The motor soft starter market is expected to grow at a CAGR of 6.08% from 2017 to 2022, to reach a market size of USD 1.84 billion by 2022. A motor soft starter protects the motor from damage caused due to high inrush current, which causes mechanical and electrical stress in the equipment. The digitalization of motor soft starters has increased their deployment in various industries due to reduced maintenance cost and enhanced communication capabilities. Increasing usage of industrial pumps and rising demand for HVAC systems have increased the usage of motor soft starters. These are the major reasons behind the growth of the motor soft starter market.
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The motor soft starter market is dominated by a few major players that have a wide regional presence and also by emerging regional players. Leading players in the motor soft starter industry include ABB Ltd. (Switzerland), Schneider Electric SE (France), Eaton Corporation, PLC (Ireland), Siemens AG (Germany), Fairford Electronics Ltd. (U.K.), Rockwell Automation, Inc. (U.S.), and General Electric Company (U.S.). These players have adopted new product development as a key strategy to enhance their presence in the motor soft starter market.
Asia-Pacific is estimated to be the fastest growing market for motor soft starters from 2017 to 2022. The region is likely to witness increased deployment of motor soft starters. Increasing electricity demand and power generation capacity additions, coupled with numerous industrialization projects in the region, are driving the growth in the motor soft starter market in this region. Moreover, the motor soft starter market is also expected to grow significantly in countries such as Japan, Malaysia, Australia, and South Korea during the forecast period.
Based on the application of motor soft starters, the pumps segment is expected to be the fastest growing one from 2017 to 2022. This growth can be attributed to the numerous applications of pumps in various industries such as water & wastewater, oil & gas, chemical & petrochemicals, cement, and paper & pulp, among others. Moreover, pumps are critical machinery for all these industries. The robust and low-maintenance functioning of pumps is essential for the proper working of motors, thereby, driving the motor soft starter market.
The medium voltage segment is expected to be the fastest growing market for motor soft starters, by voltage from 2017 to 2022. The medium voltage motor soft starters are mainly used in process industries and heavy industries, such as oil & gas and mining. The growth of this segment is mainly attributed to the price gap between soft starters and drives which is lesser in this segment than the low voltage one. Moreover, medium voltage motor soft starters are majorly required for motor protection function rather than for speed control.
In the rated power segment, up to 100 kW segment is expected to grow at the fastest in the motor soft starter market. This is mainly due to the large share of motors operating under the 100 kW power rating range. Moreover, the growth of this segment can be attributed to the growth of industries such as water and wastewater mainly in the Asia-Pacific region, which is expected to create new revenue pockets for the motor soft starter market during the forecast period.
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The report segments the motor soft starter market by industry into oil & gas, water & wastewater, power generation, mining, and others (cement, chemicals & petrochemicals, and paper & pulp). The water & wastewater industry is estimated to be the fastest growing market during the forecast period. The rise in urbanization and industrialization, majorly in regions such as Asia-Pacific and the Middle East & Africa, would further boost the growth of the motor soft starter market and create new revenue pockets for the market during the forecast period.