![]() |
Market Research Report
Product code
1053901
Synchronous Motors Market with COVID-19 Impact Analysis, By Mount Type, By Voltage, By Application, By End-User, and By Region - Size, Share, & Forecast from 2021-2027 |
Synchronous Motors Market with COVID-19 Impact Analysis, By Mount Type, By Voltage, By Application, By End-User, and By Region - Size, Share, & Forecast from 2021-2027 |
Published: December 1, 2021
AnalystView Market Insights
Content info: 300 Pages
Delivery time: 2-3 business days
|
The global Synchronous Motors market was valued at USD 20,663.8 Million in 2020, growing with 4.2% CAGR during the forecast period, 2021-2027.
Synchronous motors are described as motor which runs at synchronous speed. The synchronous speed is the constant speed at which the motor generates the electromotive force. The synchronous motor is used for converting electrical energy into mechanical energy.
The increasing demand for electricity along with the rise in the price of electricity is expected to drive the growth of the synchronous motors market during the forecast period. The growth of the synchronous motors is attributable to their properties such as power factor correction to reduce energy consumption and high efficiency, which in turn, create a wide adoption in the manufacturing industry.
Synchronous motors are notably utilized in industries and they also can be used as generators or motors, relying on industry choice. The synchronous motor normally runs at a synchronous speed, i.e., at a stable speed with an offered frequency, while contributing more constancy. Owing to excessive performance, low electricity loss, minimum maintenance needs as well as flexibility in adapting to numerous machinery layouts, synchronous motors are steadily gaining recognition amongst consumers. Thus, these factors drive the growth of the market during the forecast period.
Based on region, the global synchronous motors market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific is expected to dominate the market during the forecast period owing to the increasing demand for synchronous motors in manufacturing industries and growing awareness related to energy efficiency. Moreover, the rising energy cost is one of the prominent factors for the wide adoption of synchronous motors across industries in the region. Furthermore, the presence of the major key players such as ORIENTAL MOTOR ASIA PACIFIC PTE. LTD., Focus Technology Co., Ltd., and others are expected to drive the growth of synchronous motors in the region. However, North America is expected to hold a significant market share during the forecast period owing to the rapid growth in the power generation industry, which in turn, drive the growth of the synchronous motors market in the region.
In terms of application, the worldwide industry is categorized as Fans, Pumps, Conveyors, Extruders, Mixers, Compressors, and Others. The fans segment is expected to hold the largest market share during the forecast period because fans generally operate at a fixed speed. However, through the use of synchronous motors, the speed can be controlled via variable motor speed operation. Meanwhile, the building automation industry uses fans for heating, cooling, and ventilation system. The application of synchronous motors in heating and cooling units has elevated notably over the year, and the trend is anticipated to remain in the future, because of its speed control properties and improving electric system efficiency.
The key player adopted various strategies to sustain in the market such as merger & acquisition, consolidation, investment, partnership, product launch, and divestment. Recently, in May 2018, Sumitomo Heavy Industries Ltd. introduced the acquisition of Lafert Group, the European leader in the design and production of electric motors and drivers customized for industrial use. Through the strategic acquisition of Lafert, the company will enlarge its footprint in the electric motors and industrial machines electrification space. In July 2019, Hyundai launched an electric SUV in the Indian market known as "Kona". The vehicle uses permanent magnet synchronous motors that deliver around 395 Nm of torque. Key players involved in electric vehicles manufacturing are focused on using synchronous motors in order to deliver high efficiency and performance.
The scope of this report covers the market by its major segments, which include as follows: