DUBLIN--(BUSINESS WIRE)--The "Motor Soft Starter Market by Voltage (Low and Medium), Rated Power (Up to 750 W, 751 W-75 kW, Above 75 kW), Application (Pumps, Fans, Compressors), Industry (Oil & Gas, Water and Wastewater, Power Generation, Mining), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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.
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).
- Yc Shift Analysis
- Increased Demand for Industrial Pumps
- Rising Demand for Heating, Ventilation, and Air Conditioning (HVAC) Applications
- Adoption of High-Efficiency Motors
- Functional Superiority and Competitive Pricing of Variable Frequency Drives (VFDS)
- Investments in Non-Oil Sectors of the Middle East
- Increased Automation and Reliability Concerns
- Decline in Investments in Conventional Power Generation Plants
- Carlo Gavazzi
- Crompton Greaves
- Emerson Electric
- Larsen & Toubro
- Lovato Electric
- RockWell Automation
- Schneider Electric
- Toshiba International Corporation Pty
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