The market for switching reluctance motors is expected to reach US$ 530.7 million in 2022. Switched reluctance motor demand is anticipated to be high during the assessment period. This is because more applications in more end-use industries are being made, generating US$ 1039.1 million in 2033 and a CAGR of 6.3% from 2023 to 2033. 2023 is expected to bring in US$ 564.1 million for the market.
Electric motors powered by reluctance torque are known as switched reluctance motors. When compared to other motor types, these motors provide higher efficiency, greater reliability, and improved performance.
Because of their simple and robust structure, switched reluctance motors have become ideal motor types for high-speed applications in recent years. They are quickly becoming popular as traction motors in electric and hybrid vehicles. Because of their simple and rugged construction, energy efficiency, and high-speed operation ability, they are also used in wind energy systems and coal mining equipment such as conveyors, cutters, and coal plows.
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Switched reluctance motors tend to perform well even in harsh environments, making them suitable for use in nuclear reactors and mines. As these industries expand, so will sales of switched reluctance motors during the forecast period.
Leading manufacturers of switched reluctance motors are constantly innovating to improve the features of switched reluctance motors. They are receiving significant investments from a variety of investors in order to develop next-generation switched reluctance motors for the electric motor market.
Thanks to their simple design, higher energy efficiency, and robustness, switched reluctance motors have gained huge traction across automotive industry where they are used in electric and hybrid vehicles.
Factors such as growing concerns regarding high emission levels of vehicles and implementation of stringent carbon emission levels have prompted both manufacturers and consumers to switch over to electric and hybrid cars.
According to the International Energy Association (IEA), over 10 Mn electric cars were on the world’s roads in 2020 and this number is further expected to surge in future. As switched reluctance motors are being extensively used in these electric vehicles, rise in their sales will eventually spur the growth in switched reluctance motors market.
Key Players:
- Infineon Technologies AG
- Nidec SR Drives Ltd.
- E. KRETZSCHMAR
- Domel, d.o.o.
- MACCON
- Renesas Electronics Corporation
- Ramco Electric Motors
- Regal Beloit Corporation
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Key Segments Profiled in the Switched Reluctance Motors Industry Survey
By Product Type:
- Single Phase
- Double Phase
- Triple Phase
- Multi-Phase
By Application:
- Electromechanical brake system
- Fuel Pump
- Electric Power Steering
- Hybrid/ Electric Vehicles
- Vacuum Blowers
- Other
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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