What’s Driving Growth in the Motor Soft Starter Market?
Global Motor Soft Starter Market Projected to grow at 6.6% CAGR To 2032
WILMINGTON, DELAWARE, UNITED STATES, August 28, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the motor soft starter market size was valued at $2.4 billion in 2022, and is estimated to reach $4.5 billion by 2032, growing at a CAGR of 6.6% from 2023 to 2032.
A motor soft starter is an electronic device used to control the acceleration of an electric motor, typically in applications where a sudden or direct start could cause mechanical stress, excessive wear, or voltage disturbances in the electrical system.
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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 size, and is likely to dominate the market during the motor soft starter market forecast period.
Asia-Pacific region is expected to witness the fastest CAGR growth 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.
Competitive motor soft starter market analysis and profiles of the major motor soft starter market players, such Siemens AG, Schneider Electric, Rockwell Automation, Mitsubishi Electric, Danfoss A/S, Emerson Electric, ABB Ltd., Larsen & Toubro, Eaton, and Toshiba Corporation.
The motor soft starter market plays a pivotal role in diverse industries by facilitating controlled motor acceleration and reducing energy consumption during startups, contributing significantly to operational efficiency.
Increasing industrial automation across sectors such as manufacturing, utilities, and oil and gas propels the demand for efficient motor control solutions, aligning with global energy efficiency mandates.
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The heightened focus on equipment protection and the drive for energy conservation further bolster the market's growth.
Technological advancements in soft starter design, including improved control algorithms and enhanced communication interfaces, enhance reliability and efficiency, meeting evolving motor soft starter industry needs and sustainability goals.
As industries worldwide transition toward more sustainable practices, the motor soft starter market adapts to meet stringent environmental standards.
The market's trajectory is intertwined with sustainability reforms, emphasizing cleaner and more efficient motor control technologies. This transition fuels the adoption of energy-efficient soft starter systems and drives innovation, particularly in integrating IoT sensor solutions for remote monitoring and predictive maintenance.
The region's rapid infrastructural development and growing industrial landscape are increasing the need for these starters in construction projects and equipment deployments.
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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.
Integrating sophisticated technologies such as IoT sensors and ensuring specialized expertise in soft starter operation poses technical challenges.
Overcoming these complexities is essential to maintain operational efficiency, adhere to evolving environmental regulations, and ensure the continued growth and relevance of the motor soft starter market in the global industrial landscape.
The low voltage segment emerged as the global leader by acquiring nearly two-third of the motor soft starters market share in 2022 and is anticipated to continue this trend during the motor soft starter forecast period.
The pumps segment emerged as the largest market share in 2022, which accounts for nearly half of the motor soft starters market share.
The up to 100 KW segment emerged as the global leader by acquiring more than three-fifths of the motor soft starters market share in 2022 and is anticipated to continue this trend during the forecast period.
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The power generation segment emerged as the largest market share in 2022, which accounts for more than two-fifths of the motor soft starters market share.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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