The global synchronous motors market is projected to grow at a CAGR of 3.8% during the forecast period, to reach USD 21.49 Billion by 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 report segments the synchronous motors market on the basis of its major end-user industries, which include oil & gas, chemicals, mining, metal plants, pulp & paper, and others. The oil & gas and chemicals are growing markets for synchronous motors, due to high efficiency associated with them.

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 i 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.

Asia-Pacific is the largest market for synchronous motors, and will continue to dominate the synchronous motors market during the forecast period. 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.

Factors restraining the growth of this market include increasing rewinding trend in the industry and decrease in Greenfield investment, which could hinder the growth of synchronous motors in the region.

Some of the leading players include ABB Limited (Switzerland), Nidec Corporation (Japan), Rockwell Automation (U.S.), Siemens AG (Germany), General Electric (U.S.), WEG S.A. (Brazil), Toshiba Corporation (Japan), Johnson Electric Holding Ltd. (Hong Kong), and Emerson Electric (U.S.), among others. New product development was the most commonly used growth strategy by the top players in the market, constituting more than half of the total development share between 2012 and 2016. It was followed by contracts & agreements, investments & expansions, and mergers & acquisitions.

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