Rockville, March 03, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, market research and competitive intelligence provider, the global motor soft starter market is forecasted to achieve a valuation of US$ 3.6 billion by 2033, expanding at a 6% CAGR from 2023 to 2033.
The term 'soft starter' refers to a unique motor controller form that can alter an electric motor's pace. As opposed to hard starters, which apply full power from the start and are frequently employed as motors for high-torque applications such as big industrial machines, soft starters function by starting and then slowly accelerating. Soft starters are utilized in instances where the motor's abrupt starting and stopping can cause electrical or mechanical damage.
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Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2032) | US$ 3.6 Billion |
| Growth Rate (2022-2032) | 6% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Key Takeaways from Market Study
- The global motor soft starter market is valued at US$ 2 billion in 2023.
- Worldwide demand for motor soft starters is expected to increase at a CAGR of 6% from 2023 to 2033.
- The global market is predicted to hit US$ 3.6 billion by 2033.
- North America held 36% share of the global market in 2022.
“Growing need for compressors, fans, and industrial pumps; strong use of electric motors in key industries; and rising investments in oil & gas, water & wastewater treatment projects globally are driving the global market for motor soft starters,” says a Fact.MR analyst.
Eminent Players
- Siemens AG
- Emerson Electric Company
- ABB Ltd
- General Electric Company
- Eaton Corporation PLC
- Rockwell Automation, Inc
- Schneider Electric SA
- Toshiba International Corporation
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Competitive Landscape
The global market is highly competitive. Key players in the motor soft starter market are putting an emphasis on expanding their customer base in foreign markets. Market players are collaborating strategically to increase their market share and profitability.
Furthermore, as a result of technological advancements and product breakthroughs, mid-size to small enterprises are increasing their market presence by obtaining new contracts and entering new industries.
- Siemens AG launched the Sirius 3RW55 Failsafe, the company's first soft starter with inbuilt safe torque-off features, in August 2021. The product incorporates a fail-safe digital input that is directly connected to an emergency stop button. If an operator activates the emergency shutdown option, the motor comes to a complete halt. The motor continues in this mode until the interlock is activated. The company wants to increase its product offering with the launch of this novel motor soft starter.
- Aucom Electronics Ltd. announced a new addition to the soft starter line, the EMX4 advanced soft tarter, in February 2021, which is packed with smart motor control and protection functions. It has Smart Card functionality, converting it from a very smart motor controller to a comprehensive system controller. It also has motor, starter, and system protection capabilities, as well as alarms to warn the user of any potential problems.
Growth Factors
Extensive use of motor soft starters across numerous industrial verticals as a result of the rising demand for electric motors and industrial pumps is one of the primary reasons driving market expansion. Furthermore, increasing construction activities have prompted the installation of a motor soft starter for heating, ventilation, and air conditioning (HVAC) applications, boosting the market growth. This is bolstered further by the expanding product use in the data center industry, which aids in lowering the inrush current needed for system operation.
Numerous favorable initiatives by government bodies in various nations for investing in wastewater projects, wherein soft starters are implemented in coolers and pumps to guarantee access to clean water, are propelling the market growth. Furthermore, the large-scale incorporation of different digital solutions has allowed for the creation of soft starters in flexible, compact, and modular designs, which provide consumers and suppliers with a variety of advanced characteristics and features, such as improved efficiency, enhanced protection and stronger communication capabilities, and reduced downtime. Such factors are accelerating the growth of the global market.
Key Segments
- By Voltage :
- Low
- Medium
- By Application :
- Fans
- Pumps
- Compressors
- By End Use :
- Oil & Gas
- Mining
- Power
- Water & Wastewater
- Other End Uses
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
Regional Analysis
North America is leading the worldwide market. The United States, Canada, and Mexico are making considerable contributions to the regional market growth. Moreover, Asia Pacific and Europe are expected to follow North America in terms of development.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global motor soft starter market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market based on voltage (low, medium), application (fans, pumps, compressors), and end use (oil & gas, mining, power, water & wastewater, other end uses), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
Key Questions Covered in the Motor Soft Starter Market Report
- What is the projected value of the Motor Soft Starter Market in 2023?
- At what rate will the global Motor Soft Starter Market grow until 2033?
- Which are the factors hampering the growth in the Motor Soft Starter Market?
- Which region is expected to lead in the global Motor Soft Starter Market during 2023 to 2033?
- Which are the factors driving the Motor Soft Starter Market during the forecast period?
- What is the expected market value of the Motor Soft Starter Market during the forecast period?
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