DUBAI, United Arab Emirates, March 16, 2023 (GLOBE NEWSWIRE) — The global switched reluctance motors market is anticipated to create phenomenal growth opportunities over the evaluation period by exhibiting a CAGR of 6.28% from 2022 to 2032. The global market was valued at around US$ 499.3 Million in 2021 and is expected to surpass a valuation of nearly US$ 950 Million by 2032. The growth of the market is attributed to the rising applications of switched reluctance motors in electric vehicles, fuel pumps, electric power steering, vacuum blowers, etc. is pushing the demand for switched reluctance motors worldwide.
The switched reluctance motors are electric motors that run by reluctance torque. These motors provide high efficiency, better reliability, and improved performance as compared to other motor types. Switched reluctance motors comprise a tendency to perform well even in extreme environments, thereby making them suitable for adoption in nuclear reactors and mines. Expansion of these industries will therefore boost the sales of switched reluctance motors during the forecast period.
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Over the recent years, switched reluctance motors rapidly became an ideal motor type extensively used for high-speed applications on account of their simple and robust structure. They are being rapidly adopted as traction motors in electric and hybrid vehicles. They also find application in wind energy systems and coal mining equipment such as conveyors, cutters, and coal ploughs due to their simple and rugged construction, energy efficiency, and high-speed operation ability.
Attributing to their simple design, higher energy efficiency, and robustness, switched reluctance motors have gained significant traction across the automotive industry where they are used in electric and hybrid vehicles.
Numerous factors such as growing concerns regarding high emission levels of vehicles and the implementation of stringent carbon emission levels have prompted both manufacturers and consumers to switch over to electric and hybrid cars.
Factors such as growing concerns regarding high emission levels of vehicles and the implementation of stringent carbon emission levels have prompted both manufacturers and consumers to switch over to electric and hybrid cars.
Poor penetration of advanced machinery and electric vehicles across underdeveloped regions is likely to limit the growth of switched reluctance market over the evaluation period.
According to the studies conducted by International Energy Association (IEA), over 10 million electric cars were on the world’s reads in 2020 and this number is further expected to surge in the future. As switched reluctance motors are being extensively used in these electric vehicles, a rise in their sales will eventually spur the growth in switched reluctance motors market.
The surging awareness about the benefits of switched reluctance motors comprising of better reliability, increased performance, high motor drive efficiency, and low cost will continue to encourage their adoption in a wide range of applications.
The augmenting adoption of switched reluctance motors across several end-use industries such as mining, agriculture, solar energy, etc. will further expand the switched reluctance motors market size during the forecast period.
Despite plenty of applications for switched reluctance motors, there are certain factors predicted to hamper the growth of switched reluctance motors market. Some of these factors include the high cost of switched reluctance motors and the high acoustic noise associated with switched reluctance motors.
Prominent switched reluctance motors manufacturers are focusing on continuously innovating to improve the features of switched reluctance motors. They are receiving large investments from various investors to develop next-generation switched reluctance motors for the electric motor market.
Some of the keys switched reluctance motors manufacturers include Infineon Technologies AG, Nidec SR Drives Ltd., E. KRETZSCHMAR, Domel, d.o.o., MACCON, Renesas Electronics Corporation, Ramco Electric Motors, and Regal Beloit Corporation among others.
In June 2021 Enedym Inc. secured a US$ 15 million investment from an international group of strategic investors within Europe, the U.S., Canada, and India, including TRIO Capital Group Inc., P&A Paletta Giving Inc., KWG Capital Inc., and others to accelerate the company’s patented motor development technology and accelerate its business plan.
More Insights into the Switched Reluctance Motors Market
The Asia Pacific region is anticipated to dominate the switched reluctance motors market over the assessment period. The global market is anticipated to grow at a healthy pace owing to the rapid penetration of industrialization, and the presence of leading switched reluctance motors.
Key Segments Profiled in the Switched Reluctance Motors Industry Survey
By Product Type:
- Single Phase
- Double Phase
- Triple Phase
- Electromechanical brake system
- Fuel Pump
- Electric Power Steering
- Hybrid/ Electric Vehicles
- Vacuum Blowers
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa