 |
| Soft Starter Market |
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 a device used with AC motors that reduces voltage applied to
the motor during start-up. This helps reduce inrush current and voltage spikes
that can damage electrical components or trip circuit breakers. Soft starters
provide smoother acceleration for centrifugal pumps, fans and other rotating
equipment.
Market key trends:
The advent of Industry 4.0 and focus on industrial automation is driving demand
for advanced soft starters with integrated control and networking capabilities.
Many key players are focusing on developing AI-powered soft starters that can
predict motor faults and optimize equipment performance. They analyze voltage,
current and vibration data to detect anomalies. This helps reduce downtime and
maintenance costs. Cloud-connectivity in modern soft starters allows remote
monitoring and control. Growing emphasis on energy efficiency is also growing
demand for soft starters that can optimize motor energy consumption.
Segment Analysis
The soft starter market is segmented by voltage into low and medium voltage
soft starters. The medium voltage soft starters segment dominates the market
and is expected to continue its dominance over the forecast period. Medium
voltage soft starters are used widely across industries such as oil & gas,
mining, power generation, pumps, fans, and compressors that require heavy-duty
applications between 2.3kV to 6.6kV. They provide reliable operation in harsh
industrial environments and offer advantages such as reduced mechanical stress
and torque on motors during start-up.
Key Takeaways
The global Soft
Starter Market Growth is
expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period, due to increasing
investments in industrial automation across various industries.
Regional analysis
Asia Pacific dominates the soft starter market and is expected to continue its
dominance over the forecast period. Rising industrialization and increasing
investments in process industries such as oil & gas, mining, cement, and
chemical industries in countries such as China, India, Indonesia, and Malaysia
are fueling market growth in the region.
Key players analysis
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. Siemens AG and Schneider Electric SE dominate the overall market
owing to their wide product portfolios and strong geographical presence across
major markets
Read More,
https://www.insightprobing.com/soft-starter-market-trends-size-and-share-analysis/
0 Comments