The Soft Starter Market is estimated to be valued at US$ 2,386.5 Mn in 2022 and is expected to exhibit a CAGR of 8.23% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Soft starters are electrical devices used in various industries to control the acceleration of motors. They are primarily used to reduce the starting current and torque of a motor, providing smooth and controlled acceleration. This helps in minimizing shock loading, mechanical wear, and power line disturbances. Soft starters find extensive applications in industries such as oil and gas, mining, food and beverage, water and wastewater treatment, and manufacturing, among others.
Market Dynamics:
With the increasing adoption of automation in various industries, the demand for soft starters is expected to witness significant growth. The key drivers for the soft starter market include the need for energy efficiency and cost-effective motor control solutions. Soft starters offer improved motor performance, reduced electrical stress, and enhanced operational efficiency. Additionally, the growing industrial sector in emerging economies and the rising demand for energy-efficient solutions contribute to the market growth. Furthermore, the strict government regulations regarding energy conservation and environmental sustainability also drive the adoption of soft starters in industrial applications.
Market Key Trends:
The key trend in the soft starter market is the increasing adoption of smart and intelligent soft starters. Smart soft starters are equipped with advanced technology such as digital signal processing, integrated communication, and intelligent control algorithms. These features enable better performance monitoring, fault diagnosis, and remote control capabilities, leading to improved efficiency and reduced downtime. The rising demand for energy-efficient solutions and the need for integrated systems are driving the growth of smart soft starters in various industries such as oil and gas, water and wastewater, and manufacturing.
SWOT Analysis:
Strength: The soft starter market benefits from the increasing adoption of automation and the demand for energy-efficient solutions. The market players are focusing on developing advanced soft starters with improved features and functionalities to cater to diversified industrial needs.
Weakness: The high initial cost of soft starters compared to traditional starters may hinder market growth, especially in cost-sensitive regions. Moreover, the lack of awareness among end-users about the advantages of soft starters may also pose a challenge.
Opportunity: The growing industrialization and urbanization in developing regions present significant opportunities for market growth. Additionally, the increasing investments in infrastructure development, especially in the construction sector, create a favorable environment for soft starter adoption.
Threats: Intense market competition and the availability of alternative technologies such as variable frequency drives (VFDs) pose a threat to the soft starter market. The market players need to differentiate their offerings and provide value-added services to stay competitive.
Key Takeaways:
The global soft starter market is expected to witness high growth, exhibiting a CAGR of 8.23% over the forecast period (2023-2030). This growth can be attributed to the increasing focus on energy efficiency and the rising adoption of smart and intelligent soft starters. The market size for 2022 was valued at US$ 2,386.5 million.
In terms of regional analysis, Asia-Pacific is projected to be the fastest-growing and dominant region in the soft starter market. The region’s rapid industrialization, infrastructure developments, and the presence of key market players contribute to its growth. China and India are the major markets in Asia-Pacific, driven by increasing investments in the manufacturing and construction sectors.
Key players operating in the soft starter market include Siemens AG, Aucom Electronics Ltd (Benshaw Inc.), Schneider Electric SE, IGEL Electric GmbH, Eaton Corporation PLC, Crompton Greaves Ltd., ABB Ltd., Toshiba Corporation, Rockwell Automation Inc., Fairford Electronics Inc. (Motortronics UK Ltd), and Danfoss Group. These players are focusing on product innovation, partnerships, and strategic collaborations to strengthen their market position and expand their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
