July 12, 2024
Soft Starter Market

Global Soft Starter Market Is Estimated To Witness High Growth Owing To the Growing Demand for Energy Efficiency and Increasing Industrial Automation Opportunities

The global Soft Starter Market is estimated to be valued at US$ 2,386.5 million in 2021 and is expected to exhibit a CAGR of 8.23% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Soft starters are electronic devices that control the acceleration or deceleration of electrical motors. They are widely used in various industries such as oil and gas, water and wastewater treatment, mining, and manufacturing. Soft starters provide smooth and controlled starting and stopping of motors, reducing stress on the electrical system and extending motor life. They also help in reducing energy consumption by eliminating sudden torque and reducing operational downtime.

Market Dynamics:

Two key drivers of the soft starter market are the growing demand for energy efficiency and increasing industrial automation opportunities.

– Energy Efficiency: With the increasing focus on energy conservation and reduced carbon emissions, the demand for energy-efficient solutions has surged. Soft starters help in reducing energy consumption by limiting the current flow to the motor during start-up, eliminating the need for high inrush currents. This results in energy savings and lower operating costs for industries.

– Industrial Automation Opportunities: The growing trend of industrial automation across various sectors is driving the demand for soft starters. Soft starters enable smooth starting and stopping of motors, reducing mechanical stress on equipment and minimizing the risk of breakdowns or malfunctions. This is particularly crucial in industries where continuous operation is essential, such as manufacturing and water treatment plants.

Segment Analysis:

The soft starter market can be segmented based on type, application, and end-user.

– Based on type, the market can be divided into low voltage and medium voltage soft starters. The low voltage segment dominates the market due to its wide application range across various industries.

– In terms of application, the market is categorized into pumps, fans, compressors, and others. Among these, the pumps segment holds the largest market share, owing to its extensive use in industries such as water and wastewater treatment, oil and gas, and agriculture.

PEST Analysis:

– Political: Government initiatives promoting energy-efficient solutions and regulations regarding carbon emissions are expected to drive the demand for soft starters.

– Economic: The growing industrialization and increasing investments in infrastructure development are propelling the demand for soft starters in emerging economies.

– Social: The increasing awareness about energy conservation and sustainability among consumers is creating a favorable market environment for soft starters.

– Technological: Advancements in soft starter technology, such as digital control systems and integrated communication interfaces, are enhancing the efficiency and functionality of soft starters.

Key Takeaways:

– The global Soft Starter Market Share is expected to witness high growth, exhibiting a CAGR of 8.23% over the forecast period, due to the increasing demand for energy efficiency and the growing opportunities in industrial automation.

– 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, infrastructure development, and increasing investments in sectors such as power, oil and gas, and water treatment in countries like China and India.

– Key players operating in the global soft starter market are 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 increasingly focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market.

The growing demand for energy efficiency and increasing industrial automation opportunities are driving the growth of the global soft starter market. With the implementation of soft starters, industries can achieve energy savings, reduce operational downtime, and enhance the lifespan of motors. The Asia Pacific region is expected to dominate the market due to rapid industrialization and infrastructure development. Key players in the market are continuously innovating their products and forming strategic partnerships to stay competitive.