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
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
Synchronous Motor Market – Regional
Analysis
The Asia Pacific
region dominates the global synchronous motor market. The largest market growth
attributes to the boom in the manufacturing industries in the region. Besides,
the presence of the largest mining and pulp and paper industries in the region
drive the growth of the market.
Moreover, the
largest oil & gas market in the region fosters regional market growth,
relying on synchronous pumps for transportation purposes. The APAC synchronous
motor market is projected to retain its dominance throughout the estimated
period.
North America
stands second in the global synchronous motor market. Market growth is driven
by the increased use of synchronous motor due to its increased energy
efficiency and low maintenance costs. Additionally, the burgeoning oil &
gas, chemical, and pulp & paper industry foster the growth of the regional
market. The North American synchronous motor market is expected to create a
substantial revenue pocket during the assessment period.
Europe
synchronous motor market is growing rapidly. Factors such as the requirements
in various manufacturing plants and the presence of a well-established oil
& gas industry substantiate the regional market growth. Moreover, constant
upgrades in manufacturing sectors boost the growth of the regional market.
Also, the increasing emphasis on adopting the energy-efficient synchronous
motor in the region contributes to market growth.
Global Synchronous Motor Market –
Competitive Analysis
Highly
competitive, the synchronous motor appears to be fragmented owing to the
presence of several well-established players accounting for a substantial
market share. To gain a larger competitive share, players incorporate
strategies such as acquisition, collaboration, partnership, expansion, and
product & technology launch.
They invest
substantially in new product development and geographical expansion
initiatives. The market is anticipated to witness relentless innovations and
new products, eventually intensifying competition among synchronous motor
manufacturers.
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.
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