Synchronous Motor Market Comprehensive Analysis Of The Current Trends And Inclinations, Along With The Future, 2030
Synchronous Motor Market Analysis: Synchronous Motor Market is projected to reach approx USD 30.09 billion by 2027, registering 4.80% CAGR during the review period (2020 – 2027). 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. Synchronous motors with frequency inverter and encoder feedback via absol