Pune, April 27, 2021 (GLOBE NEWSWIRE) -- The synchronous motor market witnesses a continual growth in revenues. The market is vastly dependent on automobile sales. Therefore, the increased automotive production over the last few years has positively impacted the market growth. Besides, rising usages of these motors across the end-user industries boost the market size. The spurring rise in the oil & gas, pulp & paper, and chemical industry further substantiates market shares.
Due to the exponential performance that synchronous motors offer, especially in low RPM and low-to-medium voltage applications, the market growth is expected to escalate further on the global platform. In this regard, Market Research Future (MRFR) asserts that the global synchronous motor market valuation is projected to reach approx. USD 30.09 billion by 2027, registering 4.33% CAGR during the review period (2020 – 2027).
The proliferation of automation in manufacturing sectors worldwide substantiates the market growth, increasing uses of these motors due to their wide applicability in ventilation, cooling systems, and heating. Additionally, the increasing sales of lightweight vehicles and the growing automobile industry worldwide foster the growth of the market.
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Global Synchronous Motor Market – Segments
The synchronous motor market analysis is segmented into mount type, voltage class, application, end-user, and regions. The mount type segment is sub-segmented into horizontal mounting synchronous motor, vertical mounting synchronous motor, and others.
The voltage class segment is sub-segmented into low, medium, and high voltage. The application segment is sub-segmented into compressors, pumps, fans, extruders, mixers, and others. The end-user segment is sub-segmented into oil & gas, chemicals & petrochemicals, mining, metals, and others. The region segment is sub-segmented into the Americas, Europe, APAC, and the Rest-of-the-World.
Synchronous Motor Market – Regional Analysis
Asia Pacific leads the global synchronous motor market, heading with the booming manufacturing industries in the region. Moreover, the strong presence of notable industry players and large mining and pulp & paper industries drive the growth of the regional market. The rapidly growing oil & gas market in the region fosters market growth due to its reliance on synchronous pumps for transportation purposes.
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North America derives the second-largest share in the global synchronous motor market, attributing to the increased energy efficiency and low maintenance costs of these motors. The market growth is driven by due to its. Additionally, the increased use of synchronous motors in the burgeoning oil & gas, chemical, and pulp & paper industry foster the region’s market share.
Europe is emerging as one of the fastest-growing regions in the global market for synchronous motors. Factors such as the rising requirement of synchronous motors in various manufacturing plants and the well-established oil & gas industry in the region substantiate the market size. Furthermore, significant developments in a number of manufacturing techniques boost the growth of the regional market.
Synchronous Motor Market – Competitive Landscape
The market appears highly competitive and fragmented, with many large players forming a competitive landscape. Industry players make considerable investments locally and in emerging countries to expand their global footprints and distribution & supply chain networks.
Obtaining strong financial support is the sole strategy of these players to maintain their market positions. Synchronous motor manufacturers strive to minimize production costs by adopting cost-effective techniques.
Major Players:
Players active in the synchronous motor market are ABB, General Electric, Siemens, Rockwell Automation, Inc., WEG SA, Toshiba Corporation, Hitachi Ltd., Johnson Electric Holdings Limited, Bosch Group, Nidec Corporation, and Emerson Electric Co., among others.
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Industry/Innovation/ Related News:
March 19, 2021 ----- NORD Drive Systems announced that it would be showcasing its innovative logistics solutions at ProMatDX 2021, to be held during April 12 – 16, 2021. NORD introduced its New IE5+ Synchronous Motor Portfolio on March 10 this year. NORD’s new synchronous motors are characterized by their extremely high IE5+ efficiency rating.
These motors focus on maximizing efficiency, with a compact footprint installed quickly and easily, even in small spaces. Using these motors, operators can escalate energy savings and reduce system variants & operating costs, especially when operating at partial loads and low speeds.
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