Wilmington, Delaware, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Switch Reluctance Motor Market by Product Type (Single Phase, Double Phase and Multiphase), Operating Power (Less Than 100 KW, 100-500 KW and Above 500 KW), End-User (Automotive, Industrial and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the switch reluctance motor market was valued at $566.0 million in 2023, and is estimated to reach $978.6 million by 2033, growing at a CAGR of 6% from 2024 to 2033.
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Prime determinants of growth
The global switch reluctance motor market is experiencing growth due to several factors such as growing adoption of hybrid and electric vehicles. However, the high cost of motors restrains the growth of the market. Moreover, the rising application of switch reluctance motors offers remunerative opportunities for the expansion of the global market.
By Product Type
The multiphase segment is expected to witness rapid growth throughout the forecast period.
By product type, the multiphase segment generated the largest share in 2023 owing to multiphase switch reluctance motors offer improved performance and efficiency compared to their single-phase counterparts. They provide higher torque density, better fault tolerance, and smoother operation, which are critical for applications in industries such as automotive, aerospace, and industrial machinery. Additionally, the increasing demand for energy-efficient and high-performance motors in electric vehicles and renewable energy systems has driven the adoption of multiphase technology.
By Operating Power
The above 500 kilowatts segment is expected to witness rapid growth throughout the forecast period.
By operating power, electric motors with power ratings above 500 kilowatts are commonly used in heavy-duty industrial applications, large-scale machinery, and power production systems. These high-power motors serve an important role in driving huge equipment and facilitating large industrial operations, emphasizing durability and dependability.
By End-User
The industrial segment is expected to witness rapid growth throughout the forecast period.
By end user, in the industrial sector, switch reluctance motors (SRMs) are increasingly preferred for their robustness, efficiency, and simplicity. These motors are particularly well-suited for variable speed drives, which are essential in applications such as pumps, fans, compressors, and conveyors. Their ability to operate efficiently over a wide range of speeds and under varying load conditions makes them ideal for industrial automation and process control systems.
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By Region
Asia-Pacific region to maintain its dominance by 2033.
Region wise, the adoption of switch reluctance motors for industrial applications in China is also likely to be boosted by smart manufacturing efforts. According to the Ministry of Industry and Information Technology, the Chinese government has launched many smart manufacturing pilot projects. According to the 13th five-year plan, the country wants to develop an intelligent manufacturing system and accomplish crucial industrial transformations by 2025. As a result of such initiatives, automakers have expanded their manufacturing facilities in China, indicating a positive prognosis for industrial motor demand during the forecast period.
For instance, in October 2022, the Indian government declared that it would open 42 oil and gas blocks for exploration and production through worldwide competitive bidding. India will more than double the area under investigation and production of oil and gas to 0.5 million square kilometres by 2025 and 1 million square kilometres by 2030, intending to raise domestic output and reduce reliance on imported fuel, thus creating a favourable outlook for demand for industrial motors in the oil and gas industry.
Players:
- Enedym Inc.
- Infineon Technologies AG
- Nidec SR Drives Ltd.
- E. KRETZSCHMAR
- Domel, d.o.o.
- Maccon
- Renesas Electronics Corporation
- Ramco Electric Motors
- Regal Beloit Corporation
- Turnide
- Advanced Electric Machines (AEM)
The report provides a detailed analysis of these key players in the global switch reluctance motor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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