Press release
Switched Reluctance Motor Market Business Share, Future Growth, Trends And Industry Strategies
Switched Reluctance Motor Market
The global switched reluctance motor (SRM) market is projected to experience substantial growth, with market valuations expected to increase from USD 305.14 million in 2023 to USD 520.15 million by 2030, reflecting a compound annual growth rate (CAGR) of 7.90% during the forecast period. This growth is driven by the increasing demand for energy-efficient and cost-effective motor solutions across various industries, including automotive, industrial automation, and renewable energy sectors.
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○ Market Dynamics
Switched reluctance motors are gaining popularity due to their high efficiency, reliability, and low overall system cost. Their extensive application in electric vehicles (EVs), process control industries, fuel pump operations, and electric power steering systems is significantly contributing to market expansion. However, challenges such as control complexity, torque ripple effects, and operational noise may hinder market growth.
○ Competitive Landscape
The SRM market is characterized by the presence of several key players focusing on innovation and strategic partnerships to enhance their market positions. Notable companies include Infineon Technologies AG, Nidec SR Drives Ltd., KRETZSCHMAR, Domel, d.o.o., MACCON, Renesas Electronics Corporation, Ramco Electric Motors, Regal Beloit Corporation, Turnide, and Advanced Electric Machines (AEM). These organizations are investing in research and development to introduce advanced motor technologies that cater to the evolving needs of various industries.
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• Regional Demand
The Asia Pacific region is anticipated to hold a significant share of the SRM market during the forecast period. This dominance is attributed to the rapid growth of manufacturing and construction activities, coupled with the increasing adoption of electric vehicles in countries such as China, Japan, and South Korea. Europe and North America are also expected to witness substantial growth, driven by technological advancements and the emphasis on energy-efficient solutions in industrial applications.
• Country-Specific Insights
○ Vietnam: Emerging Opportunities in Industrial Automation
Vietnam's burgeoning industrial sector presents significant opportunities for the adoption of switched reluctance motors. The country's focus on enhancing manufacturing capabilities and integrating advanced technologies is expected to drive market growth.
○ Thailand: Growth Driven by Automotive Sector Expansion
○ Thailand's expanding automotive industry, particularly in the production of electric and hybrid vehicles, is fueling the demand for switched reluctance motors. The emphasis on energy-efficient automotive solutions underscores the need for advanced motor technologies.
○ Japan: Trends in Robotics and Precision Equipment
Japan's switched reluctance motors market is witnessing growth driven by applications in electric cars, industrial automation, and high-precision equipment. The country's strength in robotics and factory automation, especially for applications requiring precision and high efficiency, is a key driver for SRM adoption.
○ South Korea: Opportunities in Semiconductor Manufacturing
South Korea's stronghold in semiconductor manufacturing, electric vehicle production, and industrial automation is rapidly propelling the switched reluctance motors market. The emphasis on smart factory production and high-efficiency solutions serves as a catalyst for SRM adoption in the country.
○ Singapore: Consolidation through High-Tech Manufacturing
Singapore's focus on high-tech manufacturing and sustainable industrial practices is driving the adoption of switched reluctance motors. The city's commitment to precision engineering and energy efficiency supports market growth.
○ United States: Updation in Energy-Efficient Technologies
The United States is witnessing a shift towards energy-efficient technologies, with switched reluctance motors playing a pivotal role in enhancing industrial efficiency and reducing operational costs. The growing emphasis on sustainable practices is contributing to market expansion.
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◆ Switched Reluctance Motor Market Segmentation
♦ by Type
4/2 2-Phase switched reluctance motor
6/3 3-Phase switched reluctance motor
♦ by Application
Fuel Pump
Throttle Control
Oil Pump
Vacuum Cleaner
Lawnmower
Washing Machine
Fans
Automatic doors in buildings and vehicles
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◆ Switched Reluctance Motor Market Key Players
1. Infineon Technologies AG
2. MACCON
3. E.KRETZSCHMAR
4. Domel, d.o.o.
5. Nidec SR Drives Ltd.,
6. Renesas Electronics Corporation
7. Regal Beloit Corporation
8. Ramco Electric Motors
9. U.S. Motors,
10. Emotron
11. Control Engineering etc.
12. AMETEK
13. VS Technology
14. Shandong Kehui Power Automation
15. Rongjia Motor Co. Ltd
16. Shandong Desen
17. Huayang
18. Heliad
19. Rocky Mountain Technologies
Recent Developments
Regal Beloit Corporation, a leading manufacturer of electric motors and controls, has been involved in the development of switched reluctance motors for various industries. The company has focused on improving motor performance, efficiency, and reliability through advanced design techniques and optimized control algorithms.
AMETEK, a leading manufacturer of precision motion control solutions, has made advancements in the development of switched reluctance motors. The company has focused on enhancing the performance, reliability, and efficiency of SRMs for industrial automation applicatio
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