Future Market Insights
The growing demand for electricity, coupled with an exponential surge in the price of electricity collectively drive the synchronous motor market. Synchronous motors offer a multitude of advantages, such as power factor correction to reduce energy consumption and high efficiency, which facilitates its adoption in the manufacturing sector. Synchronous motors are widely used in industries and they can be used as motors or generators, depending on industry preference. Synchronous motors are feasible with speeds ranging from 150 rpm to 1800 rpm and power ratings between 150 KW to 15 MW. A synchronous motor runs at a synchronous speed, i.e. at a constant speed with a given frequency, while offering greater stability. Due to low power loss, high performance, minimal maintenance requirement and flexibility in adapting to diverse machinery layouts, synchronous motors are steadily gaining popularity among customers.
Synchronous motors are not self-starting motors. External DC supply is required to excite the motor close to the synchronous speed. Although synchronous motors are more complex, large synchronous motors are more efficient than induction motors and are capable of maintaining a constant operation speed even in overload conditions as well as voltage variations. A synchronous motor can operate under leading or lagging power factors. They are capable of power factor correction and work at high efficiencies – thus reducing the cost of energy consumption by supplying reactive power to the grid. These key advantages are forecasted to drive the synchronous motor market in the near future. The key feature in synchronous motors is that they can be used at high power with low speed; which makes them attractive for applications in the functioning of rolling mills, pumps and compressors in a multitude of industries such as manufacturing and oil and gas. Asia Pacific is forecasted to dominate the global synchronous motor market due to factors such as growth in manufacturing industries and increasing awareness about energy efficiency.
Global Synchronous Motor Market: Segmentation
The synchronous motor market is segmented as follows:
By mount type:
By voltage type
By end users:
Global Synchronous Motor Market: Key Trends and Drivers
The demand for low energy consumption motors is the primary factor that drives the demand for synchronous motor market. High efficiency, reliability and power factor correction - synchronous motors provide a good medley of solutions applicable across an array of industries. Two growing markets for synchronous motors are the oil & gas and chemical industries; this is vastly owed to the efficiency these motors offer. In the commercial sector, steep pricing for electricity has led to an urgent demand for energy saving options; which consequently creates a growth opportunity for the synchronous motor market. With recovery in oil prices, growth demand is projected to increase for oil and gas, this is forecasted to indirectly boost the synchronous motor market.
Global Synchronous Motor Market: Key Players
Examples of some of the market participants in the synchronous motor market are:
Siemens AG, General Electric, ABB Limited, WEG S.A., Toshiba Corporation, Nidec Corporation, Rockwell Corporation, Johnson Electric Holding Ltd., Emerson Electric, among others. Leading players are trying to penetrate developing economies and adopting various methods to increase their market share.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report covers exhaust analysis on:
Regional analysis includes:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.