According to the latest report by IMARC Group, titled "Soft Starter Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global soft starter market reached a value of US$ 2.0 Billion in 2022. A soft starter is an electrical device used to control an electric motor's starting current. It helps to reduce the mechanical and electrical stress on the motor during start-up, extending the motor's life and reducing the risks of damage to other electrical equipment. It works by gradually increasing the voltage applied to the motor rather than starting it at full voltage. This reduces the inrush current during start-up, reducing the mechanical and electrical stress on the motor. A soft starter is commonly used in applications where the starting current of an electric motor needs to be controlled, such as in pump systems, conveyor systems, and cranes. It is also used in applications where the reduction of electrical stress is essential, such as in wind turbines and other large industrial systems. The use of soft starter is increasing as more organizations prefer to reduce the stress on their electrical systems and improve the reliability of their equipment.
Global Soft Starter Market Trends:
The global market is majorly driven by the increasing demand for energy-efficient electrical systems. In line with this, the rising need to reduce the stress on electrical equipment is significantly contributing to the market growth. Furthermore, the growing use of electric motors in various industrial and commercial applications is positively influencing the market as a soft starter helps reduce the risks of damage to equipment and extend the service life of electric motors. Apart from this, the continual upgradation of existing infrastructure with advanced systems and the rising infrastructural development activities, especially in developing countries, are catalyzing the market. Moreover, the growing demand for heating, ventilation, and air conditioning (HVAC) systems is propelling the market. Besides, the rapid introduction and adoption of high-efficiency motors and the development of advanced technologies are creating a positive outlook for the market. Additionally, the market players are heavily investing in introducing intelligent motor soft starter integrated with IoT technology. This, in turn, is expected to provide a boost to the market. On account of the factors above, the market is anticipated to reach a value of US$ 2.7 Billion by 2028, exhibiting a CAGR of 4.5% during 2023-2028.
- On the basis of the type, the market has been categorized into low voltage soft starter and medium to high voltage soft starter.
- Based on the application, the market has been classified into pumps, fans and blowers, and compressors.
- Based on the end use industry, the market has been segmented into mining and metal, food and beverage, energy and power, oil and gas, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include ABB Ltd., AuCom Electronics Ltd. (Benshaw Inc), Carlo Gavazzi Holding AG, CG Power and Industrial Solutions., Danfoss Group, Eaton Corporation PLC, Littelfuse Inc., OMRON Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG and SOLCON.
|Base Year of the Analysis
||Type, Application, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ABB Ltd., AuCom Electronics Ltd. (Benshaw Inc), Carlo Gavazzi Holding AG, CG Power and Industrial Solutions., Danfoss Group, Eaton Corporation PLC, Littelfuse Inc., OMRON Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG and SOLCON.
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