SOFT STARTER MARKET ANALYSIS

Soft Starter MarketSize and Trends

The global soft starter market size was valued at US$ 2,386.5 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 8.23% from 2023 to 2030. The growth of global soft starter market is attributed rise in adoption in industrial pumps, rise in demand for HVAC control systems, and growing need for cost effective solutions with minimal space requirements. Moreover, increasing expenditure on R&D proficiencies, with growing focus on energy conservation; and increasing automation across various industry is also anticipated to boost growth of the market over the forecast period.

Global Soft Starter Market Trends:

Growing demand for electrical energy is a recent trend in the market

The demand for electrical energy is growing for sustaining the global development, and it needs constant major investments to generate power supply, which is driving the applications of motors in the electricity segment. This further positively impacts the soft starters. As per the U.S. Energy Information Administration 2019, forecaster that the consumption of energy across the globe is likely to increase by nearly 50% during 2018 to 2050. Thus, this trend is expected to drive growth of the global soft starter market during the forecast period.

Increasing government regulations and policies to control CO2 emissions is a growing trend

Increasing number of governments and supervisory bodies are announcing appropriate regulations and policies in order to control CO2 emissions and to cater the growing demand for electricity, specifically in developing economies. This in turn is driving the demand for soft starters to reduce the overall costs including maintenance and repair costs, and so boosting the overall efficiency. Various industries are increasingly adopting soft starters, and this is expected to augment growth of the global soft starter market over the forecast period.

Market- Trends