Surging Demand for Efficient Motors: Switch Reluctance Motor Market to Hit $978.6M by 2033 at 6% CAGR

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.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/A323782

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.

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.

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.

🔰 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A323782

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.

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.

𝐑𝐞𝐜𝐞𝐧𝐭 𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬

𝐈𝐧 𝐌𝐚𝐫𝐜𝐡 𝟐𝟎𝟐𝟑, Nidec SR Drives Ltd made important advancements in the switching reluctance motor (SRM) market. They just created the Nidec SR Drives Switched Reluctance Motor System. This SRM system is designed for a variety of uses, including industrial machines, electric vehicles, and renewable energy systems. Nidec SR Drives is well-known for its skill in developing and manufacturing revolutionary electric motor and drive solutions, including those based on switching reluctance technology.

𝐈𝐧 𝐀𝐮𝐠𝐮𝐬𝐭 𝟐𝟎𝟐𝟏, Enedym Inc., a global leader in the development of next generation switched reluctance motors (SRMs) and other products, has collaborated with the Napino Group, one of India's leading automotive electronic product suppliers, to develop and manufacture complete motor solutions for two-wheeler electric vehicles in India.

🔰 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/switch-reluctance-motor-market/purchase-options

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.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬

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