Synchronous Motor Market Top prominent companies business landscapes are dynamic, and success depends on a company's ability to adapt to changing circumstances with respect to regions and countries. Companies that successfully integrate emerging technologies like AI, blockchain, and the IoT into their operations often gain a competitive edge.
*Disclaimer: List of key companies in no particular order
Top listed companies in the Synchronous Motor industry are:
ABB
Siemens
General Electric
Rockwell Automation Inc.
Toshiba Corporation
WEG SA
Hitachi Ltd
Bosch Group
Johnson Electric Holdings Limited
Emerson Electric Co.
Nidec Corporation
Established Player Strategies:
Technology Leadership: Industry titans like ABB, Siemens, and WEG invest heavily in R&D, focusing on high-efficiency designs, compact footprints, and improved power density. ABB's SynRM motors for industrial applications prioritize efficiency, while Siemens' interior permanent magnet (IPM) motors target EV propulsion with their lightweight and high-torque capabilities.
Diversification and Regional Focus: Major players actively diversify their product offerings across application segments like power generation, oil & gas, and industrial automation. Regional expansion is another focus, with Siemens targeting emerging markets like China and India.
Partnerships and Acquisitions: Collaborative partnerships between established players and smaller companies with specialized expertise, like Johnson Electric in micro-motors, foster innovation and market access. Strategic acquisitions, such as Nidec's purchase of WEG's motor division, aim to strengthen market presence and technology portfolio.
Factors Influencing Market Share:
Price and Performance: Balancing competitive pricing with superior performance metrics like efficiency, reliability, and longevity remains crucial for market share gains. Players like WEG excel in cost-competitive solutions, while others like Bosch Rexroth prioritize high-performance applications.
Brand Reputation and Service Network: Established brands like Siemens and ABB leverage their strong reputation and extensive service networks to secure large contracts and maintain customer loyalty.
Focus on Sustainability and Niche Markets: Growing environmental awareness drives demand for high-efficiency motors, aligning with the strategies of companies like Toshiba Eco Solutions. Niche markets like electric vertical takeoff and landing (eVTOL) aircraft see focused attention from specialized players like magniX, developing high-power density IPM motors.
Emerging Trends and Innovations:
Magnet-free Designs: Concerns about rare earth mineral dependence and cost volatility propel the development of magnet-free synchronous motors. Companies like BMW introduce magnet-free motors in EV applications, offering cost and resource advantages.
Integrated Control Systems: Smart motor solutions with embedded intelligence and connectivity to industrial IoT platforms are gaining traction. Schneider Electric's Lexium range and ABB's Ability motors exemplify this trend, enabling predictive maintenance and optimizing energy consumption.
3D Printing: Additive manufacturing opens doors for customized motor designs and lighter components, leading to lighter vehicles and higher efficiency. Companies like Collins Aerospace are exploring 3D-printed components for aerospace applications.
Overall Competitive Scenario:
The synchronous motor market remains fiercely competitive, characterized by both established players and agile newcomers. Technological advancements drive rapid innovation, demanding continuous adaptation and diversification from market participants. Success hinges on balancing cost-effectiveness with performance excellence, embracing sustainability trends, and catering to niche markets. Continued investments in R&D, strategic partnerships, and regional expansion will be key differentiators in navigating this dynamic landscape.
Latest Company Updates:
ABB:
Siemens:
General Electric:
Rockwell Automation:
Synchronous Motor Market Size was valued at USD 21.8 Billion in 2022. The Synchronous Motor market industry is projected to grow from USD 22.84 Billion in 2023 to USD 33.24 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.80% during the forecast period (2023 - 2032). Increased demand for synchronous motors in automation, rising oil and gas industry requirements, and high efficiency are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for synchronous motor is being driven by the rising demand for synchronous motors in automation industry. Synchronous motors involve alternating current motors that consist of a revolving rotor with coils which pass magnets at the same rate as that of the alternating current, and the rotor is driven by the resulting rotating magnetic field. The synchronous motors are available in industrial capacities ranging from small to large, based on the use for which they are intended. Small synchronous motors are utilized in applications requiring constant speed, while larger synchronous motors with higher efficiency ratings provide greater efficacy for converting AC energy to work and ensure power factor correction. The speed and torque characteristics of synchronous motors make them optimal for compressors that reciprocate and driving more horsepower.
Additionally, According to the energy agency (IEA), electric motors account for approximately fifty percent of the world's electricity usage. AC motors are regarded as an integral part of the industrial sector. Diverse industrial applications, including conveyors, mixers, pumps, fans, hoists, and crushers, are powered by AC motors. With the increasing emphasis on enhancing the emission criteria for environmental support in regions such as North America, there has been a strong emphasis on increasing the motors' efficiency. IE5 is one of the future-oriented standards that have been established in this regard. Modern technological advancements have facilitated the development of electric motors for a variety of end-user industries, including the automotive, oil and gas, and power generation industries, among others.
Increased demand for power supply and advantages such as high efficiency, power factor correction, and optimal power usage will increase market demand worldwide. In addition, the expanding use of synchronous motors in the oil & gas industry is anticipated to expand the market for synchronous motors. In addition to industrial applications, the product has a variety of uses in record players, ball mills, and tape recorders. This will contribute to the expansion of the market.
For instance, the rising demand for electric vehicles as a result of green energy trends and the need to reduce environmental degradation caused by vehicle emissions will create new growth opportunities for the market for synchronous motors. This results in driving the Synchronous Motor market revenue.
The Synchronous Motor market segmentation, based on Mount Type includes Horizontal Mounting Synchronous Motor, and Vertical Mounting Synchronous Motor. Horizontal mounting synchronous motor category held the largest market in 2022. The increasing demand for synchronous motors in various end user industries is expected to grow the market for synchronous motor market.
The Synchronous Motor market segmentation, based on Voltage Class, includes Medium Voltage, and Low Voltage. The medium voltage segment, which commanded a majority of the market in 2022, will continue to hold the top spot in the coming years. Due to the extensive use of medium-voltage synchronous motors in gearless elevators, packaging machines, and pharmaceutical equipment, the segment is expected to expand over the projected timeframe.
Figure1: Synchronous Motor Market, by Voltage Class, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Synchronous Motor market segmentation, based on Application, includes Compressors, Pumps, Fans, Extruders, Mixers, and Others. Apparently, the fans segment will experience the highest CAGR during the forecast period. The segmental surge is attributable to a large number of fans operating at a fixed speed as a result of the use of synchronous motors, which aid in controlling variable motor speed capabilities. In addition, the building automation system employs fans for the conditioning, heating, and ventilation systems. Other industries that utilize fans include mining, cement, oil & gas, chemicals, petrochemicals, effluent, and pulp & paper.
The Synchronous Motor market segmentation, based on End User, includes Oil & Gas, Chemicals & Petrochemicals, Mining, Metals, and Others. Oil & gas category is expected to hold the largest share of this market in 2022. Oil and natural gas are key industries in the energy market and have a significant impact on the economy as the primary fuel sources. Oil and gas production and distribution entail highly complex processes and systems. The increasing demand for synchronous motor in oil and gas industry is driving the market for synchronous motor market.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Synchronous Motor market area will dominate this market; owing to the power generation industry in the region is anticipated to be driven by the region's rising renewable capacity. As a result of the expansion of the power generation sector in North America, the market for synchronous motors is anticipated to experience robust growth over the forecast period.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Synchronous Motor Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Synchronous Motor market accounts for the second-largest market share owing to local government initiatives advocating the use of renewable energy sources. Due to the high sales of electric vehicles in the country, Norway is one of the most important markets in Europe for the sale of electric vehicles. Further, the German Synchronous Motor market held the largest market share, and the UK Synchronous Motor market was the fastest growing market in the European region
The Asia-Pacific Synchronous Motor Market is expected to grow at the fastest CAGR from 2023 to 2032. As a result of the region's stringent regulations on vehicle emissions and growing concern for CO2 emissions, there are fewer automobiles on the road in the region. Moreover, China’s Synchronous Motor market held the largest market share, and the Indian Synchronous Motor market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Synchronous Motor market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Synchronous Motorindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Synchronous Motor industry to benefit clients and increase the market sector. In recent years, the Synchronous Motor industry has offered some of the most significant advantages to motor industry. Major players in the Synchronous Motor market, including ABB, Siemens, General Electric, Rockwell Automation Inc., Toshiba Corporation, WEG SA, Hitachi Ltd, and Bosch Group, and others, are attempting to increase market demand by investing in research and development operations.
ABB Ltd. is a multinational Swedish-Swiss corporation with its headquarters in Zürich, Switzerland. ASEA was created in 1988 when Allmanna Svenska Elektriska Aktiebolaget (ASEA) of Sweden and Brown, Boveri & Cie of Switzerland merged. A later abbreviation for Brown Boveri was ABB. Both companies were significant electrical equipment manufacturers when they were founded in the late 1800s, a business in which ABB is still engaged. Since then, the business has also expanded into robotics and automation technology. The Electrification division of ABB provides products and services from substation to outlet. Customers consist of a vast array of industrial and utility enterprises, as well as commercial and residential structures. The company has significant exposure to a number of swiftly expanding markets, such as renewable, e-mobility, data centers, and smart buildings. In 2020, ABB announced that it had reached an agreement to sell its solar inverter division to the Italian manufacturer Fimer. All of ABB's production and research and development facilities in Finland, Italy, and India, as well as 800 employees in 26 countries, are included in the transaction.
Siemens is the largest industrial manufacturer in Europe and the largest German multinational conglomerate. It is headquartered in Munich and has a number of overseas branches.
Digital Industries, Smart Infrastructure, Mobility, Healthcare, and Financial Services are the company's key divisions. The company is a prominent manufacturer of medical diagnostic equipment; its medical healthcare division, which generates approximately 12 percent of the company's total revenues, is its second-most profitable division after the industrial automation division. In 2022, Siemens and Swedish electric industrial vehicle manufacturer Volta Trucks announced a strategic partnership to deliver and scale eMobility infrastructure for charging to facilitate the transition to fleet electrification.
May 2020: ZCL Group developed a YRKK series high voltage wrapping type slip ring induction motor for industrial consumers in Russia. Our company manufactures this series of high voltage slip ring induction motors in accordance with international slide ring motor standards and the specific customization needs of our customers.
July 2019: Hyundai has introduced the Kona, an electric SUV, to the Indian market. A permanent-magnetic synchronous motor that generates approximately 395 Nm of torque is utilized by the vehicle. Companies engaged in the production of electric vehicles prioritize the use of synchronous motors to deliver outstanding efficiency and performance.
April 2019: Tesla recently unveiled a new motor technology for its Model S lineup that is anticipated to increase range by 10%. The motor technology is referred to as a synchronous motor with a permanent magnet or synchronous reluctance motor.
Synchronous Motor Market Highlights:
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)