In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Soft starter uses no forms of controls other than electromechanical switching and approximately 90% of motors employed in industrial applications are soft starter. Normal motors increases machine wear as rapid acceleration and cause damage the pump, with transient in torque and high peak currents. Soft starters manages the problem raised at the time of acceleration and deceleration of current applications through controlling application of current in mechanical process. Major energy savings can be realized by using variable speed drives in applications where motor speed can be varied. Soft starters are still the most economical solution in fixed speed applications for the various end-user industries. The purpose of using soft starter guide is to outline the principle benefits of using soft starters compared to other electro-mechanical start methods, and to discuss the merits and demerits of the various soft start methods. This guide also covers some of the advanced functionality which could be found in today’s modern soft starters with considerations in choosing and sizing soft starters.
Global Soft Starter market is expected to account for a market value of around USD 3 billion in 2027 from USD 900 million in 2018 at a CAGR of 6% till forecast period 2018-2027.
Asia Pacific is expected to hold the largest share in soft starter market backed by increased utilization of various soft starter applications. Additionally, low voltage quality of motor in any situation for industrial usage is also expected to drive the growth of market in significant rate. Europe is also accounted for tremendous growth rate in soft starter market on the heels of rising demand for low transient torque by commercialist and industrialist.
Countries such as Saudi Arabia, UAE and South Africa in Middle East and Africa region is also expected to escalate the modest growth in global Soft Starter market backed by increased use of pumps and fans. Additionally, rising growth of end user industry for soft starter that is oil& gas sector is also expected to propel the growth in the market.
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Our-in depth analysis of the global Soft Starter market includes the following segments:
Global Soft Starter Market is further classified on the basis of region as follows:
According to “ India energy statistics 2018” The total potential for renewable power generation in the country as on 31.03.17 is estimated at 10, 01,132MW. This includes solar power potential of 649342 MW (64.86%).wind power potential of 3,02,251 MW (30.19%) at 100 m hub height, SHP (small-hydro power) potential of 21,134 MW (2%), Biomass Andhra Pradesh 4% Assam 12% CBM 8% Eastern Offshore 39% Gujarat 5% Rajasthan 3% Tamil Nadu 3% Tripura 3% Western Offshore2 23% Estimated Reserves of Natural Gas in India as on 31.03.2017 Total Reserves 1289.81 Billion Cubic Meters Reserve value of Tamilnadu includes reserves of Arunachal Pradesh and Nagaland Energy Statistics 2018 Reserves And Potential For Generation power of 18,601 MW (1.86%), 7,260 MW (0.73%) from bagasse-based cogeneration in sugar mills, 2554 MW (0.26%) from waste to energy.
The pumps segment is the largest soft starter market
The pumps segment held the largest share in the soft starter market in recent years backed by various pump applications such as chilled water pumps, cooling tower pumps, utility pumps, process pump, and offloading pumps, is expected to drive the market. Additionally, soft starter plays an important role in order to protect wear and tear of motors which are driving market growth. Industries such as water & wastewater, oil & gas, chemicals & petrochemicals, cement, and paper that require pumps for various pumping applications is also expected to drive the growth in the market during forecast period.
Growth of water & wastewater industry with rising urbanization
Demand for clean water with raised urbanization and growing population, has demand for soft starter motor over the last few years which is propelling the growth of market over the forecast period.
Problem arises in pump at the time of water flowing through tube
One of the key restraint of Soft Starter market is problem associated at the time of starting or stopping the pump owing to the reduction in flow rate.