In 2022, the global large synchronous motor market was valued at USD 6.5 billion, driven by advancements in high-power, high-speed compressors. By 2023, the market is expected to grow to USD 6.7 billion, with projections indicating it will reach USD 11.4 billion by 2033, registering a 5.5% CAGR from 2023 to 2033.
The market is set to experience substantial growth during the forecast period due to the rising demand for energy-efficient solutions, which large synchronous motors fulfill. These motors offer high precision at constant speeds, making them ideal for industrial applications.
The increasing need for highly efficient machine control motors is a key factor propelling global market growth. Large synchronous motors are widely utilized across various industries, including mining, water treatment, and separation units, for different applications.
Key Takeaways:
- From 2018 to 2022, the market demand expanded at a CAGR of 4.3%
- Based on the application, the compressor segment is 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 is 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 motors 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
Key Segments Covered:
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
Access Report Details for More In-Depth Information!
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
