The report predicts the global Motor Soft Starter Market to grow at a healthy CAGR over the forecast period from 2023-2033.
“The motor soft starter market is projected to grow at a CAGR of 6.08% from 2023 to 2033”
The motor soft starter market is projected to reach USD 1.84 billion by 2033, at a CAGR of 6.08% from 2023 to 2033. The growing demand for industrial pumps and HVAC systems have boosted the demand for motor soft starters. In addition, the growth of the water & wastewater industry in regions, such as Asia-Pacific and the Middle East & Africa, would further aid the growth of this market. The functional superiority and cost competitiveness of VFDs would act as a restraint for the growth of the motor soft starter market.
“The pumps segment is expected to grow at the highest CAGR from 2023 to 2033”
Based on the type of application, the pump segment is estimated to be the largest and fastest-growing market from 2023 to 2033. Pumps find their applications in industries such as oil & gas, chemicals & petrochemicals, cement, and paper & pulp. Pumps are critical for various industrial applications and the majority of applications does not require speed control. The rising application of pumps in these industries and the demand for motor soft start & stop applications would drive the motor soft starter market during the forecast period.
“The up to 100 kW segment is expected to dominate the motor soft starter market from 2023 to 2033”
The up to 100 kW motor soft starter is the largest market in the rated power segment. Motor soft starters are extensively used by industries for protecting the equipment from sudden inrush voltage while starting. Moreover, this segment is expected to exhibit the highest CAGR from 2023 to 2033. The up to 100 kW motor soft starter segment finds major applications in industries such as water & wastewater, which is poised to grow significantly during the forecast period. This is likely to drive the up to 100 kW motor soft starter market.
“Asia-Pacific: The largest market for motor soft starters”
Asia-Pacific is currently the largest market for motor soft starters, followed by Europe and North America. The Asia-Pacific market is driven by power generation capacity addition and rapid industrialization projects in this region. The market in the Asia-Pacific region is projected to grow at the fastest rate, with China expected to dominate the market. Countries, such as Japan, Malaysia, Australia, and South Korea are driving the market in the Asia-Pacific region. Moreover, the low manufacturing cost of soft starters coupled with the increased use of AC induction motors are driving the growth of the motor soft starter market in China.
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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 1—50%, Tier 2—33%, Tier 3—17%
- By Designation: C-Level—17%, D-Level—33%, Others—50%
- By Region: Asia-Pacific—50%, North America—17%, Europe—17%, Rest of the World—16%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = >USD 10 billion, Tier 2 = From USD 1 billion to USD 10 billion, and Tier 3 = The leading players in the motor soft starter market include ABB Ltd. (Switzerland), Schneider Electric SE (France), Eaton Corporation, PLC (Ireland), Siemens AG (Germany), General Electric Company (U.S.), Fairford Electronics Ltd. (U.K.), and Rockwell Automation, Inc. (U.S.).
Research Coverage:
The report defines, describes, and forecasts the global motor soft starter 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 major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.
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Why buy this report?
- The report identifies and addresses key markets for the motor soft starter market, which would help suppliers review the growth in the demand for the product.
- The report helps solution providers understand the pulse of the market, and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better, and will help in making strategic decisions.
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