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Increasing Adoption Of Industrial Automation is Set To Assist The Growth Of Motor Soft Starters Market.
HYDERABAD, TELANGANA, INDIA, October 13, 2022 / / -- IndustryARC, in its latest report, predicts that The The global size is forecast to reach US$2.78 billion by 2027, growing at a CAGR of 5.8% from 2022 to 2027. The growing shift towards high energy efficiency products, along with advanced monitoring and protection functions, superior communication capability, energy saver mode and reduce downtime have been attributed to the market growth. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways :
1. Pumps & fan application is analyzed to grow with the highest CAGR 6.75% in the global motor soft starter market during 2022-2027, attributed to the growing demand for energy-efficient products to avoid voltage fluctuation and provide functions protection and advanced monitoring system.
2. APAC motor soft starter market held the largest share of 36% in 2021, owing to fast and easy to install & set-up, reduced starting current, and less electrical stress on the motor and the network in oil & gas, water & wastewater, industrial sector.
3. The rise in demand for secure motor reliability, installation efficiency, and rising applications like HVAC systems, industrial pumps, elevators, and others are analyzed to significantly drive the global motor soft starter market growth during the forecast period 2022-2027.
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Segmental Analysis :
1. Based on application, the pumps & fans segment is analyzed to grow with the highest CAGR of 6.75% in the global motor soft starter market during 2022-2027. Pumps & Fans are widely used in oil & gas, power generation, water & wastewater, chemical & petrochemicals, among others.
2. The oil & Gas sector is anticipated to witness the fastest growth in the global motor soft starters market with a CAGR of around 6.87% during 2022-2027. The motor soft starters protect the motor opposite the heavy inrush currents aiding the market growth for motor soft starters.
3. According to the International Federation of Robotics, logistics robots are expected to reach 259,000 units with an upward trend by 2023. In addition, as per a recent report of Rystad Energy, the global installation of offshore wind capacity increased by 15% in 2020, reaching 31.9 gigawatts in 2020 from 27.7 GW as compared to 2019, and such advancements are analysed to fuel the motor soft starter market growth over time.
Competitive Landscape :
The top 5 players in the Motor Soft Starter Industry are -
1. Toshiba Corporation
2. ABB Ltd.
3. Siemens AG
4. Schneider Electric SE
5. Eaton Corporation
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Related Reports :
A. Intelligent Motor Control Centers (IMCC) Market
B. Electric Motor Market
Venkat Reddy
IndustryARC
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