Market Snapshot
| Study Period: | 2020-2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | North America |
| CAGR: | 3.4 % |
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Market Overview
The global synchronous motor market is expected to register a CAGR of 3.40% during the forecast period, 2022-2027. The rising demand for high energy efficiency and the growing demand for electric motors used in HVAC applications are driving the market over the forecast period.
- According to the International Energy Agency (IEA), electric motors account for about half of the global electricity consumption. AC motors are considered a component integral to the industrial sector. AC motors power various industrial applications, such as conveyors, mixers, pumps, fans, hoists, and crushers.
- With the increasing focus on improving the emission criteria for environment support in regions such as North America, there has been a high focus on improving the efficiency of the motors. IE5 is one of the several futuristic standards set in this direction.
- Kollmorgen, a major player engaged in the design, development, and manufacture of proprietary motion control products and services for diverse industrial, aerospace and defense, and consumer product applications, offers two brands of AC synchronous motors in the Pacific Scientific ST/SN Series and Superior Electric products. Products in four frame sizes, such as NEMA 23, 34, 42, and 66, are also available.
- In Jan 2021, Bison Gear and Engineering Corp. announced the release of its compact and efficient VFsync line of Permanent Magnet AC Synchronous (PMAC) motors. The VFsync line is designed for various applications, including conveyor systems, greenhouse equipment, bottling equipment, bagging equipment, packaging machines, and industrial pumps and mixers.
- COVID-19 has negatively impacted the market growth, mainly due to stoppage in discrete manufacturing industry operations. Much of the decline was attributable to lower transportation equipment sales and petroleum and coal products. The machinery industry posted the largest sales gain, followed by the wood product and chemical industries.
- The COVID-19 outbreak and the lockdown restriction imposed across the regions have affected capital investments and industrial activities. Following the global economic recession led by COVID-19, several enterprises operating in the end-user industries, including metal and mining, and power generation, shut down their production sites due to lockdown restrictions.
Scope of the Report
A synchronous motor is an AC electric motor in which the rotation of the shaft is synchronized with the frequency of a supply current. The Global Synchronous Motor Market is segmented by Type ( DC Excited Rotor, Permanent Magnet, Hysteresis Motor, Reluctance Motor), by End-User Industry (Oil and Gas, Chemical and Petrochemical, Power Generation, Waste and Wastewater, Power Generation, Metal and Mining, Food and Beverage, Discrete Industries), and by Geography.
Key Market Trends
Rising Demand for Electric Vehicles is Expected to Drive the Market Growth
- The substantial technological advances in the modern era have opened up opportunities to develop electric motors for various end-user industries, such as automotive, oil and gas, power generation, and other industries.
- In a synchronous motor, the rotor turns at the same speed as the magnetic field. The motor provides high low-speed torque, making it ideal for urban driving. Another major advantage that a synchronous motor offers is that it can be compact and low weight.
- In Jan 2022, BMW developed a magnet-free-fifth-generation motor, which operates as a three-phase AC synchronous motor and will be used to power BMW iX m60. The motor will provide a solution that combines sensibility with high-tech EV technology to improve efficiency without using rare earth minerals.
- In Feb 2022, Quantron unveiled its new twelve-meter-long, all-electric bus, CIZARIS 12 EV. The lithium iron phosphate batteries from Quantron's partner CATL were combined with a central synchronous motor to ensure a high range of up to 370 kilometers.
- Moreover, in October 2021, Piech Automotive, a swiss electric car start-up, started testing its GT electric sports car. The car is powered by three-synchronous motors, one at the front and a tow at the rear axle, which are said to have a system output of 450 kW.
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Asia-Pacific is Expected to Show a Significant Growth
- Japan has been a pioneer in transforming into an advanced industrial economy in the Asia-Pacific region. The Industrial version 4.0 is being adopted at a faster pace. The country has also emerged as a manufacturing hub for automation products and supplies them to other regional markets in the Asia-Pacific region, alongside international markets.
- Japan has been one of the major countries in the manufacturing of machinery and automotive industries. Japan's materials and manufacturing industries primarily include different fields, forest products, oil and gas, metals, and mining. The country has a large and highly advanced manufacturing industry. The manufactured products from the country enjoy a high reputation for their high quality, durability, and sophistication. The Japanese automakers, such as Toyota, Honda, and Mitsubishi, are among the biggest automakers around the globe, and Japan is the third-largest automaker.
- Various companies are adopting new technologies to boost their annual outputs. For instance, in January 2021, Northern Copper Industry Co. Ltd, a company producing raw material copper stock in North China, selected ABB for the installation of an electrical and automation system comprising the company's high voltage modular motor to optimize the production capacity of the company to garner the annual output of 5000 ton of rolled copper strip and foil production.
- In June 2021, South Korea's finance minister announced that the country plans to create a KRW 500 billion (USD 448 million) fund to support research, development, and facility investments in the next-generation vehicle sector. Automakers have been accelerating the development and production of next-generation automobiles, including autonomous and hydrogen-fuelled vehicles. The government plans to allocate KRW 282.6 billion this year to help auto parts firms to transform their business portfolios for next-generation automobiles. Such instances are expected to drive the growth of Synchronous motors over the forecasted period.
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Competitive Landscape
The global synchronous motor market is witnessing a rise in competitiveness among companies. The market consists of various major players, such as ABB Ltd., Johnson Electric, and Siemens AG. In terms of market share, these significant players currently dominate the market. However, with increasing technology innovations, many companies are increasing their market presence by securing new contracts and tapping new markets.
- April 2021 - Yamaha Motor has developed a new electric Hyper-EV electric motor with a maximum power output of 469 BHP. The electric motor comes from an oil-cooled 800 volt Interior Permanent Magnet Synchronous Motor.
Recent Development
- February 2022 - MG Motor has launched a new version of its current electric car, the ZS EV. The new model is powered by Permanent Magnet Synchronous Motor (PMSM), which produces 141 hp of power and 353 Nm of torque.
- February 2022 - Danfoss Editron division has announced the mass production of its EM-PMI240-T180 motor, designed for an electric or hybrid drivetrain in mobile work machines, buses, and marine vessels. The EM-PMI240-T180 is a synchronous reluctance-assisted permanent magnet (SRPM) motor that provides a power range of 49 kW to 122 kW, a range speed of 2,200 revolutions per minute to 8,800 rpm, and a maximum speed of up to 9,200 rpm.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porters Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Demand for High Energy Efficiency
5.1.2 The growing demand for electric motors used in HVAC applications
5.1.3 Increasing Adoption of Electric Vehicles
5.2 Market Challenges
5.2.1 Costlier advanced electric engine systems
6. SEGMENTATION
6.1 By Type
6.1.1 Synchronous AC Motors
6.1.1.1 DC Excited Rotor
6.1.1.2 Permanent Magnet
6.1.1.3 Hysteresis Motor
6.1.1.4 Reluctance Motor
6.2 By End-user Industry
6.2.1 Oil & Gas
6.2.2 Chemical & Petrochemical
6.2.3 Power Generation
6.2.4 Water & Wastewater
6.2.5 Power Generation
6.2.6 Metal & Mining
6.2.7 Food & Beverage
6.2.8 Discrete Industries
6.2.9 Other End-user Industries
6.3 By Geography
6.3.1 North America
6.3.1.1 United States
6.3.1.2 Canada
6.3.2 Europe
6.3.2.1 United Kingdom
6.3.2.2 Germany
6.3.2.3 Italy
6.3.2.4 France
6.3.2.5 Russia
6.3.2.6 Rest of Europe
6.3.3 Asia-Pacific
6.3.3.1 China
6.3.3.2 India
6.3.3.3 Japan
6.3.3.4 South Korea
6.3.3.5 Australia & New Zealand
6.3.3.6 Rest of Asia-Pacific
6.3.4 Latin America
6.3.4.1 Brazil
6.3.4.2 Mexico
6.3.4.3 Chile
6.3.4.4 Rest of Latin America
6.3.5 Middle-East and Africa
6.3.5.1 United Arab Emirates
6.3.5.2 Saudi Arabia
6.3.5.3 Turkey
6.3.5.4 Rest of Middle-East and Africa
7. VENDOR MARKET SHARE
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 Johnson Electric
8.1.2 Kirloskar Electric Co. Ltd.
8.1.3 ABB India Limited
8.1.4 Franklin Electric Co.Inc.
8.1.5 SEVA-tec GmbH
8.1.6 Dunkermotoren GmbH
8.1.7 BEN Buchele Elektromotorenwerke GmbH
8.1.8 Junghanns & Kolosche GmbH
8.1.9 Siemens AG
8.1.10 ROTEK GmbH & Co.KG
*List Not Exhaustive9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Global Synchronous Motor Market market is studied from 2020 - 2027.
What is the growth rate of Global Synchronous Motor Market?
The Global Synchronous Motor Market is growing at a CAGR of 3.4% over the next 5 years.
Which region has highest growth rate in Global Synchronous Motor Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Synchronous Motor Market?
North America holds highest share in 2021.
Who are the key players in Global Synchronous Motor Market?
Johnson Electric, Kirloskar Electric Co. Ltd., ABB Limited, Franklin Electric Co.Inc., SEVA-tec GmbH are the major companies operating in Global Synchronous Motor Market.
