Switched reluctance motors are electric motors that run by reluctance torque. These motors provide high efficiency, better reliability and improved performance as compared to other motor types.
The global switched reluctance motors market size was valued at around US$ 499.3 Mn in 2021 and is expected to surpass a valuation of nearly US$ 950 Mn by 2032, exhibiting a robust CAGR of 6.28% during the forecast period (2022-2032). Rising applications of switched reluctance motors in electric vehicles, fuel pumps, electric power steering, vacuum blowers, etc. is pushing the demand for switched reluctance motors worldwide.
Electric motors powered by reluctance torque are known as switched reluctance motors. When compared to other motor types, these motors provide higher efficiency, greater reliability, and improved performance.
Because of their simple and robust structure, switched reluctance motors have become ideal motor types for high-speed applications in recent years. They are quickly becoming popular as traction motors in electric and hybrid vehicles. Because of their simple and rugged construction, energy efficiency, and high-speed operation ability, they are also used in wind energy systems and coal mining equipment such as conveyors, cutters, and coal plows.
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Switched reluctance motors tend to perform well even in harsh environments, making them suitable for use in nuclear reactors and mines. As these industries expand, so will sales of switched reluctance motors during the forecast period.
Leading manufacturers of switched reluctance motors are constantly innovating to improve the features of switched reluctance motors. They are receiving significant investments from a variety of investors in order to develop next-generation switched reluctance motors for the electric motor market.
Thanks to their simple design, higher energy efficiency, and robustness, switched reluctance motors have gained huge traction across automotive industry where they are used in electric and hybrid vehicles.
Factors such as growing concerns regarding high emission levels of vehicles and implementation of stringent carbon emission levels have prompted both manufacturers and consumers to switch over to electric and hybrid cars.
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According to the International Energy Association (IEA), over 10 Mn electric cars were on the world’s roads in 2020 and this number is further expected to surge in future. As switched reluctance motors are being extensively used in these electric vehicles, rise in their sales will eventually spur the growth in switched reluctance motors market.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 09, 2022
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