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The global Motor Soft Starter Market size is forecast to reach US$2.78 billion by 2027, growing at a CAGR of 5.8% from 2022 to 2027. The growing shift towards high energy efficiency products, along with advanced monitoring and protection functions, superior communication capability, energy saver mode and reduce downtime have been attributed to the market growth. In addition, this device momentarily lessens the load and torque within the power train as well as the electric current surge of the motor when starting up and decreases mechanical stress on the shaft and motor and electrodynamic stress on the power cables attached as well as the electrical distribution network, which in turn helps in driving the market growth forward. Moreover, integral bypass and flexible communications with advanced performance, diagnostics, and protection in the oil & gas industry along with rising demand for HVAC systems, power trains, pumps, lift, and other applications is set to assist the market growth of motor soft starters in the long run.
Motor Soft Starter Market Segment Analysis- By Application
Based on application, the pumps & fans segment is analyzed to grow with the highest CAGR of 6.75% in the global motor soft starter market during 2022-2027. Pumps & Fans are widely used in oil & gas, power generation, water & wastewater, chemical & petrochemicals, among others. The rising demand for oil & gas is fuelling the demand for motor soft starters. According to US Energy Information Administration, global production of crude oil in 2020 is around 93.90 million barrels per day, 95.53 million barrels per day in 2021, and is forecasted to reach 101.05 million barrels per day in 2022, and 102.84 million barrels per day in 2023. Therefore, the growing production of oil will boost the demand for pumps for drilling the oil in the forecasted period. In addition, growing investment towards water & wastewater treatment by the government is also raising demand for pumps in the long term. Such factors will further help in creating a positive impact on the market growth of motor soft starters pumps & fans in the long run.
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Motor Soft Starter Market Segment Analysis- By End-use Industry
The oil & Gas sector is anticipated to witness the fastest growth in the global motor soft starters market with a CAGR of around 6.87% during 2022-2027. The motor soft starters protect the motor opposite the heavy inrush currents aiding the market growth for motor soft starters. With the growing shift towards energy-efficient products and installation-friendly, overload protection can ultimately help to increase productivity by the regulatory voltage supplied to the motor. According to the U.S. Energy Information Administration (EIA), crude oil production is forecasted to increase by 0.4 million barrels per day in 2022 due to increased drilling activity as prices remain at or near US$50 per barrel and natural gas production will rise by 2% to 97.6 billion cubic feet per day in 2022. Such growth in the oil & gas sector will further drive the market growth towards motor soft starters in the long run.
Motor Soft Starter Market Segment Analysis- By Geography
APAC region dominated the global motor soft starter market in 2021, with a share of around 36%, and is also analyzed to have significant growth during the forecast period 2022-2027. Factors including growing initiatives by the government towards wastewater treatment, rise in demand for HVAC systems, elevators, conveyor belts, increasing investments in the establishment of power generation facilities, and so on have been attributed to the market growth. In addition, growing industrial automation, owing to the delivery of its high-quality products to reduced direct human labor costs is analyzed to increase the demand for soft starters required for electric motors in various industrial automation applications in the near future. According to the International Federation of Robotics, logistics robots are expected to reach 259,000 units with an upward trend by 2023. In addition, as per a recent report of Rystad Energy, the global installation of offshore wind capacity increased by 15% in 2020, reaching 31.9 gigawatts in 2020 from 27.7 GW as compared to 2019, and such advancements are analysed to fuel the motor soft starter market growth over time.
Motor Soft Starter Market Drivers
Increasing adoption of industrial Automation is set to assist the market growth of Motor Soft Starters
Increasing adoption of industrial automation can be considered as one of the major drivers boosting the market growth of motor soft starters in various industrial automation applications shortly. Increasing research works on advancing motor operations can be considered as one of the major drivers boosting the market growth of motor soft starters owing to reducing damage to the equipment caused by heating and magnetic effects of short circuit currents and compact design. According to the Government of India, the indices of industrial production for the mining stands at 104.5, manufacturing 128.4 and electricity sectors stood at 144.8 respectively. Further, the indices for consumer durables and consumer nondurables stand at 115.9 and 149.1 respectively for November 2020. Such factors can be considered crucial in uplifting the market demand towards motor soft starters to reduce power fluctuations in the long run.
Governmental efforts towards the development of water and wastewater treatment facilities drive the market forward
Governmental efforts towards the development of water and wastewater treatment facilities act as a major factor attributing to the market growth of motor soft starters. Governmental incentives, investment, or funding as well as increasing global consumption of water can be considered essential in driving the need for motor soft starters. Rising government grants towards wastewater treatment projects along with supporting advanced manufacturing facilities will also drive the market growth forward. According to United Nations Water, 80% of wastewater flows back into the ecosystem without being treated or reused, contributing to a situation globally. Around 1.8 billion people use a source of drinking water contaminated with feces, putting them at risk of contracting cholera, dysentery, typhoid, and polio. Wetaskiwin City Council began lobbying the federal and provincial?governments to pay for?two-thirds of?the costs associated?with upgrading the water treatment facility and signed a US$12.9?million Alberta Provincial Grant to aid in funding the construction of the?facility In August 2020. Such factors are set to assist the market growth of motor soft starters in the coming time.
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Motor Soft Starter Market Challenges
Concerns regarding the high price of the soft starter products adversely impact the market growth
Concerns regarding higher prices for soft starter products act as a major challenge impeding the market growth of motor soft starters. With technological advancements towards reducing mechanical stress on the motor as well as the electrodynamic stresses on the attached power cables devices and electrical distribution network for extending the lifespan of the overall device. Developing smart motors with advanced technology to achieve maximum efficiency raises the price of the product. The reason behind this is its production cost, while producing products, the machinery and the equipment which are used are tagged with higher expense, also, these machinery require high maintenance which in turn adversely impacts its market growth.
Motor Soft Starter Industry Outlook
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Motor Soft Starter top 10 companies include :
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Relevant Reports :
A. Intelligent Motor Control Centers (IMCC) Market
B. Electric Motor Market
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