Allied Analytics LLP
The global switched reluctance motor market is witnessing growth due to several factors, including increasing versatility of switched reluctance motor applications and growing importance of electric vehicles.
WILMINGTON, Del., Oct. 04, 2024 (Globe Newswire) — Allied Market Research provides “by product type (single-phase, two-phase, polyphase), operating power (<100 KW, 100-500 KW and 500 KW and above), End Users (Automotive, Industrial, Other): Global Opportunity Analysis and Industry Forecast, 2024-2033.” According to the report, the Switched Reluctance Motor market was valued at $566 million in 2023 and is estimated to grow at a CAGR of 6% from 2024 to 2033 to reach $978.6 million by 2033. Masu.
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Key determinants of growth
The global switched reluctance motor market is witnessing growth due to several factors such as increasing adoption of hybrid and electric vehicles. However, high cost of motors is restraining market growth. Additionally, the increasing applications of switched reluctance motors provides rewarding opportunities for expanding the global market.
By product type
The polyphasic segment is anticipated to witness rapid growth throughout the forecast period.
By product type, the polyphase segment captured the largest share in 2023 due to improved performance and efficiency of polyphase switched reluctance motors compared to their single-phase counterparts. They deliver higher torque density, better fault tolerance, and smoother operation, which is important for applications in industries such as automotive, aerospace, and industrial machinery. Additionally, the growing demand for energy-efficient, high-performance motors in electric vehicles and renewable energy systems is driving the adoption of multi-phase technology.
Depends on operating power
The above 500 kW segment is expected to witness rapid growth over the forecast period.
Electric motors with operating power ratings of more than 500 kilowatts are commonly used in heavy-duty industrial applications, large machinery, and power generation systems. These high-power motors play a critical role in driving huge equipment and facilitating large-scale industrial operations, with an emphasis on durability and reliability.
By end user
The industrial segment is expected to witness rapid growth throughout the forecast period.
End users in the industrial sector increasingly prefer switched reluctance motors (SRMs) due to their robustness, efficiency, and simplicity. These motors are particularly suited for variable speed drives, which are essential in applications such as pumps, fans, compressors, and conveyors. Their wide range of speeds and ability to operate efficiently under various load conditions make them ideal for industrial automation and process control systems.
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By region
The Asia-Pacific region will maintain its dominance by 2033.
Regionally, the adoption of switched reluctance motors for industrial applications in China may also be facilitated by smart manufacturing initiatives. According to the Ministry of Industry and Information Technology, the Chinese government has launched a number of smart manufacturing pilot projects. According to the 13th Five-Year Plan, China hopes to develop intelligent manufacturing systems and achieve significant industrial transformation by 2025. As a result of such efforts, automakers are expanding manufacturing facilities in China, pointing to a positive outlook for industrial motor demand. During the forecast period.
For example, in October 2022, the Indian government declared opening 42 oil and gas blocks for exploration and production through global competitive bidding. India plans to more than double its oil and gas exploration and production area to 500,000 square kilometers by 2025 and 1 million square kilometers by 2030, increasing domestic production and reducing dependence on imported fuels. and is intended to create a favorable outlook for gas demand. Industrial motors for the oil and gas industry.
player:
This report offers a detailed analysis of these key players in the global Switched Reluctance Motor market. These players are adopting various strategies such as new product launches, collaborations, expansions, joint ventures, and agreements to increase their market share and maintain a dominant share in different regions. . The report helps to introduce the competitive scenario by highlighting business performance, business segments, product portfolio, and strategic moves of market players.
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