The global market for soft starters is tipped to experience strong growth from 2015-2020, according to a report published by global research firm Markets and Markets.
Amidst soft global economic growth, the soft starter market will grow at a compound annual growth rate of 6.7%, from $US1.2 billion in 2015 to $US1.7 billion by 2020, concludes the Markets and Markets study “Motor Soft Starter Market”, available online for purchase here.
Markets and Markets point to an increase in development projects in sectors like oil & gas, water & wastewater, mining industries and power infrastructure. “Increasing acceptance of motor control and protection across (these) industries has driven the demand for motor soft starters around the world,” says the report.
The pumping applications segment was identified as the largest market share by value for 2014, with fans and compressors also used on a large scale in major industrial processes. This is consistent with AuCom’s experience that in applications such as pumping, where variable speed control is often not required, a soft starter the most cost effective and efficient motor starting solution.
Rapid urbanisation and industrialisation has driven strong growth for soft starters in the Asia-Pacific region, which held the largest market share in terms of value for 2014, coming primarily from the oil & gas and water & wastewater sectors.
Markets and Markets predicted waste water treatment and oil & gas would be two industries that would drive growth for soft starters, as would vendor innovation around making installation easier and improve effectiveness.
Report publisher Markets and Markets is the second-largest market research firm worldwide in terms of premium market research reports published annually. They produce 1200 premium studies in a year, catering to clients across 12 different industry verticals.
Find information about the report, including purchase information, here: http://www.marketsandmarkets.com/Market-Reports/motor-soft-starter-market-117691183.html