The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Motor Soft Starter Market.
It was estimated prior to this unanticipated outbreak Motor Soft Starter Market will reach CAGR of 6.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Motor Soft Starter Market Insights
Motor Soft Starter Market is likely to witness an impressive CAGR of 6.0% during the forecast period. Surge in demand for industrial pumps, growing employment of electric motors in major industries, increasing investments in oil & gas, water & wastewater treatment projects globally, are the key factors underpinning the growth of the market during the forecast period.
Market Share Analysis
Motor Soft Starter Market Share: By Voltage Type
Based on the voltage type, the motor soft starter market has been segmented as low voltage and medium voltage. The low voltage segment is expected to hold the larger share of the market during the forecast period due to the adoption of low voltage motors by various process industries. Further, industries such as metal & mining, oil & gas, chemical & petro chemical, water & waste water, cement & manufacturing, power generation, and food & beverages are using low voltage motor soft starters, which is driving the growth of the segment.
Motor Soft Starter Market Share: By Rated Power Type
Based on the rated power type, the market is segmented as 750 W, 751 W–75 kW, and Above 75 kW segments. The 751 W–75 kW segment is likely to dominate the market during the forecast period. The growth of the segment is attributed by the growth in oil & gas and desalination projects and also the increasing investments that are being made on the same.
Motor Soft Starter Market Share: By Application Type
Based on the application type, the market is segmented as pump, fan, compressor, and others. The pump segment is estimated to govern the market during the forecast period as pumps are extensively used in process industries, such as oil & gas and power generation. The segment is playing an essential role in limiting the voltage supply to the motor.
Motor Soft Starter Market Share: By Industry Type
Based on the industry type, the market is segmented as oil & gas, power generation, water & waste water, mining and others. The oil & gas segment is expected to lead the market during the forecast period owing to rise in upstream spending in response to surge in prices of oil.
Motor Soft Starter Market Share: By Region
In terms of regions, Asia-Pacific is estimated to dominate the motor soft starter market during the forecast period due to rising investment in industrialization, construction, and power generation. Countries, such as China, India, and Japan are expected to register the fastest growth, driven by the increasing demand for electricity and power generation capacity. North America and Europe are also showing keen interest in the motor soft starter market and offer lucrative growth opportunities during the forecast period.
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