Synchronous Motors Market Size, Share, Trends, Growth 2030

Synchronous Motors Industry Perspective:

The global Synchronous Motors market size was evaluated at $21.5 Billion in 2022 and is slated to hit $31.5 Billion by the end of 2030 with a CAGR of nearly 4.1% between 2023 and 2030.

The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketplace. The report covers the geographical market along with a comprehensive competitive landscape analysis. Additionally, the report explores the investor and stakeholder space to help companies make data-driven decisions.

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Global Synchronous Motors Market: Synopsis

Synchronous motors are alternating current motors comprising a spinning rotor with coil wires passing magnets at the same rate of alternating current and creating a magnetic field that drives the rotor. These products are utilized when continuous speed is needed. Furthermore, the rising demand for electricity along with a swift rise in the cost of electricity has propelled the demand for synchronous motors.

Moreover, synchronous motors offer a slew of benefits. For instance, it offers power aspect correction for decreasing power usage along with increasing effectiveness. In addition to this, these products are extensively utilized in myriad industries as well as they can be used as generators. A synchronous motor generally runs at a stable velocity with a required frequency while contributing greater constancy. Due to high performance, less power loss, and minimal maintenance requirements, synchronous motors are garnering high popularity amongst the end-users.

Key Insights

• As per the analysis shared by our research analyst, the global Synchronous Motors market is projected to expand annually at the annual growth rate of around 4.1% over the forecast timespan (2023-2030)
• In terms of revenue, the global Synchronous Motors market was evaluated at nearly $21.5 billion in 2022 and is expected to reach $31.5 billion by 2030
• The global market is anticipated to record massive growth over the forecast period due to rise in demand for power supply and benefits such as high efficiency, power factor correction, and optimal power. .
• Based on voltage, the medium voltage segment contributed to a major share of the global market in 2022
• In terms of application, the fans segment is predicted to account for a major share of the global market during the predicted timespan.
• Region-wise, the Asia-Pacific Synchronous Motors market is projected to record massive growth over the assessment timespan.

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Synchronous Motors Market: Growth Factors

Surging need for producing energy from renewable sources to boost the global market growth in 2023-2030

Rise in demand for power supply and benefits such as high efficiency, power factor correction, and optimal power use will boost the global market demand. In addition to this, the growing penetration of synchronous motors in the oil & gas sector is expected to enlarge the scope of the expansion of the synchronous motors market across the globe. Apart from this, the product finds a slew of applications in record players, ball mills, and tape recorders as well as industrial applications. This will prop up the global market expansion.

Thriving power generation sector will contribute majorly towards the expansion of the synchronous motors market across the globe. Surging environmental concerns has led to governments offering subsidies to automotive manufacturers for producing electric vehicles, thereby boosting the global synchronous motors market growth.

Synchronous Motors Market: Hindrances

Synchronous motors need direct current excitation that can inhibit the global industry expansion

Synchronous Motors require direct current excitation and it is supplied from external sources as they are not self-starters. This will act as a major restraint in the path of the growth of the global synchronous motors industry. Moreover, the cost/kilowatt of synchronous motors is high in comparison to induction motors, thereby creating hurdlers in the growth of the global industry.

Synchronous Motors Market: Opportunities

Growing green energy trends to create new growth opportunities for the market across the globe

Surging demand for electric vehicles owing to renewable energy trends and the need for reducing environmental degradation due to pollution from vehicular emissions will open new growth avenues for the global synchronous motors market.

Synchronous Motors Market: Challenges

Reduction in greenfield investments to put up a big challenge for the global industry surge

Increasing rewinding trend and decline in investments in greenfield can be a major challenge for the global synchronous motors industry.

Synchronous Motors Market: Segmentation

The global Synchronous Motors market is sectored into mounting type, voltage, application, end-user, and region.

In terms of application, the global Synchronous Motors market is divided into Compressors, Fans, Conveyor Belts, Pumps, Extruders, and Mixers segments. Apparently, the fans segment is set to record the fastest CAGR over the forecast timeline. The segmental surge can be credited to a large number of fans operating at a fixed speed due to the use of synchronous motors as the latter helps in controlling variable motor speed functionalities. Moreover, the building automation system makes use of fans for cooling, heating and ventilation system. Apart from this, different kinds of fans are utilized in mining, cement, oil & gas, chemicals, petrochemicals, wastewater, and pulp & paper sectors.

Based on the voltage, the global Synchronous Motors industry is bifurcated into low voltage and medium voltage segments. Furthermore, the medium voltage segment, which garnered the largest share of the global industry in 2022, will continue to establish its numero uno position even in the upcoming years. The growth of the segment over the projected timespan is due to the large-scale use of medium-voltage synchronous motors in gearless elevators, packing machines, and pharmaceutical equipment.

Recent Breakthroughs

• In the first half of 2022, MG Motor introduced a new electric car type referred to as ZS EV. Reportedly, the new car is driven by a permanent magnet synchronous motor and it produced nearly 141 horsepower and 353 Nm of torque. The move will boost the expansion of the global synchronous motors industry.
• In the first quarter of 2022, the Danfoss Editron unit declared large-scale production of EM-PMI240-T180 synchronous motor that is devised for hybrid and electric drivetrains in mobile work equipment, marine vessels, and buses. For the record, the synchronous motor offers power ranging from 49 kilowatts to 122 kilowatts. The initiative will contribute sizable towards the market value across the globe.

Synchronous Motors Market Report Scope:

Synchronous Motors Market: Regional Insights 

Synchronous Motors Market in the Asia-Pacific To Witness Humungous Growth During 2023-2030

The Asia-Pacific region is set to dominate the global Synchronous Motors market growth over the forecast timeline. The growth of the regional market in the ensuing years can be owing to the rise in presence of manufacturing industries in the region along with surging awareness about energy conservation as well as fuel efficiency. Apart from this, Japan is a pioneer in the industrial economy of the sub-continent and has emerged as a manufacturing hub for automated products and supplies to other countries across the globe. Furthermore, South Korea is investing majorly in research & development projects related to the next-gen automotive industry. It is a leading player in the sub-continent that produces hydrogen-fuelled vehicles as well as self-driven vehicles.

Furthermore, North America is projected to contribute notably towards the global Synchronous Motors industry share in the coming years due to the thriving power generation sector in the countries such as the U.S. and Canada. Apart from this, surging renewable energy capacities in the sub-continent will further boost regional industry trends.

Moreover, Latin America will also make significant contributions towards the global market share in the ensuing years subject to a rise in the power supply issues due to scarcity of electricity in the countries such as Argentina, Brazil, and Mexico. Apart from this, the rapidly expanding electric vehicle market in Europe will account substantially toward the global market size. Supportive government initiatives promoting the use of green energy will further drive regional market trends.

Synchronous Motors Market: Competitive Space

The Synchronous Motors market profiles key players such as:

• Toyo Denki Seizo K.K.
• Emerson Electric Corporation
• GE Grid Solutions Heinzmann GmbH & Co.KG
• Fuji Electric Co. Ltd
• WEG S.A.,  Baumuller Nurnberg GmbH
• Rockwell Automation
• Oriental Motor USA
• Automatic IT Services Pvt Ltd
• Infineon Technologies
• Bosch Rexroth Australia
• NXP Semiconductors
• Siemens AG
• Nidec Servo Corporation
• Johnson Electric Holding Ltd.
• Toshiba Infrastructure Systems
• Motion Drivetronics Pvt Ltd.

The global Synchronous Motors market is segmented as follows:

By Mounting Type

• Horizontal
• Vertical

 By Application

• Compressors
• Fans
• Conveyor Belts
• Pumps
• Extruders
• Mixers

By Voltage

• Low Voltage
• Medium Voltage

By End-User

• Oil & Gas
• Paper & Pulp
• Chemicals & Petrochemicals
• Metal & Mining
• Automotive

 By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa