Motor soft starter Market is valued approximately USD 1.70 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 6.00% over the forecast period 2020-2027.
The Motor soft starter has impressive application in various end-use industries such as oil & gas, mining and power generation industries. It helps in minimizing the inrush current formed while motor start up and accordingly enhance the prolonging and efficiency of motor. Along with this, it significantly helps in controlling motor acceleration which results in safety of motor from various damage while in entire process. It is an equipment that is installed with compressors, fans, pumps and other devices to efficiently control the flow of current to desired level of users. The motors have wide range of application in oil & gas industries where soft starters installed in motors plays essential role to control the voltage of the motor at the start to safeguard the motor against heavy inrush currents.
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Therefore, global rise in spending among oil and gas industries is driving the growth of market over the forecast years. For instance: as per International Energy Agency (IEA), the global oil & gas upstream capital spending in 2017 was USD 450 billion and increased to USD 497 billion till 2019. In addition, growing demand for heating, ventilation and air conditioning application is propelling the growth of market over the upcoming period. Whereas, rising investment in non-oil sector of the Middle East is creating a lucrative thrust to the growth of market over the forecast years. However, decline in investment in conventional power generation plants is hampering the growth of market.
The regional analysis of global Motor soft starter market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific is the leading/significant region across the world in terms of market share owing to the rapid growth in construction sector in the region. Also, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as increasing power generation capacity additions and electricity demand would create lucrative growth prospects for the Motor soft starter market across Asia-Pacific region.
Major market player included in this report are: ABB Eaton Siemens Schneider Electric RockWell Automation Emerson Electric Crompton Greaves Danfoss Larsen & Toubro Motortronics
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
By Voltage: Low Voltage Medium Voltage
By Rated Power: Up to 750W 751 W-75 Kw Above 75 Kw
By Application: Pump Fan Compressor Others
By Industry: Oil & Gas Water & Wastewater Power Generation Mining Others
By Region: North America U.S. Canada Europe UK Germany France Spain Italy ROE
Asia Pacific China India Japan Australia South Korea RoAPAC Latin America Brazil Mexico Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018 Base year – 2019 Forecast period – 2020 to 2027
Target Audience of the Global Motor soft starter Market in Market Study:
Key Consulting Companies & Advisors Large, medium-sized, and small enterprises Venture capitalists Value-Added Resellers (VARs) Third-party knowledge providers Investment bankers Investors
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