The global market for Large synchronous motors is anticipated to be valued US$ 222 million in 2031. In its analysis, Future Market Insights (FMI) predicts a stable long-term growth outlook for the market.
The study predicts that from 2021 to 2031, the global market for big synchronous motors will expand at a moderate CAGR. The report examines more than 20 high-growth industries and provides details on how the development of Large Synchronous Motors will change over the following ten years.
The outbreak of COVID-19 and subsequent efforts to slow its spread lowered demand for large synchronous motors in 2020. Sales will rise, though, once the industrial sector starts to recover. The report claims that there is a rising demand for big synchronous motors with capacities between 25 and 40 MW. However, the 40 to 80 MW capacity was in demand for heavy-duty applications. The 25 to 40 MW category will continue to dominate throughout the forecast period.
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The overall market for large synchronous motors 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 for large synchronous motors are China, India, and Europe. Markets in ASEAN countries are expected to grow moderately.
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 for large synchronous motors.
Key Takeaways
- 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.
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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.
Competitive Landscape
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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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
1.5. Technology Roadmap
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Overview of Configurations (2 pole, 4 Pole motor)
2.4. Overview of rated torques of power types
2.5. Overview of Motor Design & Energy rating Standards (IEEE, API, etc.)
- Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
- Key Success Factors
4.1. Degree of Device Customization as per End User Specifications
4.2. Project Bidding/ tender & Order Management
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Future Market Insights (ESOMAR certified 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 favor 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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