The Soft Starter Market was valued at USD 900 million in 2022 and is expected to reach USD 1373 million by 2031, at a CAGR of 6.22% over the forecast period. Soft starters temporarily reduce voltage or current input by reducing torque, while a variable frequency drive (VFD) drives an electric motor by varying the frequency and voltage of its power supply. The VFD also can control ramp-up and ramp-down of the motor during the start or stop, respectively.
– The market is driven by technological advancements and transitioning to be a part of the connected industrial environment. In this regard, large established players, who have the capabilities of automation solution and also deep pockets to invest in R&D, are likely to have an upper hand.
– Considering the increase in the energy demand and the consumption of energy by industrial equipment, organizations across industries, including Europe, China, Brazil, the United States, among others, have articulated efficiency standards.
– For instance, the International Standard IEC 60034-30-1, Edition 1.0, 2014-03, is an applicable standard adopted by many countries, including the United States. Such standards drive the demand for equipment that enable energy savings, thus providing companies offering soft starters with enhanced revenues.
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Scope of the Report
Soft starters protect motors from electrical stresses, thereby increasing their lifetime. Therefore, soft starters are used in applications involving pumps, fans and high inertia machines, compressors, conveyors, among others. Soft staters with medium voltage and high voltage are considered under the
Key Market Trends
Mining & Metals to Hold Significant Share
– Soft starters offer a wide range of benefits for applications in the mining, quarrying and metals industry. Features such as undercurrent/overload monitoring and instantaneous overcurrent protect equipment, preventing costly downtime and repairs, while reduced current start limits stress on the electrical supply.
– Power consumption has become a major concern for the companies operating in this segment. For instance, the US mining industry consumes approximately 1,246 Trillion Btu/year (TBtu/yr). The adoption of potential technologies is anticipated to save 258 TBtu/yr -667 TBtu/yr. This has increased the use of energy-saving equipment which is further reflecting the growth of the market studied.
Asia-Pacific to Witness Fastest Growth
– Asia-Pacific is likely to emerge as a demand center for soft starters, led by the increase in industrialization in the region’s emerging economies, such as India and China, among others. Industries, such as cement, steel, and power, are expected to grow during the forecast period, which is expected to drive the demand for soft starters in the region. Additionally, Asia-Pacific is expected to be among the fastest-growing markets for soft starters during the forecast period.
– India is the second-largest cement producer in the world. The housing sector accounts for more than 50% of the cement demand. In 2017, the cement industry was estimated to grow by 6-7%, due to the government’s focus on infrastructure development.
– As of September 2017, the country’s total cement production capacity was around 425 million metric tons. On the back of growing demand from various sectors, such as housing, industrial construction, and commercial construction, the cement industry is expected to drive the demand for the soft starter in the country.
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