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Rising demand for HVAC systems, power trains, pumps, lift, and other applications is set to assist the market growth of motor soft starters in the long run.
HYDERABAD, TELANGANA, INDIA, December 15, 2022 /einpresswire.com / -- IndustryARC, in its latest report, predicts that the motor soft starter market is expected to reach US$2.78 billion after growing at an estimated CAGR of 5.8% during 2022-2027. 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. In addition, this device momentarily lessens the load and torque within the power train as well as the electric current surge of the motor when starting up and decreases mechanical stress on the shaft and motor and electrodynamic stress on the power cables attached as well as the electrical distribution network, which in turn helps in driving the market growth forward. 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:
This IndustryARC report on the Motor Soft Starter Market highlights the following areas –
.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.
.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.
.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.
Segmental Analysis:
.By 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. The rising demand for oil & gas is fuelling the demand for motor soft starters. According to US Energy Information Administration, global production of crude oil in 2020 is around 93.90 million barrels per day, 95.53 million barrels per day in 2021.
.By End-use Industry - 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. With the growing shift towards energy-efficient products and installation-friendly, overload protection can ultimately help to increase productivity by the regulatory voltage supplied to the motor.
.By Geography - APAC region dominated the global motor soft starter market in 2021, with a share of around 36%, and is also analyzed to have significant growth during the forecast period 2022-2027. Factors including growing initiatives by the government towards wastewater treatment, rise in demand for HVAC systems, elevators, conveyor belts, increasing investments in the establishment of power generation facilities, and so on have been attributed to the market growth.
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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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