Synchronous Motor Market: Global Industry Analysis and Forecast (2023-2029)

Synchronous Motor Market was valued nearly US$ 3.06 Bn. in 2022. Synchronous Motor Market size is estimated to grow at a CAGR of 5.78% & is expected to reach at US$ 4.54 Bn By 2029.
Synchronous Motor Market Overview:
The whole synchronous motor market is being driven by rising electricity consumption combined with an exponential rise in the cost of electricity. Synchronous motors have a lot of benefits, like power aspect correction to save energy & high efficiency, which makes them easier to accept in the industrial industry. Synchronous motors are commonly utilised in industry, & depending on the industry, they can be employed as generators or motors. It normally runs at a synchronous pace, that is, at a constant speed with a predictable frequency, to ensure more consistency. Synchronous motors are gaining popularity among customers due to their excellent performance, low power loss, low maintenance requirements, and flexibility in adapting to various plant layouts.

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Synchronous motors & self-starting motors are frequently confused. To excite the motor, which is close to synchronous speed, an external DC source is required. Despite the fact that synchronous motors are more complicated than induction motors, large synchronous motors are more capable of maintaining a consistent operation speed even under surplus situations & voltage inconsistencies. Its motor can operate on the basis of primary or casing power. They are skilled at power aspect adjustment and operate at high efficiency, lowering energy costs by transporting reactive power to the network. These are the most important growth drivers in the global synchronous motor industry.

Increased demand and need for energy efficient, low-power-consuming motors, expanding need for synchronous motors in the industrial & agricultural sectors, & rising awareness about the use of green cars are all driving market growth. Furthermore, the increased relevance of standard motor protection & usage is likely to boost the total synchronous motors market growth over the forecast period.

Industrial & manufacturing sector: Global Synchronous Motor Market:

Synchronous motors are used in a variety of industries, including oil and gas, industrial & manufacturing, metals & mining, and others. The major market, which includes the use of synchronous motors for pumps, extruders, and compressors, is captured by the industrial & manufacturing industry. PMSMs are used in a variety of industries, including chemical, process, & cement manufacture. Furthermore, the expansion of industrial activity in countries such as China, India, and Japan has been a major driver of the synchronous motor industry.

Rising demand for electricity:

Electricity is at the heart of modern economies, & it accounts for an increasing proportion of energy services. As a result of increased household incomes, electrification of transportation & heat, & growing demand for digital connected gadgets & air conditioning, energy demand is expected to rise even more. Rising electricity demand was one of the main reasons why global CO2 emissions from the power sector hit a new high in the year 2022, but the commercial availability of a various range of low-emission generation technologies places electricity at the forefront of efforts to combat climate change and pollution.

Furthermore, using electricity-based fuels like hydrogen or synthetic liquid fuels, decarbonized energy might offer a platform for lowering CO2 emissions in other segments. Renewable energy also plays an important role in ensuring universal access to electricity.

The demand for electricity follows two unique regional trajectories. Future growth in advanced economies connected to increased digitization and electrification is substantially countered by improvements in energy efficiency. Rising earnings, greater industrial output, and a growing services sector all boost demand upward in developing economies. In the Stated Policies Scenario, developing nations account for approximately 90% of global energy demand growth through 2040, although demand per person remains 60% lower than in advanced economies.
Regional Overview:
The APAC area is the primary driver of worldwide synchronous electric motors. The APAC region's market is being driven by rising demand for electric motors in industrial industries & rising awareness about energy efficiency. Rising energy costs are likely to accelerate the adoption of synchronous electric motors in a variety of industries. Because of the large number of electric motor manufacturers in countries like China & India, this area is likely to maintain its market dominance during the forecast period.

The objective of the report is to present a comprehensive analysis of the Synchronous Motor Market to the stakeholders in the industry. The past and current status of the industry with the forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include Market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Synchronous Motor Market dynamics, structure by analyzing the Market segments and project the Synchronous Motor Market size. Clear representation of competitive analysis of key players by Operation, price, financial position, Operation portfolio, growth strategies, and regional presence in the Synchronous Motor Market make the report investor’s guide.
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Synchronous Motor Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US$ 3.06 Bn.


Forecast Period 2023 to 2029 CAGR:
5.78%
Market Size in 2029:
US$ 4.54 Bn.


 Segments Covered:
by Mount Type
• Horizontal Mounting Synchronous Motor
• Vertical Mounting Synchronous Motor


by Application
• Compressors
• Pumps
• Fans
• Extruders
• Mixers
• Others


by End User
• Oil and Gas
• Chemicals and Petrochemicals
• Mining
• Metals
• Others



Synchronous Motor Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Major Players operating in the Global Synchronous Motor Market are:
• ABB Limited (Switzerland)
• Nidec Corporation (Japan)
• Rockwell Automation (U.S)
• Siemens AG (Germany)
• General Electric (U.S)
• WEG S.A (Brazil)
• Toshiba Corporation (Japan)
• Johnson Electric Holding Ltd. (Hong Kong)
• Emerson Electric (U.S)
• Bosch Group
• Hitachi Ltd.
• Oriental Motor (U.S)
• Fuji Electric Co., Ltd
• GE Grid Solutions
• NXP Semiconductors
• Motion Drivetronics PVT Ltd
• Infineon Technologies.

FAQ’S:

1) What is the share of the Global Synchronous Motor Market in 2022?
Answer: The Global Synchronous Motor Market was accounted for US$ 3.06 Bn in the year 2022.

2) Which Mount Type segment is dominating the Global Synchronous Motor Market?
Answer: Vertical Mounting Synchronous Motor segment is the dominating Mount Type segment in the market.

3) What are the key players in the Global Synchronous Motor Market?
Answer: ABB Limited (Switzerland), Nidec Corporation (Japan), Rockwell Automation , U.S), Siemens AG (Germany), General Electric (U.S), WEG S.A (Brazil), Toshiba Corporation (Japan), Johnson Electric Holding Ltd. (Hong Kong), Emerson Electric (U.S), Bosch Group, Hitachi Ltd., Oriental Motor (U.S), Fuji Electric Co., Ltd, GE Grid Solutions, NXP Semiconductors, Motion Drivetronics PVT Ltd, Infineon Technologies.

4) Which factor acts as the driving factor for the growth of the Synchronous Motor Market?
Answer: The major factors for the growth of the Global Synchronous Motor Market includes increasing demands for electricity, composed with an exponential flow in the cost of electricity.