Synchronous Motor Market Predicted To Witness Steady Growth During The Forecast Period 2030

 

Synchronous Motor Market Analysis:

Synchronous Motor Market is projected to reach approx. USD 30.09 billion, registering 4.80% CAGR during the review period (2022-2030).

The synchronous motor market is growing rapidly, witnessing the rising usages across the end-use industry. The market is vastly dependent on automobile sales and is driven by the increase in automotive production.  Besides, the largest market share attributes to the growth of the oil & gas, pulp & paper, and chemical industry. Moreover, exponential performance synchronous motors offer, especially in low RPM and low-to-medium voltage applications, escalating market growth.

Synchronous motors are widely used in compressors, pumps, fans, extruders, conveyor belts, and mixers. The growth of automation due to the wide applicability of the product in ventilation, cooling systems, and heating substantiates the market growth.

Report Attribute/Metric	Details
CAGR	4.80% CAGR (2022-2030)
Base Year	2021
Forecast Period	2022-2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Mount Type, Voltage Class ,Application and End User
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Synchronous motors with frequency inverter and encoder feedback via absolute or incremental encoders enable highly economical and precise positioning applications and dynamic movement of small & large packaging units. Additionally, the increasing sales of lightweight vehicles and the growing automobile industry worldwide foster the growth of the market. Technological advances in synchronous motors that can decrease active and reactive power consumption accelerate market growth. 

On the other hand, non-suitable applications where the motors need a high load to start act as a significant headwind anticipated to impede the market growth. Also, high costs of synchronous motors are key factors predicted to obstruct the market growth. Nevertheless, future technological upgrades would support market growth throughout the forecast period, presenting cost-efficient manufacturing techniques that can reduce the overall cost of these motors.

Global Synchronous Motor Market – Segments

The report is segmented into five dynamics;

By Mount Type          : Horizontal Mounting Synchronous Motor, Vertical Mounting Synchronous Motor, and others.

By Voltage Class         : Low, Medium, and High Voltage.

By Application           : Compressors, Pumps, Fans, Extruders, Mixers, and others.

By End User                : Oil & Gas, Chemicals & Petrochemicals, Mining, Metals, and others.

By Regions                  : Americas, Europe, APAC, and Rest of the World.

Read Report Details @ https://www.marketresearchfuture.com/reports/synchronous-motor-market-8318

Industry/Innovation/ Related News: 

September 28, 2020 ----- ABB (Switzerland), a leading supplier of synchronous motors and generators, announced the completion of a groundbreaking conveyor system at the world’s largest open-pit copper mine. Working with TAKRAF, project management, and engineering for the full electrical, control, and ABB led instrumentation (EC&I) scope in Germany.

The three principal 11,000-ton/h conveyors with gearless conveyor drives (GCDs) are equipped with large ABB AC synchronous motors with 5MW power each, resulting in a 900kNm motor shaft torque. ABB has completed commissioning and testing for the world’s highest-powered gearless conveyor drive system, enabling continuous operations at Chuquicamata copper mine in Chile. 

Major Players: 

Players leading the synchronous motor market include ABB, Siemens, General Electric, Rockwell Automation, Inc., Toshiba Corporation, WEG SA, Hitachi Ltd., Bosch Group, Johnson Electric Holdings Limited, Emerson Electric Co., and Nidec Corporation, among others.