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Global 3-Phase Switched Reluctance Motor Industry Market Dynamics & Strategic Insights (2023 – 2031)
The 3-Phase Switched Reluctance Motor Market is expected to grow at a CAGR of 5.18% during the forecasted period of 2020-2028. The market growth is mainly driven by ever-changing trends towards clean energy joined with strict government guidelines. Technical progress in motor structures to minimize cost, and improving efficiency along with performance, reliability and safety are some of the major aspects which are expected to stimulate the Reluctance Motors demand across regions.
At a broad level we have identified 3-Phase Switched Reluctance Motor Market dynamics -
The 3-Phase Switched Reluctance Motor Market is witnessing a substantial growth across end-user industries especially in the developing nations. The 3-Phase Switched Reluctance Motor Market is expected to reach USD 581.0 million by 2028 from USD 375.4 Million in 2019, at a CAGR of 5.18% from 2020 to 2028.
The market is analyzed across four geographical regions, namely, North America (U.S., Canada), Europe (UK, Germany, France and rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), and RoW (Latin America, Middle East and Africa). North America region was holding the highest market share of about 33% in 2019. The Asia Pacific region due to increased industrialization, and increasing appliances industry especially from Chinese and Indian market is pushing the market growth. With a material handling complications and high initial set up cost of the machinery are some of the key factors holding 3-Phase Switched Reluctance Motor Market in the region. It is expected that at a country level, the U.S. will account for the majority of the market revenue by 2028.
One of the major drivers for the market is high torque density property of switched reluctance motors as compared to traditional induction motors. Improved efficiency has also pushed the demand for switched reluctance motors across regions. Set-up of switched reluctance motors is more robust as compared with the induction motors which has also fueled the demand for the switch reluctance motor.
Moreover, cost efficiency and energy efficiency along with application in high power electronic switches has benefited market growth. The switch reluctance motor’s suitability to be used in very high temperature ambience is also the factor increasing the use of the switch reluctance motor in the market. Major advantage of being least expensive of all the motor types is the key reason for the growth of the switch reluctance motor market.
The 3-Phase Switched Reluctance Motor Market is segmented on the basis of Product Types, By Application, and by Region. The <100KW Type holds the 60% of market share in 2019. And is expected to be growing at a CAGR of 4.81% in the forecasted period.
The 3-Phase Switched Reluctance Motor Market by Application is segmented into Appliances, Automotive, & Industrial Applications. Industrial application was holding 40% of market share with Appliances industry estimated to grow at a CAGR of 5.37% in the forecasted period due to its usability and growing adoption of the same.
Key companies profiled in the report are Nidec Corporation, Ametek, VS Technology, Shandong Kehui Power Automation, Maccon GmbH, Rongjia Motor Co., Ltd, Shandong Desen, Huayang, Heliad, Rocky Mountain Technologies. The frequent new product launches to stay dynamic in this competitive market is a major driver for the key 3-Phase Switched Reluctance Motor Market providers by offering varied solutions to end users according to their changing demands. Similarly, strict regulations by government from various region has been identified by many international players and thus they have adopted key strategies such as expansion, mergers, acquisition to increase their operational presence.
At a broad level we have identified 3-Phase Switched Reluctance Motor Market dynamics -
The 3-Phase Switched Reluctance Motor Market is witnessing a substantial growth across end-user industries especially in the developing nations. The 3-Phase Switched Reluctance Motor Market is expected to reach USD 581.0 million by 2028 from USD 375.4 Million in 2019, at a CAGR of 5.18% from 2020 to 2028.
The market is analyzed across four geographical regions, namely, North America (U.S., Canada), Europe (UK, Germany, France and rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), and RoW (Latin America, Middle East and Africa). North America region was holding the highest market share of about 33% in 2019. The Asia Pacific region due to increased industrialization, and increasing appliances industry especially from Chinese and Indian market is pushing the market growth. With a material handling complications and high initial set up cost of the machinery are some of the key factors holding 3-Phase Switched Reluctance Motor Market in the region. It is expected that at a country level, the U.S. will account for the majority of the market revenue by 2028.
One of the major drivers for the market is high torque density property of switched reluctance motors as compared to traditional induction motors. Improved efficiency has also pushed the demand for switched reluctance motors across regions. Set-up of switched reluctance motors is more robust as compared with the induction motors which has also fueled the demand for the switch reluctance motor.
Moreover, cost efficiency and energy efficiency along with application in high power electronic switches has benefited market growth. The switch reluctance motor’s suitability to be used in very high temperature ambience is also the factor increasing the use of the switch reluctance motor in the market. Major advantage of being least expensive of all the motor types is the key reason for the growth of the switch reluctance motor market.
The 3-Phase Switched Reluctance Motor Market is segmented on the basis of Product Types, By Application, and by Region. The <100KW Type holds the 60% of market share in 2019. And is expected to be growing at a CAGR of 4.81% in the forecasted period.
The 3-Phase Switched Reluctance Motor Market by Application is segmented into Appliances, Automotive, & Industrial Applications. Industrial application was holding 40% of market share with Appliances industry estimated to grow at a CAGR of 5.37% in the forecasted period due to its usability and growing adoption of the same.
Key companies profiled in the report are Nidec Corporation, Ametek, VS Technology, Shandong Kehui Power Automation, Maccon GmbH, Rongjia Motor Co., Ltd, Shandong Desen, Huayang, Heliad, Rocky Mountain Technologies. The frequent new product launches to stay dynamic in this competitive market is a major driver for the key 3-Phase Switched Reluctance Motor Market providers by offering varied solutions to end users according to their changing demands. Similarly, strict regulations by government from various region has been identified by many international players and thus they have adopted key strategies such as expansion, mergers, acquisition to increase their operational presence.
Scope:
| Report Data | Market |
| Forecast 2022 | XX million/billion (2022-2032) |
| CAGR 2022 - 2032 | % |
| Analysis Period | 2022 - 2032 |
| Base Year | 2021 |
| Forecast Data | 2022 - 2032 |
| Segments Covered | By Type, By Application, And by Regions |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | . |
| Key Segments | By Type By Applications |
| Report Coverage | Market Drivers, Market Trends, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Frequently Asked Questions
What is the future market value of the ?
The current market value for is expected USD XX million/billion by 2022.
What is the CAGR of the Market?
The is to grow at a CAGR of 5.3% during the forecast by 2032.
What is the Market segment?
On the basis of type, the is segmented into Types.
Who are the key players operating in the ?
The major players operating in the are Company.
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