Switched Reluctance Motor Market Revenues to top US$ 934.7 Mn By 2031, Insights by TMR

Switched Reluctance Motor Market to Surpass Valuation of US$ 934.7 Mn by 2031, expanding at a CAGR of 6.3% during the forecast period 2021 – 2031

ALBANY , NY, US, December 14, 2021 /EINPresswire.com/ — Transparency Market Research delivers key insights on the global switched reluctance motor market. In terms of revenue, the global switched reluctance motor market is expected to expand at a CAGR of 6.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global switched reluctance motor market.

The global switched reluctance motor market is broadly affected by several factors, including increase in adoption of electric vehicles due to rise in global warming. Thus, surge in use of switched reluctance motor for manufacturing e-vehicles is propelling the global switched reluctance motor market.

Impact of COVID-19 Pandemic on Switched Reluctance Motor Market

The sudden spread of the COVID-19 disease across the globe has affected the global economy. Many developed countries have suffered from the economic loss due to halted business activities. The global switched reluctance motor market is strongly affected by the coronavirus pandemic. Increasing number of COVID-19 cases and closed businesses have created many challenges for market contributors in the global market. However, the unparalleled rise in sales of electric vehicles and electric machineries is being witnessed after the recovery of automobile and industrial sectors post reopening of business activities with decline in coronavirus cases the world over. Manufacturers operating in the global market have adopted innovative measures to increase the sales of high-speed motors.

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Switched Reluctance Motor Market: Dynamics

Switched reluctance motors (SRM) is a category of variable reluctance motors, which are robust and simple in construction. The rotor of the SRM is made of laminated steel with no windings or permanent magnets on it. This lowers the inertia of the rotor, which helps achieve higher acceleration. The robust nature of SRM makes is suitable for use in high-speed applications. An SRM also offers high power density, which is among the required characteristics of electric vehicles. Since the heat generated is mostly confined to the stator, it is easier to cool the motor.

Low starting current, quick acceleration, and extremely efficient direct drive associated with the switched reluctance motor make it ideal for electric vehicles, as it minimizes the load on the battery and extends the driving range from a single battery charge. Thus, Electric Vehicles (EV) and Hybrid Electric Vehicles (HEV) are anticipated to offer lucrative opportunities to the switched reluctance motor market in the near future.

Increase in Demand for High-speed Motors Fueling Market Growth

Even though the COVID-19 has created an interruption in supply chain of switch reluctance motors (SRMs), manufacturers are developing innovative products to cater to the increasing demand for high-speed motors from different industries such as automobiles, building & construction, etc. Manufacturers are focusing on increasing the production of high-speed motors due to rising sales of electric vehicles, electric machineries, battery-powered devices, etc. Switched reluctance motors are electric motors that run through reluctance torque. These motors can be run at greater speed; hence, they are widely used in electromechanical brake system, high-speed machineries, power devices, and electrical & hybrid vehicles. There is a surging demand for energy conservation systems, globally. This factor is accelerating the growth of the switched reluctance motor market.

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Switched Reluctance Motor Market: Prominent Regions

North America is expected to account for a prominent share of the global switched reluctance motor market during the forecast period, owing to the presence of key market players, technological advancements, and increased focus on clean energy in the region. The switched reluctance motor market in Europe is projected to expand at a rapid pace during the forecast period. The switched reluctance motor market in Europe is likely to expand at a notable CAGR of 6.7% during the forecast period, owing to the presence of a significant number of players manufacturing switched reluctance motors in the region.

Switched Reluctance Motor Market: Key Players

Key players operating in the global switched reluctance motor market are MACCON Gmbh & Co. Kg, Turntide, NIDEC Corporation, Advanced Electric Machines (AEM), Regal Beloit Corporation, Shandong Kehui Power Automation Co., Ltd, Punch Powertrain NV, AMETEK Inc., Chara, and Enedym.

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About Transparency Market Research

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Rohit Bhisey
TMR
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