Synchronous motors are described as motor which runs at synchronous speed. The synchronous speed is the constant speed at which the motor generates the electromotive force. The synchronous motor is used for converting electrical energy into mechanical energy. The increasing demand for electricity along with the rise in the price of electricity is expected to drive the growth of the synchronous motors market during the forecast period. The growth of the synchronous motors is attributable to their properties such as power factor correction to reduce energy consumption and high efficiency, which in turn, create a wide adoption in the manufacturing industry.
The global Synchronous Motors market was valued at USD 20,663.8 Million in 2020, growing with CAGR of 4.2% during the forecast period, 2021-2027. The Asia Pacific is expected to dominate the market during the forecast period owing to the increasing demand for synchronous motors in manufacturing industries and growing awareness related to energy efficiency. Moreover, the rising energy cost is one of the prominent factors for the wide adoption of synchronous motors across industries in the region. North America is expected to hold a significant market share during the forecast period owing to the rapid growth in the power generation industry, which in turn, drive the growth of the synchronous motors market in the region.
Synchronous motors are notably utilized in industries and they also can be used as generators or motors, relying on industry choice. The synchronous motor normally runs at a synchronous speed, i.e., at a stable speed with an offered frequency, while contributing more constancy. Owing to excessive performance, low electricity loss, minimum maintenance needs as well as flexibility in adapting to numerous machinery layouts, synchronous motors are steadily gaining recognition amongst consumers. Thus, these factors drive the growth of the market during the forecast period.
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