Los Angeles, CA, March 30, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Synchronous Motors Market By Mounting Type (Horizontal And Vertical), By Voltage (Low Voltage And Medium Voltage), By Application (Compressors, Fans, Conveyor Belts, Pumps, Extruders, And Mixers), By End-User (Oil & Gas, Paper & Pulp, Chemicals & Petrochemicals, Metal & Mining, And Automotive), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Synchronous Motors Market size & share in terms of revenue was valued at USD 21.5 billion in 2022 and it is expected to surpass around USD 31.5 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.1% during the forecast period 2023 to 2030.”
What are Synchronous Motors? How big is the Synchronous Motors Industry?
The global synchronous motors industry size was nearly USD 10 Billion in 2022 and is predicted to increase to approximately USD 16 Billion by 2030 along with registering a CAGR of nearly 5.7% from 2023 to 2030.
Generally, a synchronous motor is an AC (alternating cycle) electric motor when at a steady state synchronizes shaft rotation with a frequency of the current supply. Reportedly, the period of rotation equals an integral number of AC cycles. These products are used in small sizes where consistent speed is required. In addition to this, synchronous motors are available in small and large industrial sizes based on the applications for which they are utilized.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
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- Zion Market Research research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Global Synchronous Motors Market: Growth Factors
Escalating demand for power supply along with an exponential rise in the electricity bill charges will amplify the expansion of the synchronous motors market globally. Furthermore, these products offer huge benefits including power factor correction for reducing power consumption along with improving energy efficacy. This, in turn, has assisted in the penetration of synchronous motors in the manufacturing sector, thereby boosting the global synchronous motors market trends. In addition to this, synchronous motors find wide applications as generators and motors. Furthermore, low maintenance costs, flexibility, and high performance along with flexibility in adapting to various machine layouts will help the synchronous motors market expand by leaps & bounds in the coming years. With demand for electric vehicles gaining traction, the market for synchronous motors is anticipated to experience an exponential surge over the years ahead.
However, the surging rewinding trend witnessed in various business verticals can put brakes on the growth of the global synchronous motors industry. Apart from this, a reduction in Greenfield funding can impede the expansion of the global industry in the years ahead. Nevertheless, growing environmental safety concerns and the need for reducing carbon emissions in the atmosphere have led to a shift towards renewable sources of energy, thereby creating new growth avenues for the synchronous motors industry across the globe. In addition to this, governments in emerging economies as well as developed countries, are providing subsidies to various firms on the purchase of synchronous motors, thereby further generating new opportunities for growth for the players in the synchronous motors business.
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|Market Size in 2022||USD 21.5 billion|
|Projected Market Size in 2030||USD 31.5 billion|
|CAGR Growth Rate||4.1% CAGR|
|Key Market Players||Toyo Denki Seizo K.K., Emerson Electric Corporation, GE Grid Solutions Heinzmann GmbH & Co.KG, Fuji Electric Co., Ltd, WEG S.A., Baumuller Nurnberg GmbH, Rockwell Automation, Oriental Motor USA, Automatic IT Services Pvt Ltd, Infineon Technologies, Bosch Rexroth Australia, NXP Semiconductors, Siemens AG, Nidec Servo Corporation, Johnson Electric Holding Ltd., Toshiba Infrastructure Systems, and Motion Drivetronics Pvt Ltd.|
|Key Segment||By Mounting Type, By Application, By Voltage, By End-User, And By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Segmentation Analysis: Segmentation Analysis
The global synchronous motors market is divided into mounting type, voltage, application, end-user, and region.
In terms of mounting type, the synchronous motors industry is segmented into horizontal and vertical segments. Furthermore, the vertical segment is anticipated to account for the largest market share in the predicted timespan. The segmental expansion can be credited to the increased deployment of synchronous motors in a vertical manner as it is convenient and easy to mount.
In terms of application, the global market is divided into compressors, fans, conveyor belts, pumps, extruders, and mixers segments.
Based on the voltage, the industry is bifurcated into low-voltage and medium-voltage segments.
On basis of end-user, the synchronous motors industry across the globe is bifurcated into chemicals & petrochemicals, oil & gas, metal & mining, paper & pulp, and automotive segments. Moreover, the oil & gas segment is anticipated to register the fastest CAGR during the forecast timeframe. The segmental expansion can be subject to escalating demand for products in the oil & gas segment as a result of its operational efficiency.
The global Synchronous Motors market is segmented as follows:
By Mounting Type
- Conveyor Belts
- Low Voltage
- Medium Voltage
- Oil & Gas
- Paper & Pulp
- Chemicals & Petrochemicals
- Metal & Mining
Browse the full “Synchronous Motors Market By Mounting Type (Horizontal And Vertical), By Voltage (Low Voltage And Medium Voltage), By Application (Compressors, Fans, Conveyor Belts, Pumps, Extruders, And Mixers), By End-User (Oil & Gas, Paper & Pulp, Chemicals & Petrochemicals, Metal & Mining, And Automotive), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/synchronous-motors-market
Some of the main competitors dominating the global Synchronous Motors market include –
- Toyo Denki Seizo K.K.
- Emerson Electric Corporation
- GE Grid Solutions Heinzmann GmbH & Co.KG
- Fuji Electric Co. Ltd
- WEG S.A., Baumuller Nurnberg GmbH
- Rockwell Automation
- Oriental Motor USA
- Automatic IT Services Pvt Ltd
- Infineon Technologies
- Bosch Rexroth Australia
- NXP Semiconductors
- Siemens AG
- Nidec Servo Corporation
- Johnson Electric Holding Ltd.
- Toshiba Infrastructure Systems
- Motion Drivetronics Pvt Ltd.
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Synchronous Motors market is likely to expand at a CAGR of around 4.1% during the forecast period (2023-2030).
- In terms of revenue, the Synchronous Motors market size was valued at around US$ 21.5 billion in 2022 and is projected to reach US$ 31.5 billion by 2030.
- The global market is anticipated to record massive growth over the forecast period due to rise in demand for power supply and benefits such as high efficiency, power factor correction, and optimal power. .
- Based on voltage, the medium voltage segment contributed to a major share of the global market in 2022
- In terms of application, the fans segment is predicted to account for a major share of the global market during the predicted timespan.
- Region-wise, the Asia-Pacific Synchronous Motors market is projected to record massive growth over the assessment timespan.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Synchronous Motors industry?
- What are the main driving factors propelling the Synchronous Motors Market forward?
- What are the leading companies in the Synchronous Motors Industry?
- What segments does the Synchronous Motors Market cover?
- How can I receive a free copy of the Synchronous Motors Market sample report and company profiles?
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Mounting Type, By Application, By Voltage, By End-User, And By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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The synchronous motors market in the Asia-Pacific zone is expected to capture a major chunk of the global market share over the forecasting timeline. In addition to this, the regional market surge in the upcoming years can be due to the thriving manufacturing industry and a rise in awareness about energy conservation in the countries such as China, Indonesia, Japan, Malaysia, Bangladesh, Singapore, India, and Thailand. Additionally, the rapidly emerging electric vehicle industry in the Asia-Pacific will open new growth vistas for the synchronous motors business in the regional market.
Furthermore, increasing renewable energy capacity expansion in countries of the Middle East and Africa will boost the expansion of the power-generating industry, thereby shaping the growth of the synchronous motors industry the in the region.
Moreover, Latin America will also make significant contributions towards the global market share in the ensuing years subject to a rise in the power supply issues due to scarcity of electricity in the countries such as Argentina, Brazil, and Mexico. Apart from this, the rapidly expanding electric vehicle market in Europe will account substantially toward the global market size. Supportive government initiatives promoting the use of green energy will further drive regional market trends.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
- In the second half of 2019, Hyundai introduced an electric SUV in the automotive market in India under the name of Kona. Moreover, firms in the electric vehicle production business are focusing on making use of synchronous motors for offering high performance. This move will boost the expansion of the synchronous motors market in India as well as the Asia-Pacific zone.
- In the first half of 2019, Tesla launched a new motor technology for its S model. Moreover, this motor technology is also referred to as a permanent magnet synchronous motor. The initiative will prop up the growth of the synchronous motors industry across the globe.
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FREQUENTLY ASKED QUESTIONS
- What is Synchronous Motor?
- Which key factors will influence global Synchronous Motors market growth over 2023-2030?
- What will be the value of the global Synchronous Motors market during 2023-2030?
- What will be the CAGR value of the global Synchronous Motors market during 2023-2030?
- Which region will record the highest growth in the Synchronous Motors industry globally?
- Which are the major players leveraging the global Synchronous Motors market growth?
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