Synchronous Motors Market by Mount Type (Horizontal and Vertical), Voltage (LV and MV), End User (Oil & Gas, Chemicals & Petrochemicals, Metals, Mining, Pulp and Paper), Application, and by Region - Global Trends & Forecasts to 2021
“Synchronous motors market to grow at a CAGR of 3.8% during the forecast period”
The global synchronous motors market is expected to reach a size of USD 21.49 billion by 2021, at a CAGR of 3.8% from 2016 to 2021. Rising electricity prices, along with increased demand for electricity and energy, is currently driving the demand for synchronous motors. Additionally, power factor correction capabilities have high potential for reducing energy consumption, and enhanced efficiency of the system provides a huge opportunity for retrofit applications in the manufacturing industry. This characteristic enables end-users to save on electricity bills and avoid penalty charges in many parts of the world, such as North America and Europe.
“Compressors is projected to be the largest segment, by application, during the forecast period”
Compressor is an important equipment in several critical industries, particularly in the process industries; this segment is expected to be the largest by 2021. In most factories and industrial facilities, generation of compressed air amounts for one-fifth of the total electricity bill. Industries are increasingly focusing on energy awareness and implementation of energy-efficient solutions to reduce their operational costs. Compressors require fixed speed motor applications; in this case, synchronous motors prove to be a better option to achieve higher efficiencies at a lower cost.
“Asia-Pacific: the fastest growing region in the synchronous motors market”
Asia-Pacific is the largest as well as fastest growing region in the global synchronous motors market. This growth and increasing demand for synchronous motors is attributed to the rise in manufacturing activities in countries such India, China, Japan, and Indonesia. Furthermore, growing need for energy efficiency in the region is also driving the demand for synchronous motors. The synchronous motor can drive more power from smaller units, which helps manufactures to achieve greater power densities and lesser space requirements.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts to obtain & verify critical qualitative and quantitate information as well as assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 55%, Tier 2-20%, and Tier 3-25%
By Designation: C-Level-75% and Others*-25%
By Region: North America-10%, Europe-20%, Asia-Pacific-40%, Rest of the World*-30%
Note:*Others include product managers, marketing managers, and sales managers
Note:*Rest of the World includes South America and the Middle East & Africa
The tier for companies has been defined on the basis of their total revenue, as of 2013: Tier-1 = >USD 5 billion, Tier-2 = USD 1 billion to USD 5 billion, and Tier-3 = <USD 1 billion
Leading players of this industry have been profiled with their recent developments and other strategic activities. These include ABB Limited (Switzerland), Nidec Corporation (Japan), Rockwell Corporation (U.S.), Siemens AG (Germany), General Electric (U.S.), WEG S.A. (Brazil), Toshiba Corporation (Japan), Johnson Electric Holding Ltd. (Hong Kong), and Emerson Electric (U.S.), among others.
Why buy this report?
1. The report identifies and addresses key markets for synchronous motors, which is useful for manufacturers, suppliers, and utilities to review production, distribution, and installation plans.
2. The report includes analysis for key countries, by application, including pump, compressor, extruder, conveyer, fans, mixers, and others. It analyzes historical trends and also forecast for 2021, assisting in strategic decision making.
3. It also presents competition by analyzing recent market developments such as contracts & agreements, new product launches, expansions, and mergers & acquisitions from key global market players. It helps to understand the competition strategies and plan respective initiatives.