The motor soft starter market is projected to reach USD 2.3 billion by 2024, at a CAGR of 6.0% from 2019 to 2024 The global motor soft starter market is projected to reach USD 2.3 billion by 2024 from an estimated market size of USD 1.7 billion in 2019, at a CAGR of 6.0% during the forecast period. The growing demand for industrial pumps, increased use of electric motors in key industries, and increased demand for HVAC has boosted the demand for motor soft starters. Moreover, the investments in the non-oil sector of the Middle East and increased automation globally would further aid the growth of this market. The functional superiority and competitive pricing of variable frequency drives (VFDs) is a restraint for the growth of the motor soft starters market.
The low voltage segment is expected to dominate the motor soft starters market in 2019 The low voltage segment dominated the motor soft starters market in 2018 owing to the extensive adoption of low voltage motors in various industries across the globe.Low voltage motor soft starters are installed mainly in the oil & gas, water & wastewater, power generation, pulp & paper, food & beverage, automobile, oil & gas, and cement industries.
They are mostly used in industries to control the initial voltage, to protect the motor against heavy inrush currents at the time of motor start. Therefore, they are in high demand, considering the increasing industrialization and rise in greenfield investments. The motor soft starters for pump application segment is expected to grow at the highest CAGR from 2019 to 2024“ The motor soft starter market for pump applications is estimated to be the fastest-growing motor soft starters market, by application, from 2019 to 2024.This growth is attributed to the increasing levels of water &wastewater investments in regions such as Asia Pacific and the Middle East & Africa.
This, combined with the increase in oil & gas investments in response to rising in demand for oil, is expected to drive the growth of the market for motor soft starters for pump applications. Oil & gas, water & wastewater are two biggest end user industries for industrial pumps and any increase in investments in these industries is expected to drive the market growth of motor soft starters for pump applications.
Asia Pacific is expected to lead the global motor soft starters market in terms of market size and growth rate Asia Pacific is currently the largest motor soft starters market, followed by Europe and.Owing to increased investments in construction, power generation, and industrialization projects.
The Asia Pacific motor soft starter market is also driven by an increase in electricity demand and power generation capacity additions in the region.It is projected to grow at the fastest rate, with China dominating the regional market.
Apart from the Chinese and Indian markets, the motor soft starters market in Japan is also growing at a healthy rate.
Breakdown of Primaries: In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows: • By Company Type: Tier I: 60%, Tier II: 20%, and Tier III: 20% • By Designation: C-Level: 55%, Director Level: 30%, and Others: 15%
By Region: Asia Pacific: 30%, North America: 25%, Europe: 20%, South America: 15%, and the Middle East & Africa: 10% Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue, as of 2017; Tier 1: USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3: The global motor soft starters market is dominated by a few major players that have an extensive global and regional presence. The leading players in the motor soft starters market are ABB Ltd. (Switzerland), Schneider Electric SE (France), Siemens AG (Germany), Eaton Corporation, PLC (Ireland), Rockwell Automation, Inc. (US), and WEG (Brazil).
Research Coverage: The report defines, describes, and forecasts the global motor soft starters market by voltage, rated power, application, industry, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.
These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the motor soft starters market.
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