27-Mar-2023 | Zion Market Research
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.
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.
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 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.
This review is based on a report by Zion Market Research, 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
.”- Report at https://www.zionmarketresearch.com/report/synchronous-motors-market
Key players in the global synchronous motors market include:
By Mounting Type
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