The globally switched reluctance motors market size was valued at approximately US$ 499.3 Mn in 2021 and is expected to exceed a valuation of nearly US$ 950 Mn by 2032, exhibiting a strong CAGR of 6.28 percent during the forecast period (2022-2032). The increasing use of switched reluctance motors in electric vehicles, fuel pumps, electric power steering, vacuum blowers, and other applications is driving global demand for switched reluctance motors.
Switched reluctance motors are electric motors that are powered by reluctance torque. These motors outperform other types of motors in terms of efficiency, reliability, and performance.
Switched reluctance motors have become ideal motor types for high-speed applications in recent years due to their simple and robust structure. They’re becoming increasingly popular as traction motors in electric and hybrid vehicles. They are also used 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.
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Switched reluctance motors are suitable for use in nuclear reactors and mines because they perform well even in harsh environments. During the forecast period, as these industries grow, so will sales of switched reluctance motors.
Leading switched reluctance motor manufacturers are constantly innovating to improve the features of switched reluctance motors. They are receiving significant funding from a variety of investors to develop next-generation switched reluctance motors for the electric motor market.
To accelerate the company’s patented motor development technology, Enedym Inc., for example, received a US$ 15 million investment in June 2021 from an international group of strategic investors from Europe, the United States, Canada, and India, including TRIO Capital Group Inc., P&A Paletta Giving Inc., KWG Capital Inc., and others.
Switched reluctance motors have gained significant traction in the automotive industry, where they are used in electric and hybrid vehicles due to their simple design, higher energy efficiency, and robustness.
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 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, a rise in their sales will eventually spur the growth in switched reluctance motors market.
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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
- The Middle East and Africa
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