Switched Reluctance Motors (SRM) Market Size, Share, Growth, and Industry Analysis, By Type (Below 100 KW, 100-500 KW, and Above 500 KW), By Application (Train Drivers, General Industrial, Household Appliances, and Textile Machinery) and Regional Insights and Forecast to 2032

Updated On: 29 April 2024

SWITCHED RELUCTANCE MOTORS (SRM) MARKET REPORT OVERVIEW

• 

• to learn more about this report

global switched reluctance motors (srm) market size was USD 580.6 million in 2022 and market is projected to touch USD 963.3 Million by 2032, exhibiting a CAGR of 5.2% during the forecast period.

Switched reluctance motors (SRM) are a type of electric motor that operates on the principle of varying reluctance to produce rotational motion. Unlike traditional motors that use magnets to generate a magnetic field, switched reluctance motors leverage the inherent tendency of magnetic circuits to align with the direction of a magnetic field. Switched reluctance motors consist of a stator and a rotor, with the rotor typically having salient poles and no windings. The stator contains coils that are energized in a specific sequence to create a magnetic field, causing the rotor to move to align with the lowest reluctance path.

Switched reluctance motors find applications in a range of industries, including automotive, aerospace, and industrial automation. Their unique design allows for greater efficiency in variable speed and torque applications, and they excel in harsh environments due to their rugged construction. With advancements in control algorithms and power electronics, switched reluctance motors are becoming increasingly popular for their potential to provide a cost-effective and energy-efficient solution in various electromechanical systems. Despite their benefits, challenges such as acoustic noise and torque ripple are areas of ongoing research and development to further enhance the performance of Switched reluctance motors.

COVID-19 Impact: Market Growth Hampered by Pandemic due to Reduced Industrial Activities

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.

Many industries experienced a slowdown or temporary shutdowns during the pandemic, leading to decreased demand for industrial equipment, including motors. If there was a decline in manufacturing activities, the demand for switched reluctance motors in industrial applications may have been affected. The pandemic has caused disruptions in global supply chains, affecting the availability of raw materials and components. This could impact the production of switched reluctance motors if manufacturers face challenges in sourcing necessary materials or components.

The shift to remote work in various sectors might have influenced the demand for certain types of equipment. For instance, if there was an increased focus on remote monitoring and automation, it could impact the adoption of switched reluctance motors in specific applications. The pandemic may have led to delays in research and development activities within the electric motor industry. This could impact the introduction of new technologies or improvements in SWITCHED RELUCTANCE MOTORS designs. The global switched reluctance motors (SRM) market growth is anticipated to boost following the pandemic.

LATEST TRENDS

"Control Algorithms and Electronics to Drive Market Growth"

Ongoing research is likely focused on improving control algorithms and power electronics associated with SRMs. Enhancements in these areas can lead to better performance, efficiency, and reduced torque ripple in SRM applications. Advances in materials science and manufacturing techniques may contribute to the development of more efficient and reliable SRMs. The use of new materials or improved manufacturing processes can impact the overall performance and cost-effectiveness of these motors.

Integration of SRMs with emerging technologies, such as the Internet of Things (IoT) and Industry 4.0, could be a focus. This integration may enable smarter and more connected applications, leading to improved efficiency and maintenance strategies. Given the increasing emphasis on electric mobility, there may be ongoing efforts to optimize SRMs for electric vehicle applications. Improvements in power density, energy efficiency, and overall performance could make SRMs more attractive for use in electric vehicles.

SWITCHED RELUCTANCE MOTORS (SRM) MARKET SEGMENTATION

• 

• to learn more about this report

• By Type

Based on type the global market can be categorized into Below 100 KW, 100-500 KW, and Above 500 KW.

Below 100 KW: Electric motors with power ratings below 100 kilowatts are commonly employed in smaller-scale applications, such as household appliances, small machinery, and some light industrial equipment. These motors are known for their efficiency and versatility in powering various devices.

100-500 KW: Motors in the 100–500-kilowatt range find applications in medium-sized industrial machinery, pumps, compressors, and some commercial vehicles. Their moderate power output makes them suitable for a wide range of applications where a balance between performance and energy efficiency is essential.

Above 500 KW: Electric motors with power ratings above 500 kilowatts are typically utilized in heavy-duty industrial applications, large-scale machinery, and power generation systems. These high-power motors play a crucial role in driving large equipment and facilitating substantial industrial processes, emphasizing robustness and reliability.

• By Application

Based on application the global market can be categorized into Train Drivers, General Industrial, Household Appliances, and Textile Machinery.

Train Drivers: Train drivers, also known as locomotive engineers, operate trains, ensuring safe and efficient transportation of passengers or cargo. They are responsible for controlling the train's speed, handling emergencies, and adhering to safety protocols, playing a critical role in the rail transport system.

General Industrial: In general industrial settings, electric motors power a wide range of machinery and equipment. These motors drive conveyor belts, pumps, fans, compressors, and various manufacturing processes, contributing to the smooth operation of diverse industrial applications across different sectors.

Household Appliances: Electric motors are integral components in household appliances, such as washing machines, refrigerators, and vacuum cleaners. They provide the necessary mechanical power for tasks like rotating drums, moving air, or driving other components, making these appliances essential for daily living and convenience.

Textile Machinery: Textile machinery relies on electric motors for various functions, including powering spinning machines, looms, and other equipment in the textile manufacturing process. These motors play a pivotal role in automating and optimizing the production of fabrics and textiles in the textile industry.

DRIVING FACTORS

"Versatility in Applications to Boost the Market"

Switched reluctance motors find applications in a wide range of industries, including automotive, aerospace, industrial automation, and more. Their ability to operate efficiently in harsh environments and adapt to different load conditions makes them versatile for various electromechanical systems. SRMs have a robust and simple construction with no permanent magnets, making them mechanically rugged and reliable. The absence of magnets also reduces cost and eliminates concerns related to magnet demagnetization, contributing to the durability of SRMs.

"Increasing Emphasis on Electric Vehicles (EVs) to Expand the Market"

The shift towards electric mobility has driven research and development efforts in electric motor technologies, including switched reluctance motors. Their simplicity, reliability, and potential for high torque density make them a subject of interest for electric vehicle applications. Ongoing developments in control algorithms and power electronics have improved the overall performance of SRMs. Advanced control strategies enhance torque control, reduce torque ripple, and optimize efficiency, making SRMs more competitive in the market.

RESTRAINING FACTOR

"Torque Ripple and Vibration to Potentially Impede Market Growth"

SRMs are known to exhibit torque ripple, which can lead to vibrations and affect the overall smoothness of operation. Controlling and minimizing torque ripple remains a challenge, especially in certain speed ranges, making it a restraining factor for applications where smooth operation is critical. While switched reluctance motors generally produce less acoustic noise than some other motor types, noise levels can still be a concern in certain applications. Addressing acoustic noise, especially in noise-sensitive environments, remains an area of focus for further development.

SWITCHED RELUCTANCE MOTORS (SRM) MARKET REGIONAL INSIGHTS

• 

• to learn more about this report

"Asia Pacific to Dominate the Market due to Extensive Manufacturing Activities "

The market is primarily 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 (SRM) market share due to several factors. The Asia Pacific region has been a significant player in the electric motor industry. The region's dominance can be attributed to the extensive manufacturing activities, strong focus on technological advancements, and the rapid growth of electric vehicle (EV) production. If SRMs find applications in EVs, Asia-Pacific may emerge as a major shareholder due to its leadership in the electric mobility sector.

KEY INDUSTRY PLAYERS

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

The switched reluctance motor (SRM) 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 cloth wardrobes, 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 Market Players Profiled

• Nidec Corporation [Japan]
• AMETEK [U.S.]
• VS Technology [Japan]
• Shandong Kehui Power Automation [China]
• Maccon GmbH [Germany]

INDUSTRIAL DEVELOPMENT

March 2023: Nidec SR Drives Ltd took significant strives ahead in the switched reluctance motor (SRM) market. They recently developed Nidec SR Drives Switched Reluctance Motor System. This SRM system is designed for various applications, including industrial machinery, electric vehicles, and renewable energy systems. Nidec SR Drives is known for its expertise in the development and production of innovative electric motor and drive solutions, including those based on switched reluctance technology.

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.