Market Size of Global Synchronous Motor Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Synchronous Motor Market Analysis
The global synchronous motor market is expected to register a CAGR of 3.40% during the forecast period, 2022-2027. The rising demand for high energy efficiency and the growing demand for electric motors used in HVAC applications are driving the market over the forecast period.
- According to the International Energy Agency (IEA), electric motors account for about half of the global electricity consumption. AC motors are considered a component integral to the industrial sector. AC motors power various industrial applications, such as conveyors, mixers, pumps, fans, hoists, and crushers.
- With the increasing focus on improving the emission criteria for environment support in regions such as North America, there has been a high focus on improving the efficiency of the motors. IE5 is one of the several futuristic standards set in this direction.
- Kollmorgen, a major player engaged in the design, development, and manufacture of proprietary motion control products and services for diverse industrial, aerospace and defense, and consumer product applications, offers two brands of AC synchronous motors in the Pacific Scientific ST/SN Series and Superior Electric products. Products in four frame sizes, such as NEMA 23, 34, 42, and 66, are also available.
- In Jan 2021, Bison Gear and Engineering Corp. announced the release of its compact and efficient VFsync line of Permanent Magnet AC Synchronous (PMAC) motors. The VFsync line is designed for various applications, including conveyor systems, greenhouse equipment, bottling equipment, bagging equipment, packaging machines, and industrial pumps and mixers.
- COVID-19 has negatively impacted the market growth, mainly due to stoppage in discrete manufacturing industry operations. Much of the decline was attributable to lower transportation equipment sales and petroleum and coal products. The machinery industry posted the largest sales gain, followed by the wood product and chemical industries.
- The COVID-19 outbreak and the lockdown restriction imposed across the regions have affected capital investments and industrial activities. Following the global economic recession led by COVID-19, several enterprises operating in the end-user industries, including metal and mining, and power generation, shut down their production sites due to lockdown restrictions.
Synchronous Motor Industry Segmentation
A synchronous motor is an AC electric motor in which the rotation of the shaft is synchronized with the frequency of a supply current. The Global Synchronous Motor Market is segmented by Type ( DC Excited Rotor, Permanent Magnet, Hysteresis Motor, Reluctance Motor), by End-User Industry (Oil and Gas, Chemical and Petrochemical, Power Generation, Waste and Wastewater, Power Generation, Metal and Mining, Food and Beverage, Discrete Industries), and by Geography.
Global Synchronous Motor Market Size Summary
The global synchronous motor market is poised for growth, driven by the increasing demand for energy-efficient solutions and the rising application of electric motors in HVAC systems. Synchronous motors, which operate at the same speed as the magnetic field, are gaining traction due to their high low-speed torque and compact design, making them suitable for various industrial applications. The market is also witnessing advancements in technology, with companies like Kollmorgen and Bison Gear introducing innovative products such as the Pacific Scientific ST/SN Series and VFsync line of PMAC motors. These developments are supported by a growing emphasis on improving emission standards, particularly in regions like North America, where standards like IE5 are being implemented to enhance motor efficiency.
The market landscape is characterized by significant competition among major players such as ABB Ltd., Johnson Electric, and Siemens AG, who currently hold a dominant market share. However, the market is also seeing new entrants and innovations, as companies strive to expand their presence and secure new contracts. The COVID-19 pandemic initially hindered market growth due to disruptions in manufacturing and reduced demand in sectors like transportation and petroleum. Nonetheless, the market is recovering, with countries like Japan and South Korea investing in advanced manufacturing and next-generation vehicle technologies, which are expected to drive the demand for synchronous motors. The ongoing technological advancements and strategic investments in various regions are likely to sustain the market's growth trajectory in the coming years.
Global Synchronous Motor Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porters Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Assessment of Impact of COVID-19 on the Market
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Global Synchronous Motor Market Size FAQs
What is the current Global Synchronous Motor Market size?
The Global Synchronous Motor Market is projected to register a CAGR of 3.40% during the forecast period (2024-2029)
Who are the key players in Global Synchronous Motor Market?
Johnson Electric, Kirloskar Electric Co. Ltd., ABB Limited, Franklin Electric Co.Inc. and SEVA-tec GmbH are the major companies operating in the Global Synchronous Motor Market.
