CHICAGO, Oct. 10, 2019 /PRNewswire/ -- According to the new market research report "Motor Soft Starter Market by Voltage (Low and Medium), Rated Power (Up to 750 W, 751 W–75 kW, Above 75 kW), Application (Pumps, Fans, Compressors), Industry (Oil & Gas, Water and Wastewater, Power Generation, Mining), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Motor Soft Starter Market is expected to grow from an estimated value of USD 1.7 billion in 2019 to USD 2.3 billion by 2024, at a CAGR of 6.0%, from 2019 to 2024. The global market is set to witness significant growth owing to the growing demand for industrial pumps and increased investments in oil & gas, water & wastewater projects and regulations mandating the use of energy-efficient motors across major industries.
The low voltage segment is expected to hold the largest share of the Motor Soft Starter Market, by voltage, during the forecast period
The low voltage segment includes up to 690 V motor soft starters. This segment is expected to hold the major share in 2019 owing to the widespread adoption of low voltage motors in various process industries globally. Low voltage motor soft starters are used mainly in the oil & gas, water & wastewater, power generation, chemical & petrochemical, cement & manufacturing, food & beverage, and metals & mining. Asia Pacific is the largest low voltage Motor Soft Starter Market because of rapid industrialization and urbanization in countries such as China and India. All these factors are expected to boost the low voltage Motor Soft Starter Market.
Pump applications the largest Motor Soft Starter Market, by component, during the forecast period
The pump applications held the largest share of the Motor Soft Starter Market in 2018. Pumps are used ubiquitously in all process industries such as oil & gas, water & wastewater, power generation, and manufacturing. Soft starters play an essential role in controlling the voltage supplied to the motor at the start to protect the motor against heavy inrush currents. With the rising investments in oil& gas, desalination projects, especially in Asia Pacific, Middle East, and Africa, the Motor Soft Starter Market for pump application is expected to grow during the forecast period.
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The oil & gas industry segment is expected to be the fastest-growing industry for Motor Soft Starter Market
The Motor Soft Starter Market is segmented into oil & gas, water & wastewater, power generation, mining, and others. The oil & gas industry segment is expected to be the fastest-growing Motor Soft Starter Market from 2019 to 2024. The increase in up upstream spending in response to rising oil prices is expected to drive the growth of Motor Soft Starter Market in the oil & gas industry. These increased investments in oil & gas projects are expected to drive the growth of Motor Soft Starter Market globally.
Asia Pacific is expected to dominate the global Motor Soft Starter Market
Asia Pacific is expected to dominate the global Motor Soft Starter Market owing to increased investments in construction, power generation, and industrialization projects. China is expected to dominate the Asia Pacific Motor Soft Starter Market. The motor soft starters' markets in countries such as China, India, and Japan are expected to grow at high rates. Increasing power generation capacity additions and electricity demand in these countries are the main reasons spurring the growth of the Motor Soft Starter Market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Motor Soft Starter Market. These include ABB, Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Eaton Corporation, PLC (Ireland), and Rockwell Automation, Inc. (US). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their respective market share.
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