Global Market for Synchronous Motors is Set to Reach US$ 11.4 Billion by 2033, Rising at a CAGR of 5.5% | Report by Future Market Insights, Inc.

NEWARK, DE / ACCESSWIRE / May 2, 2023 / In 2022, the global large synchronous motor market reached a worth US$ 6.5 Billion. The industry is expanding as companies offer technologically advanced large synchronous motors with high-power and high-speed compressors. The market is expected to be worth US$ 11.4 Billion by 2033, with a 5.5% CAGR from 2023 to 2033. In 2023, the market is expected to generate US$ 6.7 Billion.

The market is expected to witness significant growth during the forecast period owing to the high demand for low energy consumption is met by a large synchronous motor. The large synchronous motor has high precision at a constant speed. Thus large synchronous motors are widely used in the industrial sector.

The exponential boost in demand for highly efficient machine control motors is the key factor encouraging the market growth for large synchronous motors globally. The large synchronous motors are used in various industries for different applications like mining, and water treatment. Separation unit & other.

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Key Takeaways:

• From 2018 to 2022, the market demand expanded at a CAGR of 4.3%
• Based on the application, the compressor segment is 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 is 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 motors 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 About What This 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:

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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Table of Content (ToC):

1. Executive Summary | Large Synchronous Motor Market

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.2. Scenario Forecast

3.3. Opportunity Map Analysis

3.4. Product Life Cycle Analysis

3.5. Supply Chain Analysis

3.6. Investment Feasibility Matrix

3.7. Value Chain Analysis

3.8. PESTLE and Porter's Analysis

3.9. Regulatory Landscape

3.10. Regional Parent Market Outlook

3.11. Production and Consumption Statistics

3.12. Import and Export Statistics

4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033

4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022

4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033

5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Rated Power

5.1. Introduction / Key Findings

5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Rated Power, 2018 to 2022

5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Rated Power, 2023 to 2033

5.4. Y-o-Y Growth Trend Analysis By Rated Power, 2018 to 2022

5.5. Absolute $ Opportunity Analysis By Rated Power, 2023 to 2033

6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application

6.1. Introduction / Key Findings

6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Application, 2018 to 2022

6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Application, 2023 to 2033

6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022

6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033

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