The report, now available on ASDReports, "Motor Soft Starter Market by Voltage (Low & Medium), Rated Power (Up to 100 kW & >100 kW), Application (Pumps, Fans, & Compressors), Industry (Oil & Gas, Water & Wastewater, Power Generation, & Mining), and Region - Global Forecast to 2022", The motor soft starter market is expected to grow from an estimated value of USD 1.37 Billion in 2017 to USD 1.84 Billion by 2022, at a CAGR of 6.08% from 2017 to 2022. The global market is set to witness a significant growth due to the increasing demand for industrial pumps and their cost-effectiveness and minimal space requirements.
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 motor soft starters up to 690 V and is expected to hold the major share due to the widespread adoption of low voltage motors in various industries globally. The low voltage motor soft starters find their major application in water & wastewater, paper & pulp, chemicals, cement, petrochemicals, and utility-type industries. Asia-Pacific is the largest market for low voltage motor soft starters because of the presence of developing economies such as China and India, which have experienced rapid rate of urbanization and industrialization. All these factors are expected to boost the low voltage motor soft starter market.
The pumps segment is the largest motor soft starter market, by application
The pumps segment held the largest share in the motor soft starter market in 2016 due to various pump applications such as chilled water pumps, cooling tower pumps, utility pumps, process pump, and offloading pumps, among others. Moreover, soft starters play an important role in order to protect wear and tear of motors which are driving these pumps. . Industries such as water & wastewater, oil & gas, chemicals & petrochemicals, cement, and paper & pulp involve processes that require pumps for various pumping applications. Any damage to motors which are driving these pumps can affect various processes in these industries.
The water & wastewater segment is expected to be the fastest growing motor soft starter market, by industry, from 2017 to 2022 due to rapid urbanization and industrialization, especially in developing regions such as Asia-Pacific and the Middle East & Africa. The global demand for water is expected to increase by around 50% in the coming 30 years. So, the increasing demand for clean water in all parts of world is likely to boost the demand for motor soft starters in the water & wastewater segment. Motor soft starters are required in order to avoid problems such as water hammering, voltage fluctuation, and pressure surges. Moreover, motor soft starters are preferred solutions due to features such as torque control and smooth start & stop functions.
In this report, the motor soft starter market has been analyzed with respect to five regions, namely, Asia-Pacific, Europe, North America, the Middle East & Africa, and South America. Asia-Pacific is expected to dominate the global motor soft starter market, owing to the growing demand for industrial pumps and rising power generation capacity in the region. China is expected to dominate the motor soft starter market in the Asia-Pacific region. Countries such as China, India, and Japan are having high growth prospects in the Asia-Pacific motor soft starter market. Increasing electricity demand and industrialization projects in these countries are the main reasons spurring the growth of the motor soft starter market in the region.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the motor soft starter market. These players include ABB Ltd. (Switzerland), Eaton Corporation, PLC (Ireland), Siemens AG (Germany), General Electric Company (U.S.), and Schneider Electric SE (France). Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
Read more on ASDReports!
Source: ASDReports - Market Research
Date: Jun 9, 2017