Low Product Accuracy Level to Overshadow Strong Market Opportunities
Leading players look at the motor soft starter market as a goldmine of RoI opportunities, and are found to be following the 'expend to expand' strategy. A significant chunk of the revenue earned by these players is being invested toward R&D activities, to introduce intelligent motor soft starters that operate on the back of IoT technology.
Undoubtedly, the Fourth Industrial Revolution is pushing market players toward product diversification to achieve full-scale automation. However, certain negative sentiments are likely to crop up in the motor soft starter market with the limited accuracy level of these products, thereby creating a huge market for substitutes.
Considering the high pace of industrial revolution, capacity-oriented inhibitions of these products, and some significant trends as recorded by seasoned analysts at Transparency Market Research (TMR) in a recent study, the motor soft starter market is projected to expand ~6% in 2019 over 2018.
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How Can Players Create Market Opportunities Where Penetration of Substitutes is Higher?
Though motor soft starters are deemed an effective solution to control current in electrical systems, these components have limited control over the speed of the motor. In stark contrast, an AC variable frequency drive (VFD) provides continuous control over the changing speed of the motor. This primary substitute, in turn, matches the speed of secondary machines to ensure optimal machine operations, which directs the shift towards VFDs from motor soft starters.
However, players in the motor soft starter market can alter end users’ sentiments by focusing their marketing toward the cost benefits and minimum space requisites of their products. The scramble towards automation also implies an energy-efficient process, which is better achieved through motor soft starters.
Given the higher yield of these starters, on the scale of cost, size, and energy, manufacturers can intensify their focus on brand communication to create market opportunities in regions with high popularity of substitutes.
Asia Pacific - The Goldilocks Zone for Investment
As per stats recorded in TMR’s study, the pace at which the Asia Pacific market is growing is, in turn, unfolding investment opportunities for companies to gain cross-border exposure.
Considering the cost-sensitive region that Asia Pacific is, the threat of substitutes is low since VFDs are cost-prohibitive in nature, and significant opportunities are likely to arrive from the growth of the manufacturing and industrial sectors in China, India, and Japan. The demand for motor soft starters is projected to show greater ascendancy in the large mining sector, and given the ergonomics in place, a shift towards intelligent starters will instigate players to upkeep the pace of innovation.
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Another aspect evincing a promising outlook for the motor soft starter market in the region is the growing number of government initiatives taken in developing countries toward ensuring proper sanitation and water supply to the remotest of households. These initiatives have triggered the rising sales of pumps, and the same has been reflecting on the increasing demand for motor soft starters.
Market players operating in the region, including, Crompton Greaves Ltd. and Toshiba Corporation, make concentrated efforts toward portfolio diversification, with 'quality and efficiency' being at the central of development. However, these players fall short of time when it comes to the development of new products on time, which creates investment opportunities for other players to foray into the Asia Pacific region, and win in the motor soft starter market with better turnaround time.
Analysts’ Outlook on the Motor Soft Starter Market
Authors of the TMR study analyze the latent as well as apparent dynamics of the motor soft starter market, and deduce a promising future. The landscape stands at an intersection of numerous revenue streams coming in from the construction, power, mining, food, and manufacturing sectors, with energy efficiency being an influential pursuit of these industries.
As traditional sectors such as agriculture and wastewater treatment begin to realize the profitability of an automated process over a labor-intensive approach, a sustainable sales channel can be anticipated for the motor soft starter market. However, manufacturers need to stay updated with neoteric technological trends to offer innovative products in the least possible time.
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Motor Soft Starter Market: Overview
- According to Transparency Market Research’s latest research report on the global motor soft starter market for the historical period of 2017–2018 and the forecast period of 2019–2027, the rising demand for motor soft starters for use in various applications is expected to boost the global motor soft starter market during the forecast period.
- In terms of revenue, the global motor soft starter market is estimated to reach a value of US$ 6 Bn by 2027, expanding at a CAGR of ~7% throughout the forecast period.
Increasing Industrial Automation: A Key Driver
- The adoption of industrial automation has increased in recent years, owing to its advantages such as delivery of high-quality products, reduced direct human labor costs, increased productivity, and enhanced consistency of processes or products. This, in turn, is expected to increase the deployment of soft starters required for electric motors in various industrial automation applications in the near future.
- Industrial organizations and manufacturers across the globe are increasingly investing in the protection of expensive assets such as electric equipment and machinery, to save them from damage. Since soft starters play a crucial role in protecting electric systems from high inrush currents and mechanical systems from high instantaneous torque, manufacturers prefer soft starters for the safety of electric systems.
- Leading manufacturers are offering soft starters integrated with the Internet of Things (IoT), which can be easily incorporated into most industrial communication networks, such as Profinet, Modbus, and Ethernet IP, along with HMI panels. This can enhance the control diagnostics and real-time control of motor conditions.
- Thus, the ability of soft starters to protect systems and increase operational efficiency, their low-cost availability, and minimum maintenance, make them a popular choice for use in industrial automation applications.
Focus on Development of Intelligent Motor Soft Starters
- Leading players operating in the global soft starter market are focusing on the development of new intelligent soft starter technology integrated with electronic motor protection, IoT, and self-learning algorithms, in order to offer advanced protective features and efficient motor control.
- Intelligent motor soft starters are becoming popular owing to their various advantages such as higher operational control over motor starts and stops, higher productivity, integrated overload protection, system optimization, and shorter downtimes.
- The self-learning algorithm in soft starters can allow working for different applications and under varying load conditions.
- Intelligent soft starters play an important role in minimizing costs by reducing overall system power requirements, operating costs, and the wear and tear of equipment. Also, they diminish the risk of unplanned machine downtimes.
- These factors are expected to drive the global motor soft starter market during the forecast period.
Limited Accuracy and Control of Motor Soft Starters
- Motor soft starters have become integral equipment used in the fields of energy & utilities, automotive, water & wastewater treatment, and oil & gas, due to their various advantages.
- Motor soft starters are often the most economical choice if only the starting condition is considered. However, soft starters have limited control over the motor speed.
- All these factors are anticipated to hamper the global motor soft starter market during the forecast period.
Global Motor Soft Starter Market: Competition Landscape
- Detailed profiles of the providers of motor soft starters have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies.
- Key players operating in the global motor soft starter market are
- ABB Ltd
- Crompton Greaves Ltd. (EMOTRON TSA)
- Danfoss A/S
- Eaton Corporation
- Motortronics UK Ltd
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- Toshiba International Corporation Pty Ltd
- Weg SA
Global Motor Soft Starter Market: Key Developments
Key providers of motor soft starters are focusing on new product development and technological advancements. Some other key developments in the global motor soft starter market are as follows:
- In January 2019, AuCom Electronics Ltd launched the EMX4 series of a new generation of advanced low-voltage soft starters. These are equipped with features such as advanced control and protection.
- In February 2018, Siemens AG launched the new Sirius 3RW5 Soft Starter for the soft starting of 3-phase asynchronous motors. It is equipped to meet the demanding drive requirements of motors.
- In June 2017, WEG SA launched the SSW900 series of soft starters. This is expected to set a new benchmark in terms of weight, compatibility, and reliability of motor soft starters in the next few years.
In the report on the global motor soft starter market, we have discussed individual strategies, followed by the company profiles of providers of motor soft starters. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global motor soft starter market.
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