Global Soft Starter Market is Expected to Reach USD 3,615.3 Million by 2031

According to a recent market study published by Growth Market Reports, titled, “Global Soft Starter Market by Voltage level, by Power Rating, by Application, by End-use Industry and by Region: Size, Share, Trends and Opportunity Analysis, 2015-2031”, the market was valued at USD 1,859.8 Million in 2022 and is expected to grow at a moderate growth rate of 7.8% by the year 2031.

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As per Growth Market Reports industry analyst Akash Vedpathak, “Global Soft Starter Market is anticipated to witness significant growth during the forecast period 2022-2031.

Soft starters function as electronic speed controllers that seamlessly manage the acceleration of electric motors. They achieve this by employing advanced semiconductor technologies and intricate algorithms. The primary objective is to reduce the mechanical stress on the motor and connected machinery during startup, thereby extending equipment lifespan and enhancing overall system reliability.

Soft starters operate by initially applying a reduced voltage to the motor, and gradually increasing it over a predetermined time span. This gradual ramp-up minimizes the inrush current, preventing the jolting impact that is typically associated with traditional starting methods. Soft starters alleviate mechanical strain on both the motor and the connected mechanical components, reducing wear & tear and lowering the likelihood of unexpected breakdowns.

Key factors that are anticipated to fuel the demand for the Global Soft Starter Market during the forecast period are Growing Demand of Soft Starters in Industrial Automation and Rising Usage of Soft Starters in Wastewater Treatment. Conversely, High Price of Soft Starter Products and Availability of Alternative Solutions hamper the market growth of the Soft Starter market. Technological Advancements and Growing Opportunities in Oil & Gas Industry creates opportunities in the market.

Supply chain management is an essential part of any business. A supply chain contains a series of steps to get products from their original state to the customers. The supply chain of the Soft Starter market involves raw material suppliers, manufacturers, distributors, and end-users. Raw materials such as Power Switches, Fuse, Overload Relay, Magnetic Contractor, Display and other materials are sourced by manufacturers.

The manufacturers focus on providing high-quality starters, and always try to improve product performance and fulfill the demand among various industries. Suppliers/distributors store finished products in large inventories and are mediators in the supply chain. End-users are a final step of the supply chain, where consumption takes place. End-users of soft starters are Oil & Gas, Power Generation, Mining, Food & Beverage, Chemical, and Others industries.

The primary, as well as secondary research methodology, is used for keen observation and study about the Soft Starter market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects.

Primary interviews conducted with the stakeholders across industry verticals on regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, current and future trends done from the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess the experience of around 10-20 years in the industry.

On the other-hand the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape.

Regional government and statistical databases analyzed for macro & micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 pandemic sent shockwaves through the soft starter market, leaving a trail of initial decline and subsequent shifts in the market. The global economic slowdown and widespread industry lockdowns caused a sharp dip in the demand in the early stages of the pandemic. Sectors heavily reliant on soft starters such as oil & gas, construction, and manufacturing faced significant setbacks, translating to reduced investments in motor control equipment.

Supply chains were also disrupted, with component shortages and logistical hurdles, further constraining the market growth.The impact on the soft starter market became increasingly nuanced, as the pandemic evolved. While some segments, such as low voltage soft starters used in small industries saw a fast rebound, others such as medium to high voltage soft starters faced a prolonged slump, due to their dependence on large and capital-intensive projects.

Key Takeaways from the Study:

• In terms of voltage level, the Soft Starter market is bifurcated into low voltage soft starter and medium to high voltage soft starter. The medium to high voltage soft starter segment is projected to expand at a significant CAGR during the forecast period, Medium to high voltage starters is crucial for specific applications where motor with high voltage ratings is required. Thus, these starters are widely employed in manufacturing, mining, and oil & gas industries. In the mining industry, machinery heavily relies on powerful motors. Thus, the adoption of medium to high voltage soft starters has become integral to optimizing performance and minimizing downtime.

• Based on power rating, the soft starter market is segmented into 100 KW, 100 KW - 250 KW, and above 250KW. The 100 KW - 250 KW segment is projected to expand at a significant CAGR during the forecast period. 100 KW - 250 KW soft starters offer protection features such as motor thermal overload, soft start thermal overload, phase imbalance, phase reversal, over voltage, under voltage, and locked rotor. Also, they are cost effective and has compact size.

• Based on application, the soft starter market is segmented into pumps, fans & blowers, compressors, and others. The fans & blowers segment is projected to expand at a significant CAGR during the forecast period. By enabling the motor to operate more efficiently, soft starters play a key role in energy conservation, a critical aspect in today’s sustainability-focused world. Thus, they are becoming an essential component in the design and operation of fans and blowers.

• Based on end-use industry, the global soft starter market is segmented into oil & gas, power generation, mining, food & beverage, chemical and others. The Mining segment is expected to grow at a significant CAGR during the forecast period, as a result of the increasing use of soft starts in the industry for increased productivity, smooth operation, energy efficiency, and other objectives. Moreover, soft starters in mining helps in monitoring undercurrent and overload protection, preventing costly downtime and repairs, and reduced current start, which limits stress on the electrical supply.

• On the basis of region, the Global Soft Starter Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds significant share of the market and is anticipated to expand at a significant CAGR during the forecast period. The growth of the soft starter market in North America is influenced by several factors including the region’s robust industrial sector and the increasing adoption of advanced technologies. Moreover, the region’s strong focus on energy efficiency and reducing power consumption has led to an increased demand for soft starters.

Soft Starter Market Report Scope:

Soft Starter Market Target Audience:

• Supply-side: Manufacturers, Raw material suppliers, and Distributors

• Demand Side: Oil & Gas, Power Generation, Mining, Food & Beverage, and Chemical industries.