Motor Soft Starter Market Growth Analysis

Market Insights

The motor soft starter market is likely to grow from USD 1.9 billion in 2021 to reach USD 2.87 billion by 2028 at a healthy CAGR of 6.02% during the forecast period.

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What is a motor soft starter?

Motor soft starter is an electronic device that helps in reducing the load and torque in the power train and electric current surge of the motor start-up with the help of AC electric motors. It controls the supply voltage and eliminates undesired side effects. It also reduces the mechanical and electrodynamic stress from the power cables and electrical distribution network.

Drivers

These factors are expected to boost the demand for the market in the coming year:

• The surge in demand for industrial pumps, and the growing employment of electric motors in major industries.
• Increasing investments in oil & gas, water & wastewater treatment projects.

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Key Players

Some of the major players in the market are-

• ABB
• Siemens
• Schneider Electric
• Eaton
• Fuji Electric
• WEG
• Rockwell Automation
• Mitsubishi Electric.

Segment Analysis

By Voltage Type

The market has been segmented as low voltage and medium voltage. The low voltage segment is expected to hold a larger share of the market during the forecast period due to the adoption of low-voltage motors by various process industries.

Further, industries such as metal & mining, oil & gas, chemical & petrochemical, water & wastewater, cement & manufacturing, power generation, and food & beverages are using low voltage motor soft starters, which is driving the growth of the segment.

By Rated Power Type

The market is segmented as 750 W, 751 W–75 kW, and Above 75 kW segments. The 751 W–75 kW segment is likely to dominate the market during the forecast period. The growth of the segment is attributed by the growth in oil & gas and desalination projects and also the increasing investments that are being made on the same.

By Application Type

The market is segmented as pump, fan, compressor, and others. The pump segment is estimated to govern the market during the forecast period as pumps are extensively used in process industries, such as oil & gas and power generation. The segment is playing an essential role in limiting the voltage supply to the motor.

By Industry Type

The market is segmented as oil & gas, power generation, water & wastewater, mining and others. The oil & gas segment is expected to lead the market during the forecast period owing to rise in upstream spending in response to surge in prices of oil.

By Region

Asia-Pacific is estimated to dominate the market during the forecast period due to rising investment in industrialization, construction, and power generation.

Countries, such as China, India, and Japan are expected to register the fastest growth, driven by the increasing demand for electricity and power generation capacity. North America and Europe are also showing keen interest in the motor soft starter market and offer lucrative growth opportunities during the forecast period. 

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

By Voltage Type:

• Low 
• Medium 

By Rated Power Type:

• Up to 750 W
• 751 W- 75 kW
• Above 75 kW

By Application Type:

• Pump
• Fan
• Compressor
• Others

By Industry Type:

• Oil & Gas
• Water & Wastewater
• Power Generation
• Mining
• Others

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle and supply chain analysis
• Report environment analysis: Growth drivers and constraints, Porter’s five forces and SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the industry types by voltage type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.