Market Challenges And Opportunities

Global Soft Starter Market Drivers:

Growing demand for industrial pumps to boost the market pace

The use of soft starters in different types of equipment such as centrifuges, industrial pumps and conveyors allows the slow start and slow stop of systems. Using these starters can prevent the mechanical shock, like water hammer. Thus, increasing growth of industrial pumps is likely to drive the demand for soft starters. The adoption of industrial pumps is increasing among various end user industries that deal with chemicals, water, wastewater, petroleum, food, slurry, sludge, or oil, owing to their resistivity toward various harmful chemicals as well as their durability. The demand for industrial pump is also growing due to rise in deliverable pressure in terms of time. Thus, this in turn is expected to positively impact the global soft starter market during the forecast period.

Growing HVAC equipment demand to augment the market pace

The use of soft starter in HVAC equipment offers improvement in efficiency and longevity, as it reduces the inrush current required to start compressors by 60%. This in turn minimizes potential damage to compressors from mechanical shock hard-starting current surges. The HVAC equipment market is growing in the developing countries due to rise in applications in end user market, such as data center, construction business and others. The continuously increasing growth of HVAC equipment market is further driving the demand for soft starters, which in turn is expected to propel growth of the global soft starter market over the forecast period.

Global Soft Starter Market Opportunities:

Growing focus on improvement of utility factors in the existing products is expected to offer various growth opportunities in the global soft starter market during the forecast period. The growing innovation in the soft starter market are focused on enhancing the utility factor of products and improvement in the performance of these existing products along with development of capabilities, that will boost their applications in niche markets. With growing use of AC and DC motors, the industry continues to transform in the energy and utility segment. These factors thus are likely to create growth opportunities in the market over the coming years.

Rise in adoption of industrial automation due to its various advantages is projected to bring various business opportunities in the global soft starter market during the forecast period. Industrial automation offers various benefits such as, reduced direct human labor cost, delivery of high-quality products, rise in productivity, and improved consistency of products or processes. This in turn creates demand for soft starters needed for electric motors in various industrial automation applications. Thus, growing industrial automation will bring in multiple opportunities in the global soft starter market during the forecast period.

Global Soft Starter Market Restraints:

Growing penetration of various alternatives to obstruct the market pace

Various alternatives to soft starters, such as variable frequency drives (VFD) are increasingly penetrating the market. Soft starters are utilized for reducing power supplied at start-up, while variable frequency drives can also be used as an alternative to soft starter for ensuring performance improvement, energy saving, reduction in downtime, and system simplification. Thus, availability of such potential alternatives is expected to hinder growth of the global soft starter market during the forecast period.

Limited control and accuracy of soft starters to impede market growth

Soft starters are widely used in various industries including energy and utility, water and wastewater treatment, automotive, and oil and gas; as they offer various advantages. Using motor soft starters is mostly an economical option. However, these starters offer limited control over the speed of motors. Moreover, soft starters also have limited accuracy, and these factors further impact their adoption, which is likely to obstruct growth of the global soft starter market during the forecast period. However, with increasing technological advancements, the vendors are focusing on offering soft starters with enhanced features, which is expected to aid in growth of the market in the near future.

Restraints