Synchronous Motors Market Size, Share & Trends Report, 2034

Synchronous Motors Market: Industry Perspective

The global synchronous motors market size was worth around USD 10.52 billion in 2024 and is predicted to grow to around USD 14.14 billion by 2034 with a compound annual growth rate (CAGR) of roughly 3% between 2025 and 2034. The report analyzes the global synchronous motors market's drivers, restraints/challenges, and the effect they have on the demand during the projection period. In addition, the report explores emerging opportunities in the synchronous motors industry.

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Synchronous Motors Market: Overview

Synchronous motors are alternating current motors comprising a spinning rotor with coil wires passing magnets at the same rate of alternating current and creating a magnetic field that drives the rotor. These products are utilized when continuous speed is needed. Furthermore, the rising demand for electricity, along with a swift rise in the cost of electricity,y has propelled the demand for synchronous motors.

Moreover, synchronous motors offer a slew of benefits. For instance, it offers power aspect correction for decreasing power usage along with increasing effectiveness. In addition to this, these products are extensively utilized in myriad industries as well and they can also be used as generators. A synchronous motor generally runs at a stable velocity with a required frequency while contributing greater constancy. Due to high performance, less power loss, and minimal maintenance requirements, synchronous motors are garnering high popularity amongst the end-users.

Key Insights

• As per the analysis shared by our research analyst, the global synchronous motors market is estimated to grow annually at a CAGR of around 3% over the forecast period (2025-2034).
• Regarding revenue, the global synchronous motors market size was valued at around USD 10.52 billion in 2024 and is projected to reach USD 14.14 billion by 2034.
• The synchronous motors market is projected to grow at a significant rate due to demand for energy-efficient motors in industrial applications, HVAC systems, and increasing automation in manufacturing.
• Based on Type, the DC Excited Synchronous Motors segment is expected to lead the global market.
• On the basis of Voltage, the Medium voltage segment is growing at a high rate and will continue to dominate the global market.
• Based on the Application, the Fans segment is projected to swipe the largest market share.
• By End-user, the Oil & Gas segment is expected to dominate the global market.
• Based on region, Asia-Pacific is predicted to dominate the global market during the forecast period.

Synchronous Motors Market: Growth Drivers

Surging need for producing energy from renewable sources to boost the global market growth in 2023-2030

Rise in demand for power supply and benefits such as high efficiency, power factor correction, and optimal power use will boost the global market demand. In addition to this, the growing penetration of synchronous motors in the oil & gas sector is expected to enlarge the scope of the expansion of the synchronous motors market across the globe. Apart from this, the product finds a slew of applications in record players, ball mills, and tape recorders, as well as industrial applications. This will prop up the global market expansion.

The thriving power generation sector will contribute significantly to the expansion of the synchronous motors market across the globe. Surging environmental concerns have led to governments offering subsidies to automotive manufacturers for producing electric vehicles, thereby boosting the global synchronous motors market growth.

Synchronous Motors Market: Restraints

Synchronous motors need direct current excitation, which can inhibit the global industry expansion

Synchronous Motors require direct current excitation, and it is supplied from external sources as they are not self-starters. This will act as a major restraint in the path of the growth of the global synchronous motors industry. Moreover, the cost/kilowatt of synchronous motors is high in comparison to induction motors, thereby creating hurdles in the growth of the global industry.

Synchronous Motors Market: Opportunities

Growing green energy trends to create new growth opportunities for the market across the globe

Surging demand for electric vehicles, owing to renewable energy trends and the need to reduce environmental degradation due to pollution from vehicular emissions, will open new growth avenues for the global synchronous motors market.

Synchronous Motors Market: Challenges

Reduction in greenfield investments to put up a big challenge for the global industry surge

Increasing rewinding trend and decline in investments in greenfield can be a major challenge for the global synchronous motors industry.

Synchronous Motors Market: Segmentation Analysis

The global synchronous motors market is segmented based on type, voltage, application, end-user, and region.

Based on Type, the global synchronous motors market is divided into DC excited synchronous motors, permanent magnet synchronous motors, hysteresis synchronous motors, and reluctance synchronous motors.

On the basis of Voltage, the global synchronous motors market is bifurcated into low voltage, medium voltage, and high voltage. The medium voltage segment, which garnered the largest share of the global industry in 2024, will continue to establish its number one position even in the upcoming years. The growth of the segment over the projected timespan is due to the large-scale use of medium-voltage synchronous motors in gearless elevators, packing machines, and pharmaceutical equipment.

By Application, the global synchronous motors market is split into pumps, compressors, fans, conveyors, and others. The fans segment is set to record the fastest CAGR over the forecast period. The segmental surge can be credited to a large number of fans operating at a fixed speed due to the use of synchronous motors, as the latter helps in controlling variable motor speed functionalities. Moreover, the building automation system makes use of fans for cooling, heating and ventilation systems. Apart from this, different kinds of fans are utilized in mining, cement, oil & gas, chemicals, petrochemicals, wastewater, and pulp & paper sectors.

In terms of End-user, the global synchronous motors market is categorized into oil & gas, chemicals, mining, power generation, water & wastewater, HVAC, and industrial manufacturing.

Synchronous Motors Market: Report Scope

Synchronous Motors Market: Regional Analysis

Asia-Pacific To Witness Humongous Growth During 2025-2034

The Asia-Pacific region is set to dominate the global Synchronous Motors market growth over the forecast timeline. The growth of the regional market in the ensuing years can be attributed to the rise in the presence of manufacturing industries in the region, along with surging awareness about energy conservation as well as fuel efficiency. Apart from this, Japan is a pioneer in the industrial economy of the sub-continent and has emerged as a manufacturing hub for automated products and supplies to other countries across the globe. Furthermore, South Korea is investing heavily in research & development projects related to the next-gen automotive industry. It is a leading player in the sub-continent that produces hydrogen-fuelled vehicles as well as self-driving vehicles.

Furthermore, North America is projected to contribute notably towards the global Synchronous Motors industry share in the coming years due to the thriving power generation sector in countries such as the U.S. and Canada. Apart from this, surging renewable energy capacities in the sub-continent will further boost regional industry trends.

Moreover, Latin America will also make significant contributions towards the global market share in the ensuing years, subject to a rise in power supply issues due to the scarcity of electricity in countries such as Argentina, Brazil, and Mexico. Apart from this, the rapidly expanding electric vehicle market in Europe will account substantial toward the global market size. Supportive government initiatives promoting the use of green energy will further drive regional market trends.

Recent Developments

• In the first half of 2022, MG Motor introduced a new electric car type referred to as ZS EV. Reportedly, the new car is driven by a permanent magnet synchronous motor, and it produces nearly 141 horsepower and 353 Nm of torque. The move will boost the expansion of the global synchronous motors industry.
• In the first quarter of 2022, the Danfoss Editron unit declared large-scale production of EM-PMI240-T180 synchronous motor, which is designed for hybrid and electric drivetrains in mobile work equipment, marine vessels, and buses. For the record, the synchronous motor offers power ranging from 49 kilowatts to 122 kilowatts. The initiative will contribute sizable to the market value across the globe.

Synchronous Motors Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the synchronous motors market on a global and regional basis.

The global synchronous motors market is dominated by players like:

• 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.

The global Synchronous Motors market is segmented as follows:

By Type

• DC Excited Synchronous Motors
• Permanent Magnet Synchronous Motors
• Hysteresis Synchronous Motors
• Reluctance Synchronous Motors

By Voltage

• Low Voltage
• Medium Voltage
• High Voltage

By Application

• Pumps
• Compressors
• Fans
• Conveyors
• Others

By End-user

• Oil & Gas
• Chemicals
• Mining
• Power Generation
• Water & Wastewater
• HVAC
• Industrial Manufacturing

 By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa