The Large Synchronous Motor Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Large Synchronous Motor market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Large Synchronous Motor. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.
The Large Synchronous Motor Market is poised to witness substantial expansion over the forecast period, owing to the escalating demand for energy-efficient solutions. Renowned for their exceptional precision at consistent speeds, large synchronous motors have emerged as the preferred choice within the industrial sector. With industries actively pursuing dependable and efficient power solutions, these motors present a compelling option to meet the burgeoning demands. Their capacity to sustain a stable velocity while delivering superior performance renders them highly suitable for diverse industrial applications.
Projections indicate that the global large synchronous motor market is expected to reach a valuation of US$ 6.5 billion by 2022. Industry players are driving market growth through the development of technologically advanced large synchronous motors equipped with high-power and high-speed compressors. Anticipated to reach a value of US$ 11.4 billion by 2033, the market is projected to experience a 5.5% compound annual growth rate (CAGR) between 2023 and 2033, with an estimated revenue of US$ 6.7 billion by 2023.
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The market is slated to witness substantial growth throughout the forecast period, owing to the ability of large synchronous motors to meet the increasing demand for energy-efficient solutions. Their superior precision at constant speeds positions them as prominent assets in the industrial landscape. Furthermore, the exponential surge in the requirement for highly efficient machine control motors serves as a pivotal driver stimulating the global market for large synchronous motors. These motors find applications in various industries, including mining, water treatment, and separation units, among others.
Key Takeaways from the Market Study
- From 2018 to 2022, the market demand expanded at a CAGR of 4.3%
- Based on the application, the compressor segment 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 to be 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 motor 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
Know More about What the Large Synchronous Motor Market Report Covers
Future Market Insights offers an unbiased analysis of the global large synchronous motor market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the large synchronous motor market, the market is segmented based on rated power, end-use, and application across five major regions.
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Key Segments Covered in the Large Synchronous Motor Industry Analysis
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
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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 favour 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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