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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Soft Starter Market Growth
A soft starter is a device used with AC electric motors to aid start them with a low power supply during the start-up phase. Soft starters extend the life of electric motors by lowering the power supply at startup. Furthermore, soft starters lower the initial electrical requirement, resulting in energy conservation. The product's primary end use industries include oil and gas, mining, and others drives the demand of the soft starter market.
Soft Starter Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global soft starter market attained a value of nearly USD 2,045.12 million.
The global soft starter market is assessed to grow at a CAGR of 5.80% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 3,402.74 million by 2032.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The major drivers of the market include the rising application of the product in various end use sectors such oil and gas, mining and metal, and food and beverage, among others, growing demand for industrial pumps, and rapid urbanisation.
The rapid industrialisation in emerging nations is expected to be a key trend guiding the growth of the industry.
The leading end use industries in the market are Mining and Metal, Food and Beverage, Energy and Power, Oil and Gas, and Others.
The competitive landscape consists of Siemens AG, Schneider Electric SE, Eaton Corporation plc, Rockwell Automation, Inc., ABB Ltd., Danfoss A/S, and among others.
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