In 2022, the global large synchronous motor market is expected to be worth US$ 6.5 billion. The industry is expanding as companies offer technologically advanced large synchronous motors with high-power and high-speed compressors. The market is expected to be worth US$ 11.4 billion in 2033, with a 5.5% CAGR from 2023 to 2033. In 2023, the market is expected to generate US$ 6.7 billion.
The market is expected to witness significant growth during the forecast period owing to the high demand for low energy consumption is met by a large synchronous motor. The large synchronous motor has high precision at a constant speed. Thus large synchronous motors are widely used in the industrial sector.
The exponential boost in demand for highly efficient machine control motors is the key factor encouraging the market growth for large synchronous motors globally. The large synchronous motors are used in various industries for different applications like mining, and water treatment. Separation unit & other.
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Key Takeaways from the Market Study
- From 2018 to 2022, the market demand expanded at a CAGR of 4.3%
- Based on the application, the compressor segment to accumulate a market share of 42.5% in 2023
- By rated power, the 25 to 40 MW segment dominates the market with a share of 34%
- North America to emerge as a promising market, capturing nearly 37% of the global market share in 2023
- Asia Pacific to be an opportunistic market, expected to capture a CAGR of 5.4% during the forecast period.
Competitive Landscape
Prominent players in the large synchronous motors market are ABB, General Electric, WEG, Siemens AG, VEM Group, and Hyundai Electric & Energy System Co Ltd, among others.
Leading players operating in the global large synchronous motor market are focusing on intensive research and development for launching innovative products and services in the market.
Product innovation is the key strategy adopted by market players. Brand consciousness and aggressive marketing by top players however make it challenging for new entrants in this market.
The market players are also emphasizing offering large synchronous motor with high reliability and high performance. The market is benefiting from partnerships with a high focus on innovation.
- Toshiba Mitsubishi-Electric Industrial Systems Corporation announced that together with Mitsubishi Electric Corporation they have developed an electrical motor-design support system incorporating Mitsubishi Electric’s Maisart®* AI technology to dramatically shorten the time required to produce electrical motor designs that achieve the same performance as conventional design methods deployed manually by skilled engineers.
- Siemens smart infrastructure added four new devices to its portfolio of Simatic ET 200 SP motor starters, which are used to start electric drivers with power output from 0.1 to 0.4 ampere
Know More about What the Large Synchronous Motor Market Report Covers
Future Market Insights offers an unbiased analysis of the global large synchronous motor market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the large synchronous motor market, the market is segmented based on rated power, end-use, and application across five major regions.
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Key Segments Covered in the Large Synchronous Motor Industry Analysis
By Rated Power:
- 25 to 40 MW
- 40 to 60 MW
- 60 to 80 MW
By Application:
- Compressor
- Pump
- Fans
- Extruder
- Mixers
- Conveyors or Belts
- Others
By End User:
- Oil & Gas
- Metal & Mining
- Paper & Pulp
- Chemicals & Petrochemicals
- Automotive
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Us
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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