Synchronous Motor Market

Global Synchronous Motor Market Size (2024 to 2029)

The size of the Global Synchronous Motors Market is expected to be worth USD 24.90 Billion in 2024 and USD 30.91 Billion by 2029, growing at a CAGR of 4.42% from 2024 to 2029.

Electric motors that spin at the same speed as the electricity they receive are known as synchronous motors. Synchronous motors serve two crucial purposes. To begin with, it is incredibly efficient at converting electrical energy into mechanical energy. In addition, it might assist in making the power supply more effective. Pumps, blowers, clocks, and industrial equipment all benefit greatly from using these motors because they need a steady speed. They are effective and often employed in a variety of industries, including the manufacture of paper, textiles, and cement.

Global Synchronous Motor Market Drivers:

The synchronous motor market continues to expand at a faster rate due to the rising demand for synchronous motors in automation. The global synchronous motor market demand is expected to rise as a result of the rising demand for power supply and benefits offered by synchronous motors, including high efficiency, power factor correction, and low power consumption.

Additionally, the use of synchronous motors in the oil and gas industry is growing, which is expected to support synchronous motor market growth. In addition to industrial contexts, synchronous motors have applications in products like record players, ball mills, and tape recorders. It is projected that this wide range of applications would contribute to the synchronous motor market expansion.

The rising demand for electric vehicles is expected to lead to growth in the synchronous motor market. There will be greater demand for efficient and dependable motors to power these vehicles as their acceptance and popularity grow. Therefore, it is anticipated that the market for synchronous motors will benefit greatly from the growing demand for electric vehicles.

The need for reliable and efficient motors, as well as the rising need for energy conservation across a variety of industries, are driving the synchronous motor market. The development of technology like AI is also opening up new industry prospects; this can be a significant opportunity for the synchronous motor market.

Due to their high precision and accuracy, synchronous motors are used in robotics, automation, and machine control. Additionally, the demand for the synchronous motor market is anticipated to increase in the upcoming years due to the increase in investments in renewable energy sources.

Global Synchronous Motor Market Restraints:

Since synchronous motors are not self-starting, they have a constraint in that they need an external source to supply direct current excitation. The synchronous motor market is significantly constrained by this restriction.

Synchronous motors are also not appropriate for variable speed applications since they are unable to change their speed without changing the frequency of the power source with the help of variable frequency drives. This factor is restraining the synchronous motor market growth. 

Impact of COVID-19 on the Synchronous Motor Market:

The COVID-19 pandemic has had a negative impact on the growth of the synchronous motor market, primarily as a result of the temporary pause in operations in the various manufacturing industries. Reduced sales of coal, petroleum, and transportation equipment reduced the market demand. However, the largest sales growth of the synchronous motor market was seen in the equipment sector, followed by the wood products and chemical sectors.

REPORT COVERAGE:

This research report on the global synchronous motor market has been segmented and sub-segmented based on mounting type, application, end-user, voltage, and region.

Global Synchronous Motor Market - By Mounting Type:

• Horizontal
• Vertical

A horizontal synchronous motor market segment is leading with the dominant shares of the market owing to the rising economy in emerging countries. The vertical segment is deemed to have the fastest growth opportunities for the synchronous motor market.

Global Synchronous Motor Market - By Voltage:

• Low
• Medium
• High

The low synchronous motor market is gaining traction over the shares. Low-voltage synchronous motors are used in a variety of industries, including packing machines, gearless elevators, and pharmaceutical machinery.

Global Synchronous Motor Market - By Application:

• Compressors
• Pumps
• Fans
• Extruders
• Mixtures
• Conveyer belts
• Other Applications

The pumps segment is leading with the dominant shares of the market, whereas the compressors segment is growing at a faster rate during the forecast period.

Global Synchronous Motor Market - By End Users:

• Oil & gas
• Metal & mining
• Paper & pulp
• Chemicals
• Automotive
• Others

The oil & gas segment is gaining traction over the shares of the market. As the main fuel sources, oil and natural gas are important sectors of the energy market and have a big impact on the economy.

Global Synchronous Motor Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America 
• Middle East and Africa

North America is expected to witness rapid growth in the synchronous motor market due to the expansion of the region's power-generating sector. Government programs promoting clean energy sources are projected to cause the market for electric vehicles in Europe to expand more quickly. Norway stands out as a significant market in Europe for selling electric vehicles. As a result, it is anticipated that there will be a continued strong demand for the synchronous motor market.

The Middle East and Africa region is witnessing an increase in renewable energy capacities, which is contributing to the growth of the power generation industry in the area. As a result, the synchronous motor market is expected to exhibit substantial growth in the Middle East and Africa region.

China is acknowledged by the International Energy Agency as a significant market for electric vehicles. Due to stringent pollution standards for vehicles and growing worries over CO2 emissions, the Asia Pacific region's electric car market is predicted to expand dramatically. The synchronous motor market in the area is anticipated to develop as a result of this expansion in the electric vehicle sector.

KEY MARKET PLAYERS:

Major Key Players in the Global Synchronous Motor Market are ABB Limited (Switzerland), Nidec Corporation (Japan), Rockwell Automation (U.S.), Siemens AG (Germany), General Electric (U.S.), WEG S.A. (Brazil), Toshiba Corporation (Japan), Johnson Electric Holding Ltd. (Hong Kong), Emerson Electric (U.S.), and others.

RECENT HAPPENINGS IN THE MARKET:

• BMW launched a fifth-generation magnet-free motor in January 2022. This motor, which is an AC synchronous three-phase motor, was created especially to drive the BMW iX m60 electric car. This engine is unique in that it doesn't require rare earth materials in order to operate, making it environmentally friendly and sustainable.