Global large synchronous motor market is forecast to be valued at US$ 222Mn in 2031. Future Market Insights (FMI)in its study presents a stable long-term growth outlook for the market. The report forecasts the global large synchronous motor market to grow at a moderate CAGR during 2021-2031. The report offers analysis in 20+ high-growth markets, providing detailed insights on Large Synchronous Motor growth will evolve in the next decade.
Demand for large synchronous motors waned in 2020 due to the COVID-19 outbreak and restrictions that followed to contain the spread of the virus. Nonetheless, sales will pick as the manufacturingsector begins recovery. According to the report, the 25 to 40 MW large synchronous motors registered increasing demand. The 40 to 80 MW capacity on the other hand found demand in heavy duty applications. According to the report, the 25 to 40 MW category will continue accounting for maximum sales through the course of the forecast period.
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Increasing in investment in various public infrastructure projects will create lucrative opportunities for growth. For instance, the expansion of water treatment plants, especially desalination plants, will fuel the demand forlarge synchronous motors.
The overall market for large synchronous motorsis growing at a relatively slow pace post the pandemic, nonetheless, its trajectory will continue rising steadily through the course of the report’s forecast period. The three key markets forlarge synchronous motor are China, India and Europe. Markets in ASEAN countries are expected to grow moderately.
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- Large synchronous motor market will exhibit 2.6% y-o-y growth in 2021, backed by increasing application across diverse sectors
- The U.S. will emerge as a lucrative market, thanks to expansion of mining activities. It will account for nearly 75% of sales in North America market in 2021
- Within the U.K. increasing focus on water treatment will continue driving growth
- Expansion of infrastructural facilities will create growth opportunities in France and Germany
- China will emerge as a highly lucrative market, thanks tocontinued investments in power generation and industrial infrastructure.
“Surge in demand for 25 to 40 MW synchronous motor in recent years is expected to provide an impetus to large synchronous motor sales. High efficiency, low fuel requirement, and high performance of large synchronous motors will continue creating growth opportunities,” says FMI analyst.
Subdued Growth Likely following COVID-19 Outbreak
The COVID-19 pandemic is currently impacting the global economy at various levels and the impact is seen on large synchronous motor market as well. The Large Synchronous Motor growth is currently subdued by the COVID-19 pandemic crisis and is expected to witness a significant drop in demand till 2021.
With a number of end use industries affected in several countries, the growth of the market is challenged as well. The decelerating demand is expected to result in a significant drop in Y-O-Y growth yet FMI expects large synchronous motor to grow at a moderate CAGR through 2031.
The market is fairly consolidated, with key 7-8 players accounting for overall market share.Some of the key players in the market are ABB, General Electric, WEG, Siemens AG, VEM Group, among others.These players are likely to invest in new technologies, especially customized variants, to maintain their market share.
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The research report analyzesfactors affecting the demand for large synchronous motor market. The study examines the impact of COVID-19 on the market, besides gauging macroeconomic factor and prevailing market trends. The report analyzes the market on the basis ofrated power, application, end use, and region.The report gives qualitative and quantitative information on various players operating in this space. It also tracks the market by both, supply side and demand side.
Scope of the Report
|Historical Data Available for||2015-2029|
|Market Analysis||USD Million for value and Units for Volume|
|Key Regions Covered||North America, Latin America, Europe &Middle East Africa and Asia Pacific|
|Key Countries Covered||US, Canada, Brazil, Mexico, Germany, U.K., France, Italy, GCC Countries, South Africa, China, Japan, India|
|Key Segments Covered||Rated Power, Application, End Use and Region.|
|Key Companies Profiled||ABBGeneral ElectricToshiba Mitsubishi-Electric Industrial Systems CorporationHyundai Electric & Energy Systems Co., LtdWEGSiemens AGVEM Group|
|Report Coverage||Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|