New Soft Starter Market Research Highlights Recovery Path for Businesses from COVID-19 based on Oil and Gas, Mining, Power, and Automotive End-Users| Technavio
"One of the primary growth drivers for this market is the demand for energy-efficient products,” says a senior analyst for Industrials sector at Technavio. Energy-efficient products regulate energy consumption by regulating the voltage of the motors. Soft starters provide the required voltage to the motors, which will enable smooth functioning and will also reduce the amount of energy consumed by the motors. The increasing need to reduce energy consumption that will help manufacturers reduce expenses and manufacture low-cost products will drive the demand for soft starters especially in medium and low voltage motors. As the markets recover Technavio expects the soft starter market size to grow by USD 359.90 million during the period 2020-2024.
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Soft Starter Segment Highlights for 2020
- The soft starter market is expected to post a year-over-year growth rate of -3.97%.
- Oil and gas industry dominated the market in 2019, owing to factors such as high affordability and increased presence.
- Due to stringent government regulations and the need to protect the pumps and fans, soft starters have become an integral part of the oil and gas industry.
- The increased investments and the rising number of pipelines in regions such as APAC, Middle East, and Africa are expected to increase the installation of soft starters in the oil and gas industries.
- There is an increased demand for intellectual soft starters as they have an in-built communication protocol that facilitate the sending of notifications before any kind of machine failure, reducing the downtime and increasing the overall efficiency of the production process.
- 49% of the growth will originate from the APAC region.
- The growing need for automation in the industrial processes, rising urbanization, and the need to simplify complex industrial processes will significantly drive soft starter market growth in this region over the forecast period.
- China and India are the key markets for soft starters in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The soft starter market size is expected to accelerate at a CAGR of over 4% during the forecast period.
- The soft starter market is segmented by end-user (oil and gas, mining, power, automotive, and others), application (pumps, fans and blowers, compressors, and others), and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., CG Power and Industrial Solutions Ltd., Danfoss AS, Eaton Corporation Plc, Emerson Electric Co., General Electric Co., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Toshiba International Corp.
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COVID-19, Soft Starter, Oil and Gas, Mining, Power, and Automotive