Synchronous Motors Market Worth 21.49 Billion USD by 2021
PUNE, India, July 21, 2016 /PRNewswire/ --
The report "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", published by MarketsandMarkets the market is expected to grow from an estimated USD 17.83 Billion in 2016 to USD 21.49 Billion by 2021, at a CAGR of 3.8%.
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Browse 84 market data Tables and 54 Figures spread through 173 Pages and in-depth TOC on "Synchronous Motors Market"
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High efficiency, power factor correction capabilities, and stringent regulations are driving the Synchronous Motors Market across the globe.
Horizontal mount synchronous motors accounted for the largest share of the market in 2015
Among different types of mounting, i.e., vertical and horizontal, horizontal mount synchronous motors accounted for the largest market share in 2015. 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.
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Oil & gas and chemicals end-user segment are responsible for the global demand 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.
The Asia-Pacific is the dominant market for synchronous motors
In this report, the Synchronous Motors Market has been analyzed with respect to six regions, namely, North America, South America, Europe, Asia-Pacific, Middle East, and Africa. The Asia-Pacific is expected to dominate the global Synchronous Motors Market owing to growth in manufacturing industries and increasing awareness about energy efficiency in the region.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of 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. Dominant players are trying to penetrate developing economies and adopting various methods to increase their market share.
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