Soft Starter Market to Reach US$2,386.5 Mn in Value by 2022, Exhibiting a CAGR of 8.23%

Soft Starter Market
Soft Starter Market


Market Overview:

The global soft starter market is projected to reach a value of US$2,386.5 million by 2022, with a compound annual growth rate (CAGR) of 8.23% during the forecast period of 2023-2030. Soft starters are used to reduce the start-up torque and current of motors, thus ensuring a smooth and controlled acceleration. These devices offer several advantages including reduced wear and tear on equipment, increased operational efficiency, and enhanced motor lifespan. The need for soft starters arises from the growing demand for energy-efficient and cost-effective solutions across various industries such as oil and gas, water and wastewater, power generation, and mining.

Market Key Trends:
One key trend in the soft starter market is the increasing adoption of smart soft starters. These innovative devices are equipped with advanced technologies such as IoT connectivity, data analytics, and remote monitoring capabilities. Smart soft starters offer real-time operational insights, enabling predictive maintenance and reducing downtime. They also provide enhanced energy management and cost savings by optimizing motor performance and reducing power consumption. The rising focus on energy efficiency and sustainability is driving the demand for smart soft starters, especially in industries where motors play a critical role in operations. The integration of smart soft starters with industrial automation systems is expected to further propel market growth in the coming years.
Segment Analysis:
The soft starter market can be segmented based on voltage, application, and end-user industry. In terms of voltage, the low voltage segment dominates the market. This can be attributed to the widespread adoption of soft starters in various applications such as pumps, fans, and conveyors, where low voltage soft starters are more commonly used. Additionally, low voltage soft starters are cost-effective and offer better control and protection for motor-driven equipment.

In terms of application, the pump segment is expected to dominate the market during the forecast period. This can be attributed to the increasing demand for soft starters in water and wastewater treatment plants, as well as in the oil and gas industry. Soft starters help in reducing the initial torque and provide a smooth start, thereby extending the lifespan of pumps and reducing maintenance costs.

As for the end-user industry, the oil and gas sector is expected to dominate the market. This can be attributed to the extensive use of soft starters in various operations such as drilling, extraction, refining, and transportation. Soft starters provide efficient control and protection for motor-driven equipment used in these processes, improving operational efficiency and reducing energy consumption.

Key Takeaways:
The global soft starter market is expected to witness high growth, exhibiting a CAGR of 8.23% over the forecast period of 2023-2030. This growth can be attributed to the increasing investments in infrastructure development, particularly in emerging economies. The demand for soft starters is expected to rise in various industries such as water and wastewater treatment, oil and gas, and manufacturing, driving the market growth.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the soft starter market. This can be attributed to the rapid industrialization and urbanization in countries like China and India. The increasing demand for soft starters in various industries, along with government initiatives promoting energy-efficient solutions, is driving the market growth in this region.

Key players operating in the soft starter market include Siemens AG, Aucom Electronics Ltd (Benshaw Inc.), Schneider Electric SE, IGEL Electric GmbH, Eaton Corporation PLC, Crompton Greaves Ltd., ABB Ltd., Toshiba Corporation, Rockwell Automation Inc., Fairford Electronics Inc. (Motortronics UK Ltd), and Danfoss Group. These players are focusing on product innovation, partnerships, and acquisitions to expand their market presence and gain a competitive edge.

Read More:

https://www.ukwebwire.com/soft-starter-market-increasing-demand-for-energy-efficient-solutions/

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