Soft Starter Market Forecasts from 2023 to 2028

The global soft starter market is estimated to grow at a CAGR of 5.46%, reaching US$2.619 billion in 2028 from US$1.805 billion in 2021.

The extensive product use across several industrial verticals as a result of the rising demand for electric motors and industrial pumps is one of the main factors propelling the soft starter market's expansion. Further, the expansion of the construction industry has increased the use of soft starters in HVAC (heating, ventilation, and air conditioning) applications, which is fueling market expansion. This is further backed up by the expanding product market in data centers, which helps to lower the inrush current needed to run the systems.

Multiple Associated Advantages

The development of soft starters in compact, adaptable, and modular designs has been made possible by the extensive integration of various digital solutions. These designs offer advanced features and functions to customers and suppliers, such as improved protection and superior interaction capabilities, increased efficiency, and decreased downtime. In turn, this is driving up the product's overall global sales. several encouraging initiatives being made by the governments of various nations to invest in wastewater projects, where the soft starter is used in pumps and coolers to assure access to clean water, is functioning as an additional growth-inducing aspect.

Increasing Demand by Oil&Gas Industry

Soft starter technology used in the oil and gas industry delivers significant benefits to electrical components by minimizing mechanical stress on the motor and shaft, hence increasing the whole system's lifespan. For instance, the International Energy Agency (IEA) projects that the demand for natural gas will increase significantly over the coming years, with extra consumption of 370 billion cubic meters (bcm) by 2022, up from 3,630 bcm in 2016, indicating an increase of 1.6% annually. The substantial investment in the oil and gas industry is expected to increase demand for soft starters and propel market expansion. For instance, as per the International Energy Forum, the oil and gas upstream investment rose by 39% to $499 billion in 2022, the biggest spike since 2014 and the largest year-over-year increase in history.

Expanding Mining and Quarrying Sector

According to estimates from the Office for National Statistics, UK, there is significant growth in the gross value addition for the mining & quarrying sector in the UK excluding the oil & gas sector. It has increased up to 2.8 Euro Billion in 2022 from around 2.1 Euro billion in the year 2020. This indicated favorable prospects for the market till the forecast period with greater applications across Mining, Energy & Power, and Oil & gas sectors among others. The quarrying & mining turnover will witness an upward trend with greater mining operations in different parts of the UK & neighboring countries such as France, Germany, and Italy among others.

Europe is Expected to Grow Significantly

The bolstering growth for the soft starters market is due to the widespread usage of motor soft starters in various Industries such as mining, oil & gas, and power generation among others. The increasing demand is due to the large number of foreign manufacturers in the country bringing innovative products that are expected to boost market growth. For instance- In 2021, Motortronics UK, one of the key players in the UK market announced its launch of innovative motor control & protection solutions. It includes the launch of VMX-synergy Plus in early 2022 having a unique combination of additional product features, and sizes to enhance performance for end users with its soft starter designs.

Major Market Player

• Schneider Electronics provides a varied portfolio of soft starters that are designed to suit commercial as well as industrial applications. The company aims to promote "Next-Generation Automation" via its soft-starters and thus focuses on product innovations and launches to improve its market name.

Key Market Developments

• In August 2021, Siemens AG introduced the Sirius 3RW55 Failsafe, the first soft starter with built-in safe torque-off capabilities. A fail-safe digital input included in the product is coupled to an emergency stop button directly. The motor stops entirely if an operator selects the emergency shutdown option.
• In February 2021, Aucom Electronics Ltd. unveiled the EMX4 advanced soft starter, a new product that adds smart motor control and protection features to the soft starter line. Its inclusion of Smart Card capabilities transforms it from a highly intelligent motor controller into a complete system controller.
• In December 2022, Schneider Electric launched "Altivar Soft Starter ATS480" in India. The product is designed to be used in heavy-duty applications such as compressors, conveyors, and centrifugal machines owing to which it finds applicability in various sectors such as mineral, equipment manufacturing, oil & gas, and mining.

Segmentation:

By Voltage

• Low
• Medium

By End-Users

• Oil and Gas
• Food and Beverage
• Textile Industry
• Energy and Power
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• India
• Japan
• South Korea
• Indonesia
• Taiwan
• Thailand
• Others