The market size for switching reluctance motors was estimated to be approximately US$ 499.3 million in 2021 and is projected to surpass US$ 950 million by 2032, demonstrating a strong CAGR of 6.28% during the forecast period (2022-2032). Global demand for switching reluctance motors is being driven by growing uses of these motors in electric vehicles, fuel pumps, electric power steering, vacuum blowers, etc.
Switched reluctance motors are electric motors that run on reluctance torque. These motors offer more efficiency, greater dependability, and better performance as compared to other motor types.
Switched reluctance motors have developed into the optimum motor types for high-speed applications in recent years due to their straightforward and reliable structure. Their use as traction motors in electric and hybrid vehicles is gradually gaining popularity. They are also employed in wind energy systems and coal mining equipment like conveyors, cutters, and coal plows because of their straightforward and durable design, energy efficiency, and capability for high-speed operation.
Switched reluctance motors frequently function well even in challenging conditions, making them appropriate for use in mines and nuclear reactors. Sales of switching reluctance motors will increase during the projection period as these industries grow.
Leading switching reluctance motor producers are continuously coming up with new features to enhance their capabilities. To create next-generation switching reluctance motors for the electric motor market, they are receiving sizeable funding from several investors.
To advance the business’s patented motor development technology, Enedym Inc., for instance, received a US$ 15 million investment in June 2021 from a global group of strategic investors from Europe, the United States, Canada, and India, including TRIO Capital Group Inc., P&A Paletta Giving Inc., KWG Capital Inc., and others.
Switched reluctance motors, which are used in electric and hybrid vehicles, have gained a lot of popularity in the automotive industry because of their straightforward design, improved energy economy, and resilience.
Manufacturers and consumers are switching to electric and hybrid automobiles due to factors like growing worries about the high pollution levels of vehicles and the introduction of stricter carbon emission standards.
Over 10 million electric vehicles were on the road worldwide in 2020, according to the International Energy Association (IEA), and this figure is projected to rise in the coming years. Since these electric cars make considerable use of switched reluctance motors, an increase in their sales will eventually fuel the expansion of the switched reluctance motors market.
Key Segments Profiled in the Switched Reluctance Motors Industry Survey
By Product Type:
- Single Phase
- Double Phase
- Triple Phase
- Electromechanical brake system
- Fuel Pump
- Electric Power Steering
- Hybrid/ Electric Vehicles
- Vacuum Blowers
- North America
- Latin America
- Western Europe
- Eastern Europe
- the Middle East and Africa