The global Soft Starter Market is estimated to be valued at US$ 2582.91 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A soft starter is an electronic device used to start electric motors or other inductive electrical loads by reducing the amount of current required for startup. This offers advantages like smooth accelerating and coasting as well as reduced noise and enhanced equipment life.
Market key trends:
One of the key trends in the soft starter market is increasing adoption in the oil & gas industry. Soft starters help in reducing start-up stresses and power consumption of large induction motors used in oil & gas applications like compressors, blowers, pumps, and other rotating equipment. They protect sensitive electronics from power surges and provide easy control over motor speed. This leads to reduced maintenance costs and enhanced equipment lifespan. Growing oil & gas industry worldwide is driving demand for soft starters in this sector.
SWOT Analysis
Strength: Soft starters allow equipment operators to reduce costs related to equipment wear and tear by controlling starting voltage and current. They limit inrush currents, reducing voltage drops and improving power factor, which reduces utility demand charges.
Weakness: Soft starters are more complex and expensive to install and maintain than conventional starters. Initial purchasing costs can be higher.
Opportunity: Growing focus on energy efficiency and conservation across industries has increased the adoption of soft starters. They help industries comply with stringent regulations regarding power quality and save on growing electricity costs.
Threats: Availability of substitutes like adjustable speed drives (ASDs) poses competition to soft starters. ASDs provide more advanced control capabilities but are also more expensive than soft starters.
Key Takeaways
The global Soft Starter Market Growth is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing focus on energy savings across process and discrete industries.
Regional analysis: North America dominated the global market in 2023 due to stringent government mandates regarding energy efficiency. Asia Pacific is expected to grow at the fastest pace during the forecast period, driven by increasing industrialization and the need for compliance with energy efficiency norms in emerging economies like China and India.
Key players operating in the soft starter market are 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. Major players are focusing on new product launches and expansion in developing markets to strengthen 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