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In 2022, the Synchronous Motor Market Size was estimated at USD 21.9 billion. The market for synchronous motors is anticipated to increase from USD 22.84 billion in 2023 to USD 33.24 billion in 2030, with a compound yearly growth rate (CAGR) of 5.80% over the five-year forecast period (2023–2030). The primary market factors accelerating market expansion include expanding oil and gas industry requirements, increased demand for synchronous motors in automation, and high efficiency.
The increasing demand for synchronous motors in the automation industry is what is driving the market's CAGR. A spinning rotor with coils that pass magnets at the same rate as the alternating current makes up a synchronous motor, and the rotor is propelled by the resulting rotating magnetic field. Depending on the application, synchronous motors are offered in industrial capacities ranging from small to large. Applications needing constant speed are often handled by small synchronous motors, while power factor correction is ensured by bigger synchronous motors with higher efficiency ratings. Synchronous motors are better for driving higher horsepower and reciprocating compressors due to their properties of speed and torque.
Additionally, almost 50% of the world's electricity is used by electric motors, according to the energy agency (IEA). The industrial sector is thought of as being completely dependent on AC motors. AC motors are used to power a variety of industrial applications, such as conveyors, mixers, pumps, fans, hoists, and crushers. The efficiency of the motors has received a lot of attention as a result of the growing focus on improving the emission standards for environmental support in areas like North America. One of the standards that has been established in this area is IE5. Electric motors have been developed for a variety of end-user industries, including the automotive, oil and gas, and power production sectors, among others, thanks to contemporary technological breakthroughs.
Global market demand will rise as a result of increased need for power supply and benefits including high efficiency, power factor correction, and efficient power utilisation. The market for synchronous motors is also predicted to grow as a result of the growing use of synchronous motors in the oil and gas sector. The product has numerous uses in record players, ball mills, and tape recorders in addition to industrial applications. The market will grow as a result of this. For instance, the market for synchronous motors will see new development prospects due to the increased demand for electric vehicles as a result of green energy trends and the need to lessen environmental deterioration brought on by vehicle emissions. The market income for synchronous motors is thus driven by this.
Leading market players are spending a lot of money on R&D in order to diversify their product offerings, which will drive the Synchronous Motor market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic initiatives to increase their presence. Cost-effective products are necessary for Synchronous Motorindustry to grow and thrive in an increasingly competitive and challenging market environment.
One of the primary business strategies utilised by manufacturers in the Synchronous Motor industry to benefit customers and expand the market sector is local manufacturing to reduce operational costs. The Synchronous Motor industry has recently provided the motor industry with some of the most important benefits. ABB, Siemens, General Electric, Rockwell Automation Inc., Toshiba Corporation, WEG SA, Hitachi Ltd., Bosch Group, and other significant market participants are working to boost market demand by investing in research and development activities.
Report Coverage
Global Synchronous Motor research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Synchronous Motor report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Synchronous Motor competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Synchronous Motor market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Synchronous Motor market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Synchronous Motor market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB, Siemens, General Electric, Rockwell Automation Inc., Toshiba Corporation, WEG SA, Hitachi Ltd, and Bosch Group
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Synchronous Motor market based on the below-mentioned segments:
Global Synchronous Motor Market, By Type
Horizontal Mounting Synchronous Motor
Vertical Mounting Synchronous Motor
Global Synchronous Motor market, By Application
Compressors
Pumps
Fans
Extruders
Mixers
Others
Global Synchronous Motor Market, By End User
Oil & Gas
Chemicals & Petrochemicals
Mining
Metals
Others
Global Synchronous Motor market, Regional Analysis
The increasing demand for synchronous motors in the automation industry is what is driving the market's CAGR. A spinning rotor with coils that pass magnets at the same rate as the alternating current makes up a synchronous motor, and the rotor is propelled by the resulting rotating magnetic field. Depending on the application, synchronous motors are offered in industrial capacities ranging from small to large. Applications needing constant speed are often handled by small synchronous motors, while power factor correction is ensured by bigger synchronous motors with higher efficiency ratings. Synchronous motors are better for driving higher horsepower and reciprocating compressors due to their properties of speed and torque.
Additionally, almost 50% of the world's electricity is used by electric motors, according to the energy agency (IEA). The industrial sector is thought of as being completely dependent on AC motors. AC motors are used to power a variety of industrial applications, such as conveyors, mixers, pumps, fans, hoists, and crushers. The efficiency of the motors has received a lot of attention as a result of the growing focus on improving the emission standards for environmental support in areas like North America. One of the standards that has been established in this area is IE5. Electric motors have been developed for a variety of end-user industries, including the automotive, oil and gas, and power production sectors, among others, thanks to contemporary technological breakthroughs.
Global market demand will rise as a result of increased need for power supply and benefits including high efficiency, power factor correction, and efficient power utilisation. The market for synchronous motors is also predicted to grow as a result of the growing use of synchronous motors in the oil and gas sector. The product has numerous uses in record players, ball mills, and tape recorders in addition to industrial applications. The market will grow as a result of this. For instance, the market for synchronous motors will see new development prospects due to the increased demand for electric vehicles as a result of green energy trends and the need to lessen environmental deterioration brought on by vehicle emissions. The market income for synchronous motors is thus driven by this.
Leading market players are spending a lot of money on R&D in order to diversify their product offerings, which will drive the Synchronous Motor market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic initiatives to increase their presence. Cost-effective products are necessary for Synchronous Motorindustry to grow and thrive in an increasingly competitive and challenging market environment.
One of the primary business strategies utilised by manufacturers in the Synchronous Motor industry to benefit customers and expand the market sector is local manufacturing to reduce operational costs. The Synchronous Motor industry has recently provided the motor industry with some of the most important benefits. ABB, Siemens, General Electric, Rockwell Automation Inc., Toshiba Corporation, WEG SA, Hitachi Ltd., Bosch Group, and other significant market participants are working to boost market demand by investing in research and development activities.
Report Coverage
Global Synchronous Motor research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Synchronous Motor report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Synchronous Motor competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Synchronous Motor market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | ABB, Siemens, General Electric, Rockwell Automation Inc., Toshiba Corporation, WEG SA, Hitachi Ltd, and Bosch Group |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Synchronous Motor Market from 2021 to 2030.
- Market Forecast for Synchronous Motor Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Synchronous Motor competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Synchronous Motor
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Synchronous Motor market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Synchronous Motor market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB, Siemens, General Electric, Rockwell Automation Inc., Toshiba Corporation, WEG SA, Hitachi Ltd, and Bosch Group
Primary Target Market
- Market Players of Synchronous Motor
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Synchronous Motor market based on the below-mentioned segments:
Global Synchronous Motor Market, By Type
Horizontal Mounting Synchronous Motor
Vertical Mounting Synchronous Motor
Global Synchronous Motor market, By Application
Compressors
Pumps
Fans
Extruders
Mixers
Others
Global Synchronous Motor Market, By End User
Oil & Gas
Chemicals & Petrochemicals
Mining
Metals
Others
Global Synchronous Motor market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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