Vantage Market Research
Nov 18, 2021
According to analysts at Vantage Market Research, the Industrial Motor Starter Market is expected to reach USD 2,893 Million by 2028, growing at a CAGR of 7.6% between 2021 to 2028. The expansion in oil and gas funds is in response to the rise and development of the market. Oil and gas, water, and wastewater are the two greatest end client businesses for modern industries for industrial pumps and these enterprises are relied upon to drive the market development of the growth of Industrial Motor Starter.
Key Findings:
- The electronic segment is projected to expand at the fastest CAGR exceeding 7.8% over the forecast period due to the increase in industrializing and urbanization is boosting the industrial motor starter market.
- The oil and gas industry segment held a market share of around 34% in 2020. This share is due to the rising increase in aftermarket sales of products.
- Asia Pacific is expected to expand at a CAGR of over 8% from 2021 to 2028. This surge is attributed to the rising demand for the industrial motor starter in developing economies and the rise in investments such as China and India.
Growing industrialization across the globe is moving the interest for electric engines just as the robotization strategies at different businesses. Along these lines, there is an interest in enormous energy-effective engines furnished with starter controls to limit the functional expense. There has been a fast reception of engines working with the control board., for example, water treatment plants include motors and engines, which are probably going to require effective and low starting beginning strategies.
Asia Pacific region is poised to record the highest CAGR, owing to the increasing demand in countries, such as India, China, and Japan. An increase in electricity demand and energy generation capacity has increased in the area. It is projected to develop at the quickest rate, with China overwhelming the regional market. Aside from the Chinese and Indian business sectors, the engine delicate starters market in Japan is likewise developing at a sound rate.
Some of the key players in the Industrial Motor Starter Market include Allied Motion Technologies, Rockwell Automation, IMO Precision Controls, Danfoss, Yaskawa, Toshiba, ABB, Emerson Electric, ARC Systems, TECO-Westinghouse, WEG, Siemens, Huali, Fuji Electric, Franklin Electric, Schneider Electric., among others. The market is comprised of a high degree of competition due to the presence of numerous key players.