Motor Soft Starter Market Size

Motor Soft Starter Market size was valued at USD 2.14 Billion in 2023 and is poised to exceed USD 5.29 Billion by the end of 2036, expanding at over 7.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of motor soft starter is evaluated at USD 2.28 Billion. The growth of the market can be attributed to the growing investment in the oil & gas sector. With the rising investment the exploration, extraction, and refining increases this require soft starters in pumps and compressions. In 2022, the oil and gas upstream saw the highest investment since 2014, it was around USD 499 billion.

In addition to these, factors that are believed to fuel the market growth of motor soft starter include the rising electrification of industries. Electricity now accounts for nearly 20% of global industrial energy consumption. Industries are heavily relying on electric machinery to support operations and induce efficiency. Electrified industries demand programs with better and faster response, where they monitor the consumption of energy to match the grid condition. Soft started helps industries to overlook and control the sudden surge of energy demand.