The synchronous motors market is expected to grow from an estimated USD 17.83 Billion in 2016 to USD 21.49 Billion by 2021, at a CAGR of 3.8%. High efficiency associated with synchronous motors, power factor correction capabilities, and stringent regulations are driving the synchronous motors market worldwide. High efficiency associated with synchronous motors makes it superior in comparison to induction motors. This has emerged as a major trend in the synchronous motors market.
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The extraction of oil & gas from deep-water requires differential pressure equipment. These pressure requirements are easily met by highly efficient synchronous motors. With recovery in oil prices and increase in projected demand for oil & gas, oil companies are refocusing on deep-water exploration and production activities. As a result, oil & gas exploration and production focus has shifted from mature onshore fields to offshore oilfields. Chemicals and petrochemicals is another segment contributing to the demand for synchronous motors. In this segment, synchronous motors are used to transport liquid in pressure vessels, pressurizing tanks, for spot cooling, and moulding plastics.
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Among different types of mounting, i.e., vertical and horizontal, horizontal mount synchronous motors accounted for the largest market share in 2015. Horizontal mounted motors are used in the chemical, printing and packaging, and construction industries, among others. These industries are growing rapidly in the developing economies of India, China, and Indonesia which has made the Asia-Pacific the largest market for horizontal mounted synchronous motors.
Asia-Pacific is the largest market for synchronous motors, and will continue to dominate the synchronous motors market during the forecast period. China is leading the regional synchronous motors market, whereas other global key markets include the U.S., India, Germany, Russia, Brazil, and Saudi Arabia. The synchronous motors market in China and India are expected to grow at a high CAGR of 5.1% and 5.1%, respectively, from 2016 to 2021, owing to rise in manufacturing industries and increased awareness about energy efficiency.
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To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the synchronous motors market, namely, ABB Limited (Switzerland), Nidec Corporation (Japan), , Rockwell Corporation (U.S.), Siemens AG (Germany), General Electric (U.S.), WEG S.A. (Brazil), , Toshiba Corporation (Japan), Johnson Electric Holding Ltd. (Hong Kong), Emerson Electric (U.S.), among others.
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Synchronous Motors Market to exceed $21.49 Billion by 2021
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