Switched Reluctance Motors Market Size, Share, Growth, and Industry Analysis, By Type (<100 KW, 100-500 KW, >500 KW), By Application (Automobile Industry, Appliance Industry, Industrial Machinery, Others), Regional Insights, and Forecast To 2032

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SWITCHED RELUCTANCE MOTORS MARKET REPORT OVERVIEW

The global switched reluctance motors market size was USD 0.59 billion in 2023 and the market is projected to touch USD 0.96 billion by 2032 at a CAGR of 5.5% during the forecast period.

Switched Reluctance Motors (SRMs) are a type of electric motor characterized by a simple and robust design. Unlike traditional motors, SRMs lack permanent magnets and rely on the variable reluctance principle. They feature a rotor with salient poles and a stator with windings. The motor operation involves rapidly switching the current through the windings, causing the rotor to align with the energized poles. SRMs offer advantages such as high efficiency, durability, and low maintenance costs. Their unique design makes them suitable for various applications, including industrial machinery and electric vehicles, where reliability and efficiency are paramount.

The switched reluctance motors market has witnessed significant growth in recent years, driven by a combination of technological advancements, increased focus on energy efficiency, and growing awareness of sustainable energy solutions. SRMs are gaining popularity in various industries due to their unique design and characteristics. One key driver of the market growth is the rising demand for energy-efficient and environmentally friendly electric motors. SRMs offer advantages such as high efficiency, robustness, and lower maintenance costs compared to traditional motor technologies, making them an attractive choice for manufacturers across sectors like automotive, industrial automation, and renewable energy. The automotive industry, in particular, has shown a keen interest in SRMs as a viable alternative for electric vehicles (EVs) and hybrid vehicles. The focus on reducing carbon emissions and enhancing overall vehicle efficiency has fuelled the adoption of SRMs in propulsion systems.

COVID-19 Impact: Market Growth Hampered By Pandemic Due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The switched reluctance motors market experienced a notable negative impact due to the COVID-19 pandemic. The global economic downturn, supply chain disruptions, and reduced industrial activities significantly affected the demand for SRMs across various sectors. As lockdowns and restrictions were implemented worldwide, manufacturing plants faced operational challenges, leading to a decline in production and, subsequently, a decreased demand for SRMs. Moreover, the uncertainty and financial constraints during the pandemic prompted many businesses to defer or cancel capital expenditures, further hindering the growth of the SRM market. The automotive and industrial sectors, key consumers of SRMs, faced reduced consumer spending and disrupted operations, exacerbating the negative impact. Despite these challenges, the SRM market is expected to gradually recover as economic activities resume and industries adapt to the post-pandemic landscape.

LATEST TRENDS

"Increasing Emphasis on Energy Efficiency to Drive Market Growth"

The Switched Reluctance Motors (SRM) market is witnessing several noteworthy trends that are shaping its trajectory. Firstly, the increasing emphasis on energy efficiency and sustainability has driven the adoption of SRMs, as these motors offer a higher level of efficiency compared to traditional alternatives. Industries are recognizing the importance of reducing energy consumption and carbon footprints, making SRMs an attractive choice. Moreover, advancements in technology have led to the development of more sophisticated control systems for SRMs, enhancing their performance and reliability. Improved control algorithms contribute to better torque control, reduced noise, and increased overall efficiency. These technological advancements are fostering the integration of SRMs in diverse applications, ranging from automotive to industrial sectors. Furthermore, the automotive industry is a key driver of the SRM market, with the growing demand for electric vehicles (EVs). SRMs are gaining popularity in EVs due to their simplicity, reliability, and cost-effectiveness. As the global automotive landscape shifts towards electrification, the demand for SRMs is expected to surge.

SWITCHED RELUCTANCE MOTORS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into <100 KW, 100-500 KW, >500 KW.

• < 100 KW: These motors are generally used in smaller applications where the power demand is relatively low. Examples include household appliances, small industrial machines, and certain automotive applications. The compact size and simplicity of SRMs make them suitable for such low-power applications.
• 100-500 KW: In this power range, SRMs find applications in a variety of industrial settings. Medium-sized industrial machines, electric vehicles, and certain types of pumps and fans are examples where SRMs with power ratings between 100 and 500 KW might be employed. The efficiency and robustness of SRMs make them attractive for applications that require moderate power levels.
• > 500 KW: High-power SRMs are typically used in large industrial applications, such as heavy machinery, electric propulsion systems for ships, and some types of power generation equipment. The scalability of SRM technology makes it feasible to design motors with power ratings exceeding 500 KW. These motors are chosen for their ability to handle high power demands while maintaining efficiency and reliability.

By Application

Based on application the global market can be categorized into Automobile Industry, Appliance Industry, Industrial Machinery, Others.

• Automobile Industry: In the automobile industry, SRMs are employed in electric and hybrid vehicles for their efficiency, robustness, and ability to operate over a wide speed range. Their simplicity and cost-effectiveness make them attractive for automotive applications, contributing to advancements in electric vehicle technology.
• Appliance Industry: In the appliance industry, SRMs are utilized in household appliances like washing machines, air conditioners, and refrigerators. The motors' precise control and high torque density make them suitable for various home appliances, enhancing energy efficiency and overall performance.
• Industrial Machinery: In industrial machinery, SRMs are integrated into a range of equipment such as pumps, compressors, and conveyors. Their adaptability to harsh industrial environments, reliability, and ease of maintenance make them valuable components in diverse manufacturing processes.
• Others: Beyond these key sectors, SRMs find applications in various other fields, including robotics, aerospace, and renewable energy systems.

DRIVING FACTORS

"Energy Efficiency and Sustainability to Boost the Market Growth"

Switched reluctance motors are known for their high energy efficiency, making them attractive in an era where energy conservation and sustainability are paramount. Governments and industries worldwide are increasingly adopting energy-efficient technologies to meet environmental regulations and reduce carbon footprints. Ongoing advancements in motor control technologies have enhanced the performance of switched reluctance motors, making them more reliable and versatile. The development of sophisticated control algorithms and the integration of smart electronics contribute to better efficiency and performance in various applications. SRMs are inherently simpler in design compared to traditional motors, resulting in reduced material usage and lower environmental impact during manufacturing. This aligns with the growing trend towards environmentally conscious manufacturing processes, making SRMs an attractive choice for industries aiming to minimize their ecological footprint. The automotive industry is increasingly incorporating SRMs in electric and hybrid vehicles due to their efficiency and power density. As the automotive sector transitions towards electrification, SRMs play a pivotal role in meeting the stringent energy efficiency and performance requirements of electric propulsion systems.

"Growing Industrial Automation to Expand the Market"

The rise of Industry 4.0 and increased emphasis on automation in various industries is boosting the demand for reliable and efficient motor solutions. Switched Reluctance Motors find applications in industrial automation, robotics, and manufacturing processes, where their characteristics align with the requirements for precision, speed control, and energy efficiency. Governments around the world are implementing policies to encourage the adoption of energy-efficient technologies. Incentives such as tax credits, subsidies, and rebates for industries adopting SRMs play a pivotal role in driving market growth. These initiatives motivate businesses to invest in sustainable and energy-efficient solutions. As manufacturing processes for SRMs mature and economies of scale come into play, the cost competitiveness of these motors is improving. The decreasing cost of components and production processes is making SRMs more accessible to a broader range of industries, further fuelling switched reluctance motors market growth.

RESTRAINING FACTORS

"Complex Control Algorithms to Impede Market Growth"

Switched reluctance motors require sophisticated control algorithms due to their inherent characteristics. Achieving optimal performance demands complex control strategies, which can pose challenges in terms of implementation, tuning, and overall system integration. This complexity can increase development costs and limit widespread adoption. SRMs often produce higher levels of acoustic noise during operation compared to other motor types. This can be a significant drawback, especially in applications where noise is a critical factor, such as in consumer electronics or electric vehicles. Addressing and mitigating this noise poses a restraint for SRM applications.

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SWITCHED RELUCTANCE MOTORS MARKET REGIONAL INSIGHTS

"Asia Pacific to Dominate in the Market due to Presence of a Large Consumer Base"

The market is segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Asia Pacific has emerged as the most dominant region in the global switched reluctance motors market share. The region's dominance can be attributed to the robust industrialization and increasing demand for energy-efficient solutions in countries such as China and India. The push for sustainability and stringent regulations promoting energy conservation have fuelled the adoption of SRMs in various applications, including automotive, industrial machinery, and appliances.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The switched reluctance motors market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in Switched reluctance motors, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

LIST OF TOP SWITCHED RELUCTANCE MOTORS COMPANIES

• Nidec (Japan)
• AMETEK (U.S.)
• VS Technology (Japan)
• Shandong Kehui Power Automation (China)
• Maccon GmbH (Germany)
• Rongjia Motor (China)
• Shandong Desen (China)
• Huayang (China)

INDUSTRIAL DEVELOPMENT

August 2021: In August 2021, the Napino Group, one of India's top suppliers of automotive electronic products, and Enedym Inc., a world leader in the development of next-generation switched reluctance motors (SRMs) and other products, partnered to develop and produce complete motor solutions for two-wheeler electric vehicles in India.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.