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The synchronous motor market is influenced by a multitude of market factors that collectively shape its dynamics and growth trajectory. One of the primary drivers of the synchronous motor market is the increasing demand for energy-efficient and reliable electric motors across various industries. Synchronous motors, known for their efficiency and power factor correction capabilities, are gaining popularity as industries seek to optimize energy consumption and comply with stringent energy efficiency regulations. The emphasis on sustainability and the need for eco-friendly technologies further propel the adoption of synchronous motors, which contribute to reducing energy losses and enhancing overall system efficiency.
Technological advancements play a pivotal role in driving the synchronous motor market. Ongoing research and development efforts focus on improving the design, materials, and control systems of synchronous motors, leading to enhanced performance, reduced maintenance requirements, and increased lifespan. Integration of smart technologies and digital controls also enables better monitoring and predictive maintenance, addressing the demand for more sophisticated and interconnected industrial systems.
Market factors are significantly influenced by the growing industrial automation trend. Synchronous motors find extensive applications in various automated systems, including robotics, manufacturing processes, and conveyor systems. The precision and control offered by synchronous motors make them suitable for applications where synchronization with other equipment and processes is critical. As industries continue to invest in automation to improve efficiency and reduce labor costs, the demand for synchronous motors is expected to rise.
The expansion of the renewable energy sector contributes to the synchronous motor market dynamics. Synchronous generators are commonly used in renewable energy systems, such as wind turbines and hydropower plants. As the global focus on clean and sustainable energy intensifies, the deployment of synchronous motors in renewable energy projects is expected to grow. Synchronous motors play a key role in maintaining grid stability and synchronization in these applications, supporting the integration of renewable energy into the power grid.
The demand for synchronous motors is also influenced by the growth of key end-use industries. Sectors such as oil and gas, mining, and chemicals, where reliability and precision are paramount, drive the market for synchronous motors. These industries often require motors with high torque and speed control, making synchronous motors a preferred choice for various applications, including pumps, compressors, and fans.
Global economic conditions and industrial activities significantly impact the synchronous motor market. Economic growth leads to increased industrial production and infrastructure development, driving the demand for electric motors, including synchronous motors. Conversely, economic downturns may temporarily slow down investments in new projects and impact the market.
Regulatory policies and standards play a crucial role in shaping the synchronous motor market. Energy efficiency regulations imposed by governments and environmental agencies influence the adoption of synchronous motors, encouraging industries to upgrade their existing systems to meet higher efficiency standards. Incentives and subsidies for energy-efficient technologies further drive market growth, creating a favorable environment for the widespread adoption of synchronous motors.
The competitive landscape and market trends within the electric motor industry also impact the synchronous motor market. Manufacturers continually strive to differentiate their products through innovation, cost-effective solutions, and superior performance. Market trends, such as the increasing focus on electric vehicles and the electrification of various industries, influence the demand for synchronous motors designed for specific applications.
Despite the positive market factors, challenges such as the initial cost of synchronous motors, the need for skilled technicians for maintenance, and the availability of alternative motor technologies may influence market dynamics. Overcoming these challenges requires strategic initiatives, technological advancements, and effective marketing strategies by industry players.
The synchronous motor market is shaped by a combination of factors including the emphasis on energy efficiency, technological advancements, industrial automation trends, the expansion of the renewable energy sector, end-use industry growth, economic conditions, regulatory policies, and competitive dynamics. As industries continue to evolve and prioritize energy-efficient and reliable solutions, synchronous motors are poised to play a crucial role in meeting the diverse needs of modern industrial applications.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Mount Type, Voltage Class, Application, End User, and Region |
Synchronous Motor Market Highlights:
Global Synchronous Motor Market Overview:
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
Synchronous Motor Market Trends
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Growing demand for synchronous motors in automation is driving the market growth
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.
Synchronous Motor Market Segment Insights:
Synchronous Motor Mount Type Insights
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.
Synchronous Motor Voltage Class Insights
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
Synchronous Motor Application Insights
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.
Synchronous Motor End User Insights
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.
Synchronous Motor Regional Insights
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.
Synchronous Motor Key Market Players & Competitive Insights
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.
Key Companies in the Synchronous Motor market include
- ABB
- Siemens
- General Electric
- Rockwell Automation Inc.
- Toshiba Corporation
- WEG SA
- Hitachi Ltd
- Bosch Group
- Johnson Electric Holdings Limited
- Emerson Electric Co.
- Nidec Corporation
Synchronous Motor Industry Developments
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 Segmentation
Synchronous Motor Mount Type Outlook
- Horizontal Mounting Synchronous Motor
- Vertical Mounting Synchronous Motor
Synchronous Motor Voltage Class Outlook
- Medium Voltage
- Low Voltage
Synchronous Motor Application Outlook
- Compressors
- Pumps
- Fans
- Extruders
- Mixers
- Others
Synchronous Motor End User Outlook
- Oil & Gas
- Chemicals & Petrochemicals
- Mining
- Metals
- Others
Synchronous Motor Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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