The global large synchronous motors market is anticipated to be worth US$ 222 million in 2031. In its analysis, Future Market Insights (FMI) anticipates a stable long-term growth prognosis for the market. According to the analysis, the global massive synchronous motor market will expand at a moderate CAGR from 2021 to 2031. The report looks at 20+ high-growth industries and gives information on how Large Synchronous Motors’ growth will differ over the next decade.
The country is now considered as the market leader for large synchronous motors. Transitioning away from obsolete technology, as well as substantial improvements in the country’s construction sector, are providing tempting opportunities for the China market.
The total market for large synchronous motors is increasing at a somewhat moderate pace following the pandemic, but it will continue to rise slowly throughout the length of the report’s prediction period. China, India, and Europe are the three most important markets for large synchronous motors. Markets in ASEAN countries are likely to increase moderately.
Request a PDF Sample Copy of this Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-13078
The COVID-19 outbreak and subsequent measures to contain the virus’s spread dampened demand for big synchronous motors in 2020. Nonetheless, when the industrial sector begins to revive, sales will increase up. According to the report, demand for large synchronous motors with capacities of 25 to 40 MW is expanding. Heavy-duty applications, on the other hand, found demand for the 40 to 80 MW capacity. Throughout the forecast period, the 25 to 40 MW category will continue to account for the majority of sales, according to the analysis.
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.
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.
For any Queries Related with the Report, Ask an Analyst @
https://www.futuremarketinsights.com/ask-question/rep-gb-13078
Large Synchronous Motor Market
By Rated Power
- 25 to 40 MWLarge Synchronous Motor
- 40 to 60 MWLarge Synchronous Motor
- 60 to 80 MW Large Synchronous Motor
By Application
- Rolling Mills
- Compressors
- Blowers & Fans
- Pumps
- Hoists
- Propulsion Systems
- Refiners
By End Use
- Industrial Air Separation Unit
- Power Generation Plant
- Thermal
- Nuclear
- LAES
- Petrochemicals + Oil & Gas Refineries
- Mining
- Industrial Mills
- Steel & Metallurgy
- Paper & Cement
- Others
- Water Treatment and Supply Plants
- Marine
By Region
- North America
- Latin America
- Europe & Middle East Africa
- Asia Pacific
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
Contact Us:
Future Market Insights, Inc.
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com