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"The motor soft starter market is witnessing substantial expansion fueled by a surge in need for energy-efficient solutions across industries. Growing emphasis on reducing power consumption, mitigating mechanical stress, and enhancing operational efficiency drives the demand for soft starters. Industries seek these devices to optimize motor performance, minimize electrical surges, and extend equipment lifespan. Furthermore, the rising focus on sustainable practices and regulatory mandates for energy conservation propel the adoption of soft starters, positioning this market as integral to fostering eco-friendly operations across sectors." Thyristor Controller
WILMINGTON, Del. , Jan. 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Motor Soft Starter Market by Voltage (Low Voltage and Medium Voltage), Power Rating (KW) (Up To 100 KW, and Above 100 KW), Application (Pumps, Fans and Compressors), and End-use Industry (Oil & Gas, Water & Wastewater, Power Generation, Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global motor soft starter market was valued at $2.4 billion in 2022, and is projected to reach $4.5 billion by 2032, growing at a CAGR of 6.6% from 2023 to 2032.
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The energy efficiency mandates, industrial automation, and technological advancements fuel the growth of the motor soft starter market. Lack of awareness surrounding motor soft starters presents a significant hurdle to their market penetration. Furthermore, renewable energy integration and customization services will provide substantial opportunities for the expansion of the motor soft starter market.
No. of Pages in Report
Voltage, Power Rating, Application, End-use Industry, and Region.
The low voltage segment to maintain its leadership status throughout the forecast period
By voltage, the low voltage segment held the highest market share in 2022, accounting for nearly two-thirds of the global motor soft starter market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the medium voltage segment is projected to manifest a CAGR of 7.24% from 2023 to 2032. Energy efficiency remains a pivotal focus, with soft starters reducing power surges during motor start-up, aligning perfectly with the escalating emphasis on sustainable practices. Integration with Industry 4.0 through IoT technologies is reshaping operational efficiency, enabling remote monitoring, predictive maintenance, and enhanced control. Manufacturers are responding with compact designs boasting advanced motor protection, communication capabilities, and user-friendly interfaces, catering to a demand driven by industrial automation across various sectors.
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The up to 100 KW segment to maintain its leadership status throughout the forecast period
By power rating, up to 100 KW segment held the highest market share in 2022, accounting for more than three-fifths of the global soft starter market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, above 100 KW segment is projected to manifest a CAGR of 6.8% from 2023 to 2032. The market for motor soft starters above 100KW power ratings is driven by automation, stringent energy efficiency regulations, technological advancements, heavy industries like mining and steel, the renewable energy sector, smart systems like IoT, and large motor involvement in global infrastructure projects. The abovementioned sectors create a demand for efficient motor control systems, ensuring smooth starts and protecting expensive equipment.
The pumps segment to maintain its leadership status throughout the forecast period
By application, the pumps segment held the highest market share in 2022, accounting for nearly half of the global motor soft starter market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the fans segment is projected to manifest a CAGR of 6.9% from 2023 to 2032. The market for motor soft starters in fan applications is thriving due to energy efficiency, regulatory changes, and technological advancements. With industrial automation, the need for sophisticated motor control solutions is increasing. Soft starters offer cost savings, extended motor lifespan, and environmental concerns. Opportunities lie in HVAC sectors, and retrofitting existing systems is gaining traction. Emerging economies' industrialization presents a ripe market for energy-efficient solutions in fan-driven systems, fostering further growth and adoption.
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The power generation segment to maintain its leadership status throughout the forecast period
By end-use industry, power generation segment held the highest market share in 2022, accounting for more than two-fifths of the global motor soft starter market revenue, and is estimated to maintain their leadership status throughout the forecast period. In addition, the oil and gas segment is projected to manifest a CAGR of 7.7% from 2023 to 2032. The oil and gas industry is shifting towards efficiency, technological innovation, and compliance in motor soft starters. These starters reduce power consumption and offer enhanced control, monitoring, and diagnostic capabilities. The integration of IoT enables remote monitoring and operational optimization. Rapid infrastructure development and Industry 4.0 principles drive the adoption of smart motor control technologies, ensuring cost savings and safety standards.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global motor soft starter market revenue, and is likely to dominate the market during the forecast period. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.9% from 2023 to 2032. The motor soft starter industry in the Asia-Pacific region is undergoing a transformation due to industrialization, energy efficiency regulations, and technological advancements. The region's rapid infrastructural development and growing industrial landscape are increasing the need for these starters in construction projects and equipment deployments. Renewable energy sources like wind and solar power present opportunities for integrating sophisticated motor control mechanisms. Manufacturers can penetrate untapped markets, cater to diverse industry needs, and facilitate technology transfer.
The report provides a detailed analysis of these key players in the global motor soft starter market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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