The global switched reluctance motor market size is likely to be valued at US$ 564.1 million in 2023. The increasing demand for energy-efficient and cost-effective motors driving market growth. The market is estimated to garner US$ 1039.1 million in 2033, recording a CAGR of 6.3% from 2023 to 2033.
The increasing demand for high-speed motors from different industry verticals such as automobiles and construction is expected to drive market growth.
Increasing focus on energy efficiency, stringent environmental regulations, and the need for improved motor performance across various industries, to boost the market demand.
Governments and regulatory bodies worldwide are implementing standards and policies that encourage the use of energy-efficient motors, which benefit the switched reluctance motors market.
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Increasingly stringent energy efficiency regulations and environmental concerns drive the adoption of switched reluctance motors in industries to meet sustainability goals and reduce their carbon footprint.
Increasing technological advancements in motor control systems and the use of advanced control algorithms, power electronics, and digital control systems have significantly improved the performance of switched reluctance motors
North America is a significant market for switched reluctance motors. The region has a strong presence in the automotive and industrial sectors, which are key industries driving the demand for switched reluctance motors.
European countries are implementing stringent regulations regarding vehicle emissions and fuel efficiency, which propel the demand for energy-efficient motor solutions like switched reluctance motors. The presence of major automotive manufacturers and industrial automation companies in Europe further drives the market growth.
Key Takeaways from the Market Study
- From 2018 to 2022, the switched reluctance motors market demand expanded at a CAGR of 8%
- Based on product type, the double-phase segment accounts for a CAGR of 6.2%
- By application, the hybrid/electric vehicles segment is expected to expand at a CAGR of 6.1% during the forecast period
- North America to emerge as a promising switched reluctance motors market, capturing a CAGR of 6.2%
- The switched reluctance motors industry in the United Kingdom is predicted to reach US$ 236.3 million by 2033
- South Asia and the Pacific to be an opportunistic switched reluctance motors market, expected to capture a CAGR of 6.0% during the forecast period.
Competitive Landscape
The global switched reluctance motors market is fragmented with the presence of several large and medium-scale players. The leading players in the switched reluctance motors market are investing in strategic agreements in order to capture market share.
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Prominent players
- Infineon Technologies AG
- Nidec SR Drives Ltd.
- KRETZSCHMAR
- Domel, d.o.o.
- MACCON
- Renesas Electronics Corporation
- Ramco Electric Motors
- Regal Beloit Corporation
- Turnide
- Advanced Electric Machines (AEM)
Recent Developments
Regal Beloit, a leading manufacturer of electric motors and controls, has been involved in the development of switched reluctance motors for various industries. The company has focused on improving motor performance, efficiency, and reliability through advanced design techniques and optimized control algorithms. Regal Beloit offers a range of switched reluctance motors for industrial applications such as pumps, fans, and compressors.
AMETEK, a leading manufacturer of precision motion control solutions, has made advancements in the development of switched reluctance motors. The company has focused on enhancing the performance, reliability, and efficiency of SRMs for industrial automation applications. They have introduced innovative designs, improved control algorithms, and integrated motor control solutions to meet the demanding requirements of industrial automation systems.