Frequently Asked Questions
The global large synchronous motor market was valued at USD 6.3 Billion in 2022.
The large synchronous motor market is expected to grow at a CAGR of 5.7% between 2023 and 2030, reaching USD 5.7 Billion in 2030.
40 to 60 MW is the leading segment by Application, holding over 30% share in value in 2022.
The pump segment governs the global demand for large synchronous motor, holding a massive share of over 70% in 2022.
The compressor equipment segment is expected to post the highest CAGR during the forecast period.
Asia Pacific is fueling the growth of the large synchronous motor industry, with an over one-third share in 2022.
The top players include ABB, General Electric, Toshiba Mitsubishi-Electric Industrial System Corporation, Hyundai Electric & Energy Systems Co., Ltd, and Toshiba Corporation.
The major market drivers are increasing adoption of renewable energy sources, growing industrialization and infrastructure development, and expansion of the electric vehicle and hybrid electric vehicle market.
The major market restraints are competition from alternative motor technologies, such as permanent magnet synchronous motors (PMSMs), and volatility in raw material prices, particularly copper and rare earth magnets.
Increasing adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs), expansion of smart grid infrastructure, and growing demand for renewable energy sources.