- The oil & gas and chemicals are growing markets for synchronous motors.
- The Asia-Pacific region is the leading market for synchronous motors.
- Horizontal mount synchronous motors growing rapidly in the developing economies.
The synchronous motors market is expected to grow from an estimated $17.83 billion in 2016 to $21.49 billion by 2021, at a CAGR of 3.8% from 2016 to 2021. High efficiency associated with synchronous motors, power factor correction capabilities, and stringent regulations are driving the synchronous motors market worldwide. High efficiency associated with synchronous motors makes it superior in comparison to induction motors. This has emerged as a major trend in the synchronous motors market.
The oil & gas and chemicals are growing markets for synchronous motors
The extraction of oil & gas from deep-water requires differential pressure equipment. These pressure requirements are easily met by highly efficient synchronous motors. With recovery in oil prices and increase in projected demand for oil & gas, oil companies are refocusing on deep-water exploration and production activities. As a result, oil & gas exploration and production focus has shifted from mature onshore fields to offshore oilfields. Chemicals and petrochemicals is another segment contributing to the demand for synchronous motors. In this segment, synchronous motors are used to transport liquid in pressure vessels, pressurizing tanks, for spot cooling, and moulding plastics.
Asia-Pacific: the leading market for synchronous motors
The Asia-Pacific is expected to lead the global synchronous motors market owing to growth in manufacturing industries and increasing awareness about energy efficiency in the region. China is leading the regional synchronous motors market, whereas other global key markets include the U.S., India, Germany, Russia, Brazil, and Saudi Arabia. The synchronous motors market in China and India are expected to grow at a high CAGR of 5.1% and 5.1%, respectively, from 2016 to 2021, owing to rise in manufacturing industries and increased awareness about energy efficiency.
Application of synchronous motors
End-User Industry of synchronous motors
- Chemicals & Petrochemicals
- Oil & Gas
- Metal Plants
- Pulp & Paper
On the basis of application, the fans segment is the fastest growing for synchronous motors. Most fans usually operate at a fixed speed. However, by using synchronous motors, the speed can be controlled through variable motor speed operation. Meanwhile, the building automation industry use fans for heating, cooling, and ventilation system. The application of synchronous motors in heating and cooling units has increased significantly in the recent past, and the trend is expected to continue in the future, due to its speed control properties and enhancing electric system efficiency. Different types of fans, such as, cooling tower fans, exhaust fans, induced draft fans, and forced draft fans, are used in the cement, mining, oil & gas, water & wastewater, chemicals & petrochemicals, and pulp & paper industries. Rising energy cost is driving the growth of the synchronous motors market across various industries.
Horizontal mount synchronous motors growing rapidly in the developing economies
Among different types of mounting, i.e., vertical and horizontal, horizontal mount synchronous motors accounted for the largest market share. Horizontal mounted motors are used in the chemical, printing and packaging, and construction industries, among others. These industries are growing rapidly in the developing economies of India, China, and Indonesia which has made the Asia-Pacific the largest market for horizontal mounted synchronous motors.
Some of the leading players in the synchronous motors market, namely, 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), Emerson Electric (U.S.), among others.