Global Soft Starter Market to Grow at a CAGR of 5.80% During 2024-2032, Aided by the Rising Application of the Product in Various End-Use Industries

The soft starter market is driven by the growing application of the product in various end-use industries such as oil and gas, energy and power, and food and beverage industries, among others. Soft starter bolsters the power distribution in the plants and factories of these industries which saves a significant amount of time and money.

Over the forecast period, the growing concerns about the overloading of power in factories, which can cause great harm to the machineries, are likely to aid the market growth. The market growth is expected to be aided by the growing demand for industrial pumps in the oil and gas industry, which in turn, are anticipated to propel the sale of soft starters in order to achieve gentle acceleration.

In March 2021, WEG Industries (OTCMKTS: WEGZY) took a decision to upgrade soft starters with the introduction of a new range, known as SSW900. This new range of soft starter is known to provide advanced interactivity to the users. The products under this range will also provide superior motor control and protection.

In August 2020, Siemens AG (ETR: SIE) introduced Sirius 3RW55, the first Failsafe soft starters with integrated safe torque off functionality. The significant features of the product include integrated motor protection function, which will ensure fast and reliable shutdown and the restart interlock feature, along with digital input to ensure user safety. Another notable feature of Sirius 3RW55 is the emergency stop pushbutton.

In addition to these features, the Sirius 3RW55 provides savings on components and wiring, making them an ideal option for control panel engineers and designers.

In terms of region, Asia Pacific is likely to account for a significant share of the market owing to the stringent government regulation aimed towards facilitating energy conservation to achieve sustainable development goals. The market growth in the region is anticipated to be augmented by the increasing investments towards the adoption of machinery with high torque in the oil and gas sector. The market is further expected to be aided by the growing expansion of the energy and power industry in the region.

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Market Breakup by End User Industry and Region:

• The market is segmented on the basis of end user industry into mining and metal, food and beverage, energy and power, oil and gas, among others.

• Region-wise, the global market for soft starter can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The market growth is driven by the growing utilisation of the product across industries such as oil and gas, energy and power.

• The market is anticipated to be augmented by the stringent government regulations aimed towards conserving electricity.

• The rising demand for industrial pumps and machinery with high torque in the oil and gas sector is likely to bolster the market growth.

• The market is expected to be aided by the mergers and acquisitions aimed towards expanding the facilities of oil and gas.

Key Offerings of the Report:

• The EMR report gives an overview of the global soft starter market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the      end user industries and regions of soft starter.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global soft starter market are Siemens AG, Schneider Electric SE, Eaton Corporation plc, Rockwell Automation, Inc., ABB Ltd., and Danfoss A/S, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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