Global Medium Voltage Synchronous Motor Market Size, Trends & Growth Opportunity and By Mounting Type (Horizontal and Vertical), By Application (Fans, Pumps, Extruders, Mixers, Compressors, Conveyor Belt, and Others), By End User (Metal & Mining, Oil& Gas

Global Medium Voltage Synchronous Motor Market Size, Trends & Growth Opportunity and By Mounting Type (Horizontal and Vertical), By Application (Fans, Pumps, Extruders, Mixers, Compressors, Conveyor Belt, and Others), By End User (Metal & Mining, Oil& Gas, Paper & Pulp, Automotive, Chemicals & Petroleum, and Others), By Region and Forecast till 2027.

Global Medium Voltage Synchronous Motor Market

The Global Medium Voltage Synchronous Motor Market is expected to grow from US$ 21.49 Billion in 2021 to US$ 30.08 Billion by 2027; it is estimated to grow at a CAGR of 31.39% from 2022 to 2027.

Medium voltage synchronous motor control provides innovative and reliable design configurations are they are available with arc-resistance construction as well as cost saving integrated solution. These types of motors are used in various sectors including Metal & Mining, Oil& Gas, Paper & Pulp, Automotive, Chemicals & Petroleum, and Others.

Market Drivers

Increase in demand for medium voltage synchronous motor is the key driving factor which is expected to boost the global medium voltage synchronous motor market growth. Furthermore, rise in adoption of these type motors in industrial and oil & gas sectors will have the positive impact on market growth. Moreover, increases in usage of green vehicles are expected to propel the global medium voltage synchronous motor market growth.

Market Restraints

However, decrease in Greenfield investment is the major restraining factor which is expected to hamper the global medium voltage synchronous market growth. Also, lack of awareness will affect the market growth.

Impact of Covid-19

According to a survey on the global medium voltage synchronous motor market, the growth in new coronavirus cases with each passing day has had an impact on the market size for synchronous motors. The pandemic outbreak is a modern challenge that is significantly affecting the participants' capacity for production and manufacturing in order to meet the expectations of a worldwide audience. Nearly all market participants who produce the fitted engines are struggling to deal with conditions including declining interest, lowering prices, and a shortage of resources and raw materials. Massive interest has been shown in synchronous engines, particularly in the farming sector.

Segmentation By Mounting Type: Global Medium Voltage Synchronous Motor Market is classified on the basis of Mounting Type into Horizontal and Vertical.

Segmentation By Application: Global Medium Voltage Synchronous Motor Market is classified on the basis of Application into Fans, Pumps, Extruders, Mixers, Compressors, Conveyor Belt, and Others.

Segmentation By End-user: Global Medium Voltage Synchronous Motor Market is classified on the basis of End-user into Metal & Mining, Oil& Gas, Paper & Pulp, Automotive, Chemicals & Petroleum, and Others.

Segmentation By Region: Global Medium Voltage Synchronous Motor Market is classified on the basis of Region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regional analysis shows that Europe has been actively participating in the market for medium voltage synchronous motors. Nevertheless, it is anticipated that the offered premise will be taken care of by the regional Market for equipped engines in North America, which includes countries like the U.S. and Canada.

Market Key Players

Various key players are discussed in this report such as ABB Ltd, Siemens AG, General Electric, Rockwell Automation, Toshiba Corporation, WEG SA, Bosch Group, Hitachi Ltd, Arc Systems, and Others.

Industrial Development

• February 2022 - MG Motor has launched a new version of its current electric car, the ZS EV. The new model is powered by Permanent Magnet Synchronous Motor (PMSM), which produces 141 hp of power and 353 Nm of torque.