Switched Reluctance Motors Market - Size, Share, Industry Trends, and Forecasts (2023 - 2031)

By Product Type:

Based on the product type, the market is categorized into single phase, double phase, and multiphase.

Trends in the Product Type:

• Growing trend towards the adoption of single-phase motors in smaller applications where a simple and cost-effective motor solution is sufficient, and lower power requirements are typical.
• Double-phase SRMs offer enhanced stability and smoother operation compared to single-phase motors, suitable for applications with varying load conditions.

Multiphase for the largest revenue share of 58.3% in 2024 and is also projected to witness the fastest CAGR.

• Multiphase SRMs are ideal for applications demanding higher torque density, better fault tolerance, and smoother operation, hence driving switched reluctance motors market size.
• They are being adopted in sophisticated systems such as electric traction, industrial robotics, high-power machinery, and the automotive and aerospace industries.
• Increasing demand for energy-efficient and high-performance motors, particularly in electric vehicles and renewable energy systems, is driving the adoption of multiphase technology, further boosting the switched reluctance motors market trend.
• Thus, as per the switched reluctance motors market analysis, the aforementioned factors are driving the trend for the multiphase segment.

By Operating Power:

Based on the Operating Power, the market is classified into Less than 100 KW, 100-500 KW, and Above 500 KW.

Trends in the Operating Power:

• Very large pumps, compressors, and rolling mills in industries like oil & gas, mining, and steel potentially utilize switched reluctance motors in the high-power range.
• Larger wind turbines and other renewable energy generation systems employ SRGs above 500 kW.

Less than 100 KW accounted for the largest revenue in 2024.

• Switched reluctance motors in this range are adopted in Electric Vehicles (EVs), particularly for auxiliary systems like power steering and cooling pumps, driving the switched reluctance motors market demand.
• Many industrial applications, like pumps, fans, compressors, and smaller machinery, utilize SRMs in this power range due to their efficiency and robustness.
• Applications in vacuum cleaners, washing machines, and HVAC systems are also witnessing a rise in the use of SRMs under 100 kW, driven by the need for energy efficiency and quieter operation.
• For instance, STMicroelectronics provides the STEVAL-CTM015A1, a development board for driving 1 kW, 400 VDC three-phase Switched Reluctance Motors (SRMs). This drive utilizes an asymmetric half-bridge flexible converter architecture.
• Thus, as per the switched reluctance motors market analysis, the aforementioned factors are contributing significantly to driving the market size.

100-500 KW is predicted to register the fastest CAGR during the forecast period.

• Higher power industrial applications, such as larger pumps, compressors, and heavy-duty machinery, are potential areas for switched reluctance motors in this range.
• Switched reluctance motors in this power range are being explored and used in wind turbines, especially for direct-drive systems, offering advantages in terms of reliability and efficiency.
• Further, this power range is also relevant for other traction applications, like railway and off-highway vehicles.
• Subsequently, as per the market analysis, the aforementioned factors are collectively responsible for accelerating the market during the forecast period.

By End User:

Based on the end user, the market is categorized into automotive, aerospace, manufacturing, healthcare, energy and power, and others.

Trends in the End User:

• Manufacturing industry is embracing automation and robotics, creating switched reluctance motors demand in various industrial machinery.
• The high torque density and controllability of SRMs are being explored for use in surgical robotic systems.

Automotive accounted for the largest revenue share in the market in 2024.

• Increasing trend towards the adoption of switched reluctance motors as a cheaper alternative to permanent magnet motors, especially for EVs and hybrid vehicles, due to the absence of rare-earth magnets.
• Automakers are exploring SRMs to diversify their EV powertrain options, seeking robustness and fault tolerance alongside performance.
• Increasing R&D to minimize inherent switched reluctance motors' torque ripple and noise to enhance passenger comfort and meet NVH (Noise, Vibration, and Harshness) standards.
• Consequently, the expansion in the automotive sector is contributing remarkably to driving the adoption of switched reluctance motors.
• For instance, the Indian passenger car market is projected to grow at over 9% annually from USD 32.70 billion in 2021 to USD 54.84 billion by 2027. Globally, the EV market is anticipated to surge fivefold from roughly USD 250 billion in 2021 to USD 1,318 billion by 2028.
• In conclusion, the aforementioned factors are contributing to the growth of the global switched reluctance motors market.

Aerospace is predicted to register the fastest CAGR during the forecast period.

• These motors are being considered for various actuation systems in aircraft, such as flight control surfaces, landing gear, and valve control, to handle harsh environments is advantageous.
• The growing potential for switched reluctance motors as generators in APUs and other power generation systems within aircraft is also boosting the market.
• Additionally, the increasing government investments in upgrading the aerospace industry are also contributing notably to driving the switched reluctance motors market trend.
• For instance, in Jan 2025, the Manitoba government invested USD 17 million in Magellan Aerospace through a USD 8-million grant and a USD 9-million repayable loan. This investment aims to create highly skilled jobs, boost overall investment in Manitoba's aerospace sector, and strengthen international trade relationships.
• Subsequently, as per the market analysis, the aforementioned factors are collectively responsible for accelerating the market during the forecast period.