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Synchronous Motors Market Share & Size | Industry Forecast, 2023-2030

The global Synchronous Motors market size was evaluated at $21.5 Billion in 2022 and is slated to hit $31.5 Billion by the end of 2030 with a CAGR of nearly 4.1% between 2023 and 2030.

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➤ In 2023-2030, there is an increasing demand for energy production from renewable sources to stimulate global market growth.

The global market demand will be stimulated by the increase in demand for power supply and its associated benefits, including optimal power use, power factor correction, and high efficiency. In addition, the global synchronous motors market is anticipated to expand due to the increasing prevalence of synchronous motors in the oil and gas sector. In addition to this, the product is employed in a variety of industrial applications, including ball mills, tape recorders, and record players. This will facilitate the expansion of the global market.

➤ Direct current excitation is required for synchronous motors, which may disrupt the global industry’s expansion.

Synchronous motors necessitate direct current excitation, which is obtained from external sources due to their inability to self-start. This will significantly impede the expansion of the global synchronous motors industry. Additionally, the expansion of the global industry is impeded by the high cost per kilowatt of synchronous motors in comparison to induction motors.

➤ The global market is poised to experience new growth opportunities as a result of the increasing popularity of renewable energy.

The global synchronous motors market will experience new growth opportunities as a result of the increasing demand for electric vehicles, which is driven by renewable energy trends and the necessity to mitigate environmental degradation caused by vehicular emissions.

➤ The global industry surge will be significantly challenged by the decrease in greenfield investments.

The global synchronous motors industry may face a significant challenge due to the decline in greenfield investments and the increasing rewinding trend.

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The Global Synchronous Motors Market is segmented based on product, application and region

Global Synchronous Motors Market: Product Segment Analysis

● Horizontal
● Vertical

Global Synchronous Motors Market: Application Segment Analysis

● Oil & Gas
● Paper & Pulp
● Chemicals & Petrochemicals
● Metal & Mining
● Automotive

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The global Synchronous Motors market profiles key players such as:

● Toyo Denki Seizo K.K.
● Emerson Electric Corporation
● GE Grid Solutions Heinzmann GmbH & Co.KG
● Fuji Electric Co. Ltd
● WEG S.A., Baumuller Nurnberg GmbH
● Rockwell Automation
● Oriental Motor USA
● Automatic IT Services Pvt Ltd
● Infineon Technologies
● Bosch Rexroth Australia
● NXP Semiconductors
● Siemens AG
● Nidec Servo Corporation

???? Recent Developments

• MG Motor introduced a new electric car type, the ZS EV, in the first half of 2022. According to reports, the new vehicle is powered by a permanent magnet synchronous motor, which generates approximately 141 horsepower and 353 Nm of torque. The expansion of the global synchronous motors industry will be facilitated by the move.

• The EM-PMI240-T180 synchronous motor, which is designed for hybrid and electric drivetrains in mobile work equipment, marine vessels, and buses, was declared to be in large-scale production by the Danfoss Editron unit in the first quarter of 2022. For the record, the synchronous motor provides power in the range of 49 kilowatts to 122 kilowatts. The initiative will make a substantial contribution to the global market value.

➤ The Asia-Pacific synchronous motors market is expected to experience substantial growth between 2023 and 2030.

The global Synchronous Motors market is expected to be dominated by the Asia-Pacific region during the forecast period. The regional market’s expansion in the years ahead may be attributed to the increasing presence of manufacturing industries in the region, as well as the growing awareness of energy conservation and fuel efficiency. In addition, Japan has become a manufacturing center for automated products and supplies to other countries worldwide, and it is a pioneer in the industrial economy of the subcontinent.

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