Switzerland)

  • Emerson Electric (U.S.)

  • General Electric (U.S.)

  • Nidec Corporation (Japan)

  • Johnson Electric Holding Ltd. (Hong Kong)

  • WEG S.A. (Brazil)

  • Rockwell Automation (U.S.)

  • Toshiba Corporation (Japan)

  • Siemens AG (Germany)

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.

Recent Developments

  • High efficiency associated with synchronous motors, power factor correction capabilities, and stringent regulations drives the synchronous motors market worldwide. The high efficiency of synchronous motors makes them superior to induction motors. It has emerged as a significant trend in the synchronous motors market.

  • The speed of the fans can be controlled through variable motor speed operation by using synchronous motors. Meanwhile, the building automation industry uses fans for heating, cooling, and ventilation systems. The trend is expected to continue due to its speed control properties and enhancing electric system efficiency.

Intended Audience

  • Synchronous motors manufacturers, dealers, and suppliers

  • Consulting companies in the energy and power sector

  • Government and research organizations

  • Investors/shareholders

  • Environmental research institutes

  • Process industries and power industry associations

  • Petroleum companies (diesel and natural gas suppliers)

  • Manufacturing industry

  • Energy efficiency consultancies

Report Overview

This global synchronous motor market research report consists of the following components mentioned below:

  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Technical Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

Recent Developments

This market research report contains factors that drive the growth of the synchronous motor market in the global market and the factors that restrict its growth in the global market. The report segments the synchronous motors market based on its major end-user industries, including oil & gas, chemicals, mining, metal plants, pulp & paper, and others. The oil & gas and chemicals are growing markets for synchronous motors due to their high efficiency. The future growth rate in the synchronous motor market during the review period is estimated and mentioned.

Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2027:USD 30.09 Billion
  • 2030 : Significant value
  •   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

  • High efficiency
  • Increased demand for synchronous motors in automation
  • Requirements in the growing oil & gas industry

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    Frequently Asked Questions (FAQ) :

    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.