April 23, 2024
Soft Starter Market

The rising need for energy efficiency and cost savings in industrial applications is anticipated to openup the new avenue for Soft Starter Market

The Soft Starter Market is estimated to be valued at US$ 2582.91 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Soft starters are devices used with AC electric motor to temporarily reduce the load and torque in the power line during motor startup. They control surge currents and ensure smooth acceleration of motors used in industrial applications such as pumps, fans, compressors and conveyors. Soft starters reduce mechanical wear and tear, lower noise, minimize power fluctuations and improve power factor. They find wide usage in sectors such as oil & gas, mining, power generation, food processing, automotive and packaging.

Market Dynamics:
The key drivers fueling growth of soft starter market include rising demand from process industries and growth of industrial automation. Process industries such as oil & gas, mining, chemical, food processing and power generation require continuous motor operations. Soft starters reduce thermal and mechanical stresses, decrease motor vibrations and ensure reliable operations of motors used in these industries. Moreover, increasing adoption of industrial automation and need for energy efficient motor control solutions is further propelling market growth. Soft starters enhance productivity, protect machinery and optimize energy consumption in automated assembly lines and production systems. However, availability of substitutes such as variable frequency drives (VFDs) and static starters pose competition to soft starters. VFDs offer precise speed control and are evolving as preferred alternatives, especially for applications requiring frequent starts/stops and variable loads.
Segment Analysis
The global soft starter market is dominated by low voltage soft starters owing to their suitability across various applications requiring low power rating. Due to lower cost and ease of use, low voltage soft starters find wide adoption in HVAC, packaging, food & beverage, oil & gas, and mining industries. They protect electric motors from damage caused due to surge in voltage during start-up.

PEST Analysis
Political: Soft starter manufacturers have to comply with strict regulations regarding energy efficiency and reduced emissions. Supportive government policies boost adoption of soft starters to conserve energy.
Economic: Rising industrialization in developing nations increases demand for process automation equipment like soft starters driving market growth.
Social: Growing focus on workplace safety and reducing unexpected downtime of equipment propels the demand for soft starters.
Technological: Advancements in power electronics enable development of smart soft starters with remote monitoring ability via IoT and analytics capabilities.

Key Takeaways
The global Soft Starter Market Growth  is expected to reach US$ 3582.91 Mn by 2030, expanding at a CAGR of 8.2% during the forecast period. Rapid industrialization coupled with the need for smooth start-up of electric motors across industries is a key factor spurring market growth.

Regionally, Asia Pacific dominates the global soft starter market and is expected to continue its dominance during the forecast period. Rising urbanization, growing manufacturing sector and increasing energy demand from various end-use industries such as oil & gas, mining, food & beverage in Asia Pacific countries like China and India are driving the regional market.

Key players operating in the 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. The market is consolidated in nature with top players accounting for major share. Players focus on developing innovative products integrated with smart technologies and expanding geographical presence through partnership strategies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it