The global market for Large synchronous motors is anticipated to be valued US$ 222 million in 2031. In its analysis, Future Market Insights (FMI) predicts a stable long-term growth outlook for the market. According to the study, the worldwide big synchronous motor market will grow at a moderate CAGR from 2021 to 2031. The report looks at 20+ high-growth sectors and gives specifics on how the growth of Large Synchronous Motors will vary over the next decade.
The COVID-19 outbreak and subsequent measures to contain the virus’s spread dampened demand for big synchronous motors in 2020. Nonetheless, when the industrial sector begins to revive, sales will increase up. According to the report, demand for large synchronous motors with capacities of 25 to 40 MW is expanding. Heavy-duty applications, on the other hand, found demand for the 40 to 80 MW capacity. Throughout the forecast period, the 25 to 40 MW category will continue to account for the majority of sales, according to the analysis.
Increasing in investment in various public infrastructure projects will create lucrative opportunities for growth. For instance, the expansion of water treatment plants, especially desalination plants, will fuel the demand for large synchronous motors.
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The overall market for large synchronous motors growing at a relatively slow pace post the pandemic, nonetheless, its trajectory will continue rising steadily through the course of the report’s forecast period. The three key markets for large synchronous motors are China, India, and Europe. Markets in ASEAN countries are expected to grow moderately.
- Large synchronous motor market will exhibit 2.6% y-o-y growth in 2021, backed by increasing application across diverse sectors
- The U.S. will emerge as a lucrative market, thanks to expansion of mining activities. It will account for nearly 75% of sales in North America market in 2021
- Within the U.K. increasing focus on water treatment will continue driving growth
- Expansion of infrastructural facilities will create growth opportunities in France and Germany
- China will emerge as a highly lucrative market, thanks tocontinued investments in power generation and industrial infrastructure.
“Surge in demand for 25 to 40 MW synchronous motor in recent years is expected to provide an impetus to large synchronous motor sales. High efficiency, low fuel requirement, and high performance of large synchronous motors will continue creating growth opportunities,” says FMI analyst.
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Subdued Growth Likely following COVID-19 Outbreak
The COVID-19 pandemic is currently impacting the global economy at various levels and the impact is seen on large synchronous motor market as well. The Large Synchronous Motor growth is currently subdued by the COVID-19 pandemic crisis and is expected to witness a significant drop in demand till 2021.
With a number of end use industries affected in several countries, the growth of the market is challenged as well. The decelerating demand is expected to result in a significant drop in Y-O-Y growth yet FMI expects large synchronous motor to grow at a moderate CAGR through 2031.
The market is fairly consolidated, with key 7-8 players accounting for overall market share.Some of the key players in the market are
- General Electric,
- Siemens AG,
- VEM Group, among others.
These players are likely to invest in new technologies, especially customized variants, to maintain their market share.