The global large synchronous motor market is anticipated at USD 6.5 billion in 2022. The sector is gaining pace as companies provide technologically improved large synchronous motors with high-power and high-speed compressors. The market is estimated to garner USD 11.4 billion in 2033, recording a CAGR of 5.5% from 2023 to 2033. The market is likely to secure USD 6.7 billion in 2023.
| Data Points | Key Statistics |
|---|---|
| Large Synchronous Motor Market Size Value in 2023 | USD 6.7 billion |
| Large Synchronous Motor Market Forecast Value in 2033 | USD 11.4 billion |
| Global Growth Rate | 5.5% |
| Forecast Period | 2023 to 2033 |
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| Historical CAGR (2018 to 2022) | 4.3% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 5.5% |
The large synchronous motor market has witnessed substantial growth in recent years. The growth is projected to continue over the next few years owing to the increasing use of synchronous motors in water treatment projects and various industries across the globe.
These motors are used in various applications including compressors, lowers, and others. Considering this the need for a water treatment plant and other activities will create scope for application encouraging growth in coming years. Technological advances in manufacturing drive the demand for large synchronous motors globally.
The market is likely to gain significantly from the upcoming projects in mining, power generation, and other industries. Demand for high-capacity power plants, desalination plants, and other industrial plants will fuel the demand for large synchronous motors.
Some of the leading large synchronous motor manufacturers have already started the customization of motors in the market. According to Future Market Insights, the global market value is estimated to reach USD 11.4 billion by 2033.
Increased Application in Oil & Gas Industry to Drive the Market Growth
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.
Increasing research & development activities by manufacturers boost the market sales
The leading manufacturers are investing in research & development activities involving large synchronous motors, especially on the size of the large synchronous motors segment. Competitive price offerings, increased end-user satisfaction, and the use of advanced technologies are the result of research development activities.
The increasing demand for energy-efficient and low-power consumption systems across various industry verticals has significantly driven the need for the invention of new models. Technological innovation & entry of new innovative designs have paved the way for different large synchronous motors with high power density & swift acceleration.
High Installation Cost May Impede the Sales of Large Synchronous Motors Market
Various regulations and government policies imposed on industries are expected to impact the production, installation, and usage of large synchronous motors.
The maintenance of large synchronous motors is one of the challenges faced by industries. The Complex installation process and high cost may also hinder the market growth during the forecast period.
The Growing Mining Industry in The Region Drives the Growth of the Large Synchronous Motor Market in the United States
The global large source synchronous market is expected to be dominated by North America. The market is anticipated to expand at a CAGR of 5.2% over the forecast period.
The United States is home to a thriving mining industry, which presents a conducive environment for the sales of large synchronous motors. Besides this, the consistently rising investment in wastewater treatment projects will continue to support the expansion of the market.
Increasing Construction Activities in The Country Boosts the Market Growth
FMI has projected China to remain one of the most lucrative markets throughout the forecast period. The market is anticipated to expand at a CAGR of 5.4% over the forecast period.
The large synchronous motor market growth in China has attracted several manufacturers in the past few years. One of the key factors supporting the growth is the increasing application of construction projects undertaken in the country.
The country is now seen as the leading market for large synchronous motors. The shift from old technologies and rapid advancement in countries’ construction sectors are creating attractive opportunities in China. Driven by these factors China remains one of the largest markets for large synchronous markets in the world, which invariably makes it a lucrative pocket for manufacturers.
Increased Demand for Water Treatment to Drive the Growth of the Market
FMI has projected India to remain one of the most lucrative markets throughout the course of the forecast period. One of the key factors supporting growth is increasing investment by the government in water treatment plants. For instance, the government in India launched a project name Kaleshwaram Lift Irrigation Project (KLIP).
The increasing population in the country means more projects would be needed in the future and it is bound to fuel the demand for large synchronous motors. Also, India is attracting a lot of global brands. Driven by these factors India remains one of the largest markets for large synchronous motor players.
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25 to 40 MW Segment Remain Prominent During the Forecast Period
Based on rated power the large synchronous motor market is segmented into
The 25 to 40 MW rated power segment is expected to account for the leading share throughout the forecast period. According to FMI, the segment is expected to hold around 34% of the market in terms of rated power by the end of 2033.
25 to 40 MW large synchronous motor remains preferred by end-user. Owing to the more number of products & applications in the range of 25 to 40 MW segments, consumers continue to have wider flexibility in this segment.
Compressor Segment to Remain Prominent among others
Based on application the large synchronous motor market is segmented into compressors, pumps, fans extruders, mixers, and conveyor belts. The compressor segment is expected to account for 42.5% of the total share of the global large synchronous motor market.
The compressor segment holds a higher market share due to its use in all applications. Increasing demand for the compressor in LNG liquefaction will therefore continue supporting growth. On the other hand, the conveyor belts segment is expected to account for a market share of 40.3% over the forecast period.
New players in the large synchronous motor market such as among others are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base.
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.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.5% from 2023 to 2033 |
| Market Value in 2022 | USD 6.7 billion |
| Market Value in 2032 | USD 11.4 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Rated Power, End User, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC, South Africa, Israel |
| Key Companies Profiled | ABB; General Electric; Toshiba Mitsubishi-Electric Industrial Systems Corporation; Hyundai Electric & Energy Systems Co., Ltd; Toshiba Corporation; VEM Group; Siemens AG; Rockwell Automation; Emerson Electric; Ndec Corporation |
| Customization & Pricing | Available upon Request |
The market could progress at 5.5% CAGR through 2033.
General Electric, Toshiba, and Hyundai are the top players in the market.
China is an emerging country with a growth rate of 5.4% until 2033.
The 25 to 40 MW rated power segment could generate 34% of the global revenue by 2033.
Compressor segment is estimated to have 42.5% of the overall market sales.
| Estimated Value (2024) | USD 141.6 billion |
|---|---|
| Projected Size (2034) | USD 268.2 billion |
| Value-based CAGR (2024 to 2034) | 6.6% |
| Market Value (2022) | USD 7832.8 Million |
|---|---|
| Market Value (2032) | USD 12,780 Million |
| Projected Growth Rate (2022 to 2032) | 5% |
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