Spain is a lucrative market for renewable energy, electric vehicles, and industrial automation, driving strong demand for enclosed motor starters. The country's large manufacturing sector relies heavily on motor starters for its operations, further fueling this demand.
NEWARK, DE / ACCESSWIRE / July 17, 2024 / According to Future Market Insights (FMI), the enclosed motor starter market value is projected to reach USD 1,822.7 Million in 2024, and by 2034, it is expected to grow to USD 2,865.9 Million. The rise in industrial automation has contributed to innovations in the enclosed motor starter market with a 4.63% CAGR through 2034, resulting in more efficient motor control. These starters are essential components in automated manufacturing systems.
The increasing demand for energy-efficient solutions in the manufacturing and industrial sectors has led to the growth of this market. The increasing adoption of renewable energy sources like solar and wind has created significant demand for motor starters in these systems. The growth of the electric vehicle market is one of the key factors accounting for market growth, as these starters are an integral part of these technologies.
While the enclosed motor starter market is witnessing growth and development, several factors are hindering its growth, such as the availability of low-cost alternatives, increasing competition, and the high cost of installation and maintenance. The lack of awareness about the benefits of enclosed motor starters among small and medium-sized enterprises is also one of the major factors hindering market growth.
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The safety feature of a combination starter in an enclosed motor starter is another factor driving its popularity, as they are designed to protect against overloads, short circuits, and other electrical damage, ensuring the safety of the equipment and operators.
With the rising demand for starters with ease of maintenance and versatility, combination starters are expected to capture the market. Enclosed motor starters are designed to withstand harsh industrial environments, such as extreme temperatures, dust, and humidity, ensuring long-term reliability and durability. This ability makes them important in industries like manufacturing, where downtime can result in significant financial losses.
Key Takeaways from the Market Study:
Combination starters are set to hold an enclosed motor starter market share of 60.70% in 2024.
The industrial sector is the most prominent player in enclosed motor starters, with a market share of 70.50% for 2024.
The market in India is projected to inflate at a CAGR of 5.80% through 2034.
The market in Italy is predicted to rise at a 5.50% CAGR through 2034.
The market in Spain is anticipated to develop at a CAGR of 5.30% through 2034.
The market in Australia is estimated to rise at a 5.30% CAGR through 2034.
The market in South Korea has the potential to increase by a 5.20% CAGR through 2034.
"Market growth is set to be driven by the increasing demand for energy-efficient solutions in manufacturing and industrial sectors. Combination starters are expected to capture the market due to their ease of maintenance and versatility", - opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
The enclosed motor starter market has several key players, including ABB Ltd., Eaton Corporation, Siemens AG, Schneider Electric SE, General Electric Company, Emerson Electric Co., Rockwell Automation Inc., WEG SA, and Toshiba International Corporation. Manufacturers are investing heavily in research and development to improve their products' performance, reliability, and energy efficiency. Some key companies are also focusing on wireless and smart motor control technologies to integrate with IoT systems for remote monitoring and control.
Recent Developments:
Danfoss launched the VLT Soft Starter MCD 600 in September 2021, which provides advanced control and protection for fixed-speed applications in a compact enclosure.
In May 2016, Carlo Gavazzi introduced the RSWT series, featuring self-optimizing soft starters with innovative control algorithms for water pumps up to 75Hp, reducing vibrations and inrush current.
Key Players in the Industry:
SIEMENS
EATON
Schneider Electric
Rockwell Automation
ABB
Sprecher + Schuh
LEVITON
Danfoss Drives
MCI Controls Solutions
WEG
Franklin Electric
Allied Power and Control
C3controls
Springer controls
Report Preview: https://www.futuremarketinsights.com/reports/enclosed-motor-starter-market
Enclosed Motor Starter Market Segmentation Analysis:
By Product Type:
Combination Starters
Non Combination Starters
By Starter Size:
Size 0
Size 1
Size 2
Size 3
Size 4
Size 5
By Application:
Industrial
Mining
Agriculture
Chemical
Waste Water Treatment
Commercial
Others
By Region:
North America
Latin America
Asia Pacific
Middle East and Africa (MEA)
Europe
About Future Market Insights - Industrial Automation Division:
The Industrial Automation division of Future Market Insights offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI):
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights Inc.
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