According to the latest market research study released by Technavio, the global motor starters market is expected to grow at a CAGR of close to 5% during the forecast period, 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Categorization of the global motor starters market based on the end-user:
Global motor starters market share by the end-user 2015
|
Oil and Gas Industry |
34.80% |
|
Mining Industry |
22.10% |
|
Power Industry |
17.60% |
|
Automotive Industry |
7.90% |
|
Others |
17.60% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Global motor starters market in oil and gas industry
The global motor starters market in the oil and gas industry was valued at over $598 million in 2015 and will grow at a CAGR of almost 4% by 2020. The companies in the market are focusing on reducing the CAPEX to decrease cost and increase sales. Such initiatives by the oil companies will lead to the growth of this segment during the forecast period. The companies are focusing on increasing the demand to meet the production costs.
“The launch of new projects in various regions and an increasing number of new investment opportunities will lead to the growth of this market segment in the coming years. Several oil and gas companies are focusing on the improvement of operational efficiencies that will help them reduce the cost of production and increase profitability,” says Bharath Kanniappan, a lead analyst at Technavio for automation.
Global motor starters market in mining industry
The global motor starters market in the mining industry was valued at around $380 million in 2015 and will grow at a CAGR of more than 4% by 2020. The extensive use of motor starters to control the current and torque of the motors installed in equipment within the mining industry will contribute to the development of this market segment. The different types of equipment that use this tool include loaders, excavators, grab buckets, rock crushers, agitators, hammer mills, mixers, conveyors, pumps, and fans. China and Canada have the largest mining operations in the world and contribute to the highest revenues in the market. The vendors in the market are concentrating on innovations in the mining technology that help delivery products to meet the regulatory policies.
Global motor starters market in power industry
The global motor starters market in the power industry was valued at around $302 million in 2015 and will grow at a CAGR of close to 7% by 2020. The rise in investments for construction and deployment of the smart grid by various governments will make this the fastest-growing segment during the forecast period. Countries like US, China, France, Spain, India, and Germany have the highest investment in smart grid projects in the market. The market is driven by the requirement of sophisticated control technologies and automation solutions to balance the demand and supply of power to ensure grid stability. The motors and motor-driven systems provide automation solutions that enable operators and utilities to manage the load on the grid actively. The rapid urbanization, globalization, and growing population will contribute to the increased demand for energy and fuel the growth of the market.
The leading vendors operating in the global motor starters market are:
- ABB
- Danfoss
- Rockwell Automation
- Siemens
Other prominent vendors in the market include Allied Motion Technologies, ARC Systems, Emerson Electric, Franklin Electric, Fuji Electric, Huali, IMO precision Controls, Schneider Electric, TECO-Westinghouse, Toshiba, WEG, and Yaskawa.
A more detailed analysis is available in the Technavio report titled, ‘Global Motor Starters Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global IGBT-based Power Module Market 2016-2020
- Global Servo Motors and Drives Market 2016-2020
- Global Motors and Drives Services Market 2016-2020
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