The global switched reluctance motors Market market is anticipated at USD 530.7 million in 2022. Demand is likely to remain high for switched reluctance motors during the assessment period. This is due to the increased application in various end-use industries garnering USD 1039.1 million in 2033, recording a CAGR of 6.3% from 2023 to 2033. The market is likely to secure USD 564.1 million in 2023.
| Data Points | Key Statistics |
|---|---|
| Switched Reluctance Motors Market Market Size Value in 2023 | USD 564.1 million |
| Switched Reluctance Motors Market Rental Market Forecast Value in 2033 | USD 1039.1 million |
| Global Growth Rate | 6.3% |
| Forecast Period | 2023 to 2033 |
Key Factors Shaping the Demand Outlook of the Switched Reluctance Motors Market Industry:
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| Attributes | Details |
|---|---|
| Historical CAGR (2018 to 2022) | 4.8% |
| Forecasted CAGR (2023 to 2033) | 6.3% |
Rising applications of switched reluctance motors in electric vehicles, fuel pumps, electric power steering, vacuum blowers, etc. are pushing the demand for switched reluctance motors worldwide
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.
In recent years, switched reluctance motors have become ideal motor types 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 plows due to their simple and rugged construction, energy efficiency, and high-speed operation ability.
Switched reluctance motors have the 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.
Leading switched reluctance motors manufacturers are 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.
For instance, in June 2021 Enedym Inc. secured a USD 15 million investment from an international group of strategic investors within Europe, United States, 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.
Rapid Shift Towards Electric and Hybrid Vehicles Spurring the Growth in Switched Reluctance Motors Market
Thanks to their simple design, higher energy efficiency, and robustness, switched reluctance motors have gained huge traction across the automotive industry where they are used in electric and hybrid vehicles.
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.
According to the International Energy Association (IEA), over 10 million electric cars were on the world’s roads 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.
Growing awareness about the benefits of switched reluctance motors including better reliability, increased performance, high motor drive efficiency, and low cost will continue to encourage their adoption in a wide range of applications.
The rising adoption of switched reluctance motors across various end-use industries such as mining, agriculture, solar energy etc. will further expand the switched reluctance motors market size during the forecast period.
Principal Consultant
The High Cost of Motors May Hamper the Market Growth
There are certain factors that are likely to hamper the growth of switched reluctance motors market, despite multiple applications of switched reluctance motors. Some of these factors include the high cost of switched reluctance motors and the high acoustic noise associated with switched reluctance motors.
Poor penetration of advanced machinery and electric vehicles in underdeveloped regions is limiting the growth of switched reluctance market.
The Rapid Growth in Automotive Industry to Drive the Market Growth
As per FMI, the Asia Pacific switched reluctance motors market is anticipated to grow at a healthy pace during the forecast period between 2023 and 2033 owing to the rapid penetration of industrialization, the presence of leading switched reluctance motor manufacturers across countries like China and Japan, and the flourishing automotive industry.
Over the years, rising environmental concerns and depletion of energy resources have created enormous demand for electric and hybrid vehicles in countries such as China, Japan, South Korea, and India. There has been a surge in the production of electric and hybrid vehicles in the region, which is creating a conducive environment for switched reluctance motors market growth.
Demand for switched reluctance motors is particularly rising across China due to increasing production and sales of electric vehicles and the growing adoption of high-speed motors in battery-powered devices and electric machinery. For instance, as per the International Energy Association (IEA), with around 4.5 million electric cars, China remained the leading country for electric vehicles in 2020.
Growing Technological Advances to Boost Market Sales in The Region
North America accounts for the largest share of the global switched reluctance motors market and is likely to retain its dominant position during the forecast, owing to the rising adoption of advanced technologies, the rapid shift towards electric vehicles, and increasing demand for highly efficient and reliable motors across various applications.
Sales of switched reluctance motors are mostly growing across the USA due to the increasing adoption of electric vehicles, the availability of advanced switched reluctance motors, and the heavy presence of electric car manufacturing giants such as Tesla.
The rising application of switched reluctance motors in the electromechanical brake system, fuel pumps, vacuum blowers, and several other types of machinery will expand the switched reluctance motors market size in the region during the forecast period.
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Double Phase Segment to Remain Highly Sought After
By product type, the double-phase segment is expected to dominate the market in the forecast period. The segment is projected to account for a CAGR of 6.2% during the forecast period.
Hybrid/ Electric Vehicles Segment to generate high Revenue
As per FMI’s analysis, the hybrid/electric vehicles segment accounts for 43.2 % of the total switches reluctance motors market share. The segment is projected to account for a CAGR of 6.1% during the forecast period.
Increasing production of electric vehicles due to increasing demand from consumers across the globe. Switched reluctance motors be used as the main propulsion motor in electric and hybrid vehicles. They provide high torque density and efficiency, making them suitable for converting electrical energy into mechanical power to drive the vehicle. SRMs offer advantages such as improved efficiency at high speeds and a wide operating range, making them well-suited for automotive applications.
Some of the key 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.
These leading players are continuously developing innovative products to cater to the increasing demand for high-speed motors from different industries such as automobiles, building & construction, etc. They are adopting various strategies such as new product launches, partnerships, acquisitions, collaborations, the establishment of new manufacturing facilities, and the strengthening of distribution channels to expand their presence as well as to gain a competitive edge in the global switched reluctance motors market.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 6.3% from 2023 to 2033 |
| Market Value in 2023 | USD 564.1 million |
| Market Value in 2033 | USD 1039.1 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled |
United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | Infineon Technologies AG; Nidec SR Drives Ltd.; E. KRETZSCHMAR; Domel, d.o.o.; MACCON; Renesas Electronics Corporation; Ramco Electric Motors; Regal Beloit Corporation; Turnide; Advanced Electric Machines (AEM) |
The market is valued at USD 564.1 million in 2023.
Turnide, MACCON, and Domel are key market players.
Double phase segment is widely preferred in the product type category.
Players opt for mergers and acquisitions.
India, Japan, and China dominate the Asian market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Single Phase 5.2. Double Phase 5.3. Triple Phase 5.4. Multi-Phase 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Electromechanical Brake System 6.2. Fuel Pump 6.3. Electric Power Steering 6.4. Hybrid/Electric Vehicles 6.5. Vacuum Blowers 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Infineon Technologies AG 17.2. Nidec SR Drives Ltd. 17.3. E. KRETZSCHMAR 17.4. Domel, d.o.o. 17.5. MACCON 17.6. Renesas Electronics Corporation 17.7. Ramco Electric Motors 17.8. Regal Beloit Corporation 17.9. Turntide 17.10. Advanced Electric Machines (AEM) 18. Assumptions & Acronyms Used 19. Research Methodology
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Switched reluctance Motors Market
