Synchronous Reluctance Motor (SynRM) Market Report Overview
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Global synchronous reluctance motor (SynRM) market size was estimated to be USD 182.5 million in 2022 & the market is projected to reach USD 535 million by 2031, exhibiting a CAGR of 12.7% during the forecast period.
The COVID-19 pandemic has had an unprecedented and staggering impact, with the SynRM market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. However, the market has shown resilience, and the sudden rise in the CAGR can be attributed to the growing demand and the market's recovery to pre-pandemic levels.
Synchronous reluctance motors (SynRM) are advanced electric motors used in various applications across different industries. These motors offer several advantages, including high efficiency, improved torque density, and reduced energy consumption. SynRM technology utilizes the principle of reluctance torque to achieve better performance compared to traditional motors. These motors find applications in process industries, discrete industries, and transportation sectors.
The demand for Synchronous Reluctance Motors is increasing due to several factors. Firstly, there is a growing emphasis on energy efficiency and sustainability in industries worldwide. SynRM motors provide higher efficiency and lower energy consumption, making them a preferred choice for various applications. Additionally, the increasing adoption of electric vehicles and hybrid vehicles is driving the demand for SynRM motors in the transportation sector. These motors offer improved performance and efficiency, contributing to the overall sustainability of the transportation industry.
COVID-19 Impact: Decrease in Investments and Slowdown in Project Implementation
The COVID-19 pandemic had a significant impact on the synchronous reluctance motor (SynRM) market. The sudden outbreak of the pandemic caused disruptions in global supply chains, temporary closures of manufacturing facilities, and a decline in overall industrial activities. As a result, the SynRM market experienced a period of lower demand and reduced sales volumes.
During the initial phases of the pandemic, several industries faced unprecedented challenges and uncertainty, leading to a decrease in investments and a slowdown in project implementation. The automotive sector, a significant consumer of SynRM motors, witnessed a decline in production due to factory closures and disruptions in the supply chain. Similarly, the industrial machinery and equipment sector also experienced a downturn as manufacturing activities were scaled back.
Latest Trends
"Industry 4.0 and Digitalization to Transform the SynRM Market"
The SynRM market is transforming with the emergence of Industry 4.0 and the widespread adoption of digitalization. Industry 4.0 refers to the integration of advanced technologies, such as machine learning, big data analytics, and cloud computing, into industrial processes to create smart factories and enable intelligent automation.
With Industry 4.0, manufacturers are leveraging the power of data and connectivity to optimize their operations, increase productivity, and improve overall efficiency. In the context of the SynRM market, Industry 4.0 is revolutionizing motor control and performance monitoring systems. Advanced sensors, embedded intelligence, and connectivity features are being incorporated into SynRM motors, enabling real-time monitoring, predictive maintenance, and remote control capabilities.
The digitalization of the market is enabling manufacturers to collect and analyze motor performance data, facilitating proactive maintenance and reducing downtime. Predictive maintenance algorithms powered by AI and machine learning algorithms can detect potential motor failures and optimize maintenance schedules, resulting in cost savings and improved operational efficiency.
Synchronous Reluctance Motor (SynRM) Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into 0-30 KW, 30-100 KW, and above 100 KW.
- By Application Analysis
Based on application, the market can be divided into process industries, discrete industries, and transportation
Driving Factors
"Increasing Emphasis on Energy Efficiency to Boost the Demand"
In response to the growing awareness regarding energy conservation and sustainability, there is an increasing emphasis on energy efficiency in the market. Industries across various sectors are recognizing the importance of reducing energy consumption and minimizing their environmental impact. As a result, the demand for energy-efficient solutions, such as SynRM motors, is on the rise.
The unique design and operational characteristics of SynRM motors make them highly energy-efficient. These motors offer improved efficiency compared to traditional motors, resulting in reduced energy consumption and cost savings. The reluctance torque design of SynRM motors minimizes energy losses, leading to enhanced overall system efficiency.
Moreover, SynRM motors are known for their superior performance in partial load conditions, where they exhibit higher efficiency compared to induction motors. This characteristic makes SynRM motors ideal for applications that require variable speed control, as they can deliver substantial energy savings during periods of low demand or when operating at reduced speeds.
"Adoption of Electric Vehicles to Enhance Market Growth"
The global shift towards electric vehicles and hybrid vehicles is creating a significant demand for the product. As governments and consumers increasingly prioritize sustainable transportation solutions, the need for efficient and high-performance electric propulsion systems is on the rise. SynRM motors, with their advanced design and energy-saving capabilities, are playing a crucial role in meeting this demand. These motors offer improved efficiency compared to traditional motors, translating into extended battery range and reduced energy consumption. With their ability to deliver optimal torque and power density, SynRM motors enhance the overall performance and reliability of electric vehicles, providing a smooth and responsive driving experience.
Moreover, the eco-friendly nature of SynRM motors aligns with the objectives of reducing greenhouse gas emissions and creating a greener future for transportation. As a result, the adoption of SynRM motors is not only driving the growth of the electric vehicle market but also contributing to the sustainability goals of the transportation sector.
Restraining Factors
"Limited Awareness and High Initial Costs to Hinder Market Expansion"
SynRM motors often have higher initial costs compared to traditional motors. This can pose a challenge for price-sensitive industries and limit the widespread adoption of SynRM technology. The awareness and availability of SynRM motors vary across different regions. Lack of knowledge and limited accessibility can hinder market growth, particularly in emerging economies.
Synchronous Reluctance Motor (SynRM) Market Regional Insights
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"North America Leads Due to Focus on Energy Efficiency"
North America is expected to be the leading region in the market. The region has a well-established industrial sector and a focus on energy efficiency, which drives the adoption of SynRM motors. Additionally, the presence of major market players and technological advancements contribute to the growth of the market in North America.
Asia Pacific is anticipated to exhibit significant growth during the forecast period. The region has a thriving manufacturing sector and is witnessing rapid industrialization. The increasing adoption of energy-efficient solutions in countries like China and India, coupled with government initiatives to promote sustainability, is fueling the demand for SynRM motors in the Asia Pacific.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- ABB - Switzerland
- Siemens - Germany
- KSB (REEL) - Germany
- Danfoss - Denmark
- Bonfiglioli - Italy
- Oemer Motors - Turkey
- Relaoto - China
- Mark Elektriks - India
- Nidec Leroy-Somer - France
- Delta Electronics - Taiwan
- Changzhou Nanfang Motor - China·
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 182.5 Million in 2022 |
Market Size Value By |
US$ 535 Million by 2031 |
Growth Rate |
CAGR of 12.7% from 2022 to 2031 |
Forecast Period |
2022 -2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type And Application |
Frequently Asked Questions
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What value is the global SynRM market expected to reach by 2031?
The global SynRM market is expected to reach USD 535 million by 2031.
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Which are the driving factors of the market?
The SynRM market is expected to exhibit a CAGR of 12.7% by 2031.
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Which are the driving factors of the market?
The driving factors of the SynRM market include increasing emphasis on energy efficiency and the adoption of electric vehicles.
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Which are the key players or most dominating companies functioning in the market?
The dominating companies in the SynRM market are ABB, Siemens, and KSB (REEL).
