The soft starter market is driven by the growing application of the product in various end-use industries such as oil and gas, energy and power, and food and beverage industries, among others. Soft starter bolsters the power distribution in the plants and factories of these industries which saves a significant amount of time and money.
Over the forecast period, the growing concerns about the overloading of power in factories, which can cause great harm to the machineries, are likely to aid the market growth. The market growth is expected to be aided by the growing demand for industrial pumps in the oil and gas industry, which in turn, are anticipated to propel the sale of soft starters in order to achieve gentle acceleration.
In March 2021, WEG Industries (OTCMKTS: WEGZY) took a decision to upgrade soft starters with the introduction of a new range, known as SSW900. This new range of soft starter is known to provide advanced interactivity to the users. The products under this range will also provide superior motor control and protection.
In August 2020, Siemens AG (ETR: SIE) introduced Sirius 3RW55, the first Failsafe soft starters with integrated safe torque off functionality. The significant features of the product include integrated motor protection function, which will ensure fast and reliable shutdown and the restart interlock feature, along with digital input to ensure user safety. Another notable feature of Sirius 3RW55 is the emergency stop pushbutton.
In addition to these features, the Sirius 3RW55 provides savings on components and wiring, making them an ideal option for control panel engineers and designers.
In terms of region, Asia Pacific is likely to account for a significant share of the market owing to the stringent government regulation aimed towards facilitating energy conservation to achieve sustainable development goals. The market growth in the region is anticipated to be augmented by the increasing investments towards the adoption of machinery with high torque in the oil and gas sector. The market is further expected to be aided by the growing expansion of the energy and power industry in the region.
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The major players in the global soft starter market are Siemens AG, Schneider Electric SE, Eaton Corporation plc, Rockwell Automation, Inc., ABB Ltd., and Danfoss A/S, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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