NEWARK, Del, Dec. 12, 2023 (GLOBE NEWSWIRE) -- 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 by 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.
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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.
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 4.8%
- 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.
“The recent market research study, demonstrate promising advancements in efficiency and reliability within various industrial applications. Our findings underscore their potential to disrupt the market landscape by offering cost-effective solutions with robust performance characteristics, positioning them as a key player in the evolving landscape of electric motor technologies” - Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Scope Of Report
| Report Attributes | Details |
| Growth Rate | CAGR of 6.3% from 2023 to 2033 |
| Market Value in 2023 | US$ 564.1 million |
| Market Value in 2033 | US$ 1039.1 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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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.
- 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.
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Know More about What the Switched Reluctance Motors Market Report Covers
Future Market Insights offers an unbiased analysis of the global switched reluctance motors market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the switched reluctance motors market, the market is segmented based on product type and application across six major regions.
Key Segments Profiled in the Switched Reluctance Motors Market 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
- South Asia and Pacific
- East Asia
- Middle East & Africa
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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