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Enclosed Motor Starter Market Growth, Size, Key Drivers, Forecast To 2033
Enclosed Motor Starter Market Growth
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According to The Business Research Company's, The enclosed motor starter market size has grown strongly in recent years. It will grow from $1.66 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increased demand for electric vehicles, strict global regulations on energy consumption, growth in automation and use of electric motors in manufacturing processes, expansion of wind and solar power projects requiring efficient generators, increased use of electric motors.
The enclosed motor starter market size is expected to see strong growth in the next few years. It will grow to $2.22 billion in 2028 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to continued growth in the EV market, development of new alloys and composites, growing emphasis on reducing carbon footprints, continued growth in renewable energy installations, urbanization in developing economies, and greater investments in research and development. Major trends in the forecast period include increased use of high-performance materials, trend towards smaller, lighter motor designs to improve performance in automotive and portable applications, growth in smart motors with embedded sensors and IoT connectivity for real-time monitoring and optimization, use of advanced manufacturing processes such as laser cutting and additive manufacturing, rise in demand for customized motor laminations tailored to specific applications and performance requirements.
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Market Drivers and Trends:
The rise in industrial automation is expected to propel the growth of the enclosed motor starter market going forward. Industrial automation refers to using digital logical programming and mechanized equipment to operate machines and minimize the need for human intervention in decision-making and manual commands. The rise in industrial automation is due to technological advancements, increased emphasis on safety and compliance, and rising demand for real-time data analysis. Enclosed motor starters aid industrial automation by providing reliable and protected control of motors, enhancing operational efficiency and safety. For instance, in October 2022, according to a report published by the International Federation of Robotics, a Germany-based professional non-governmental organization, factories worldwide saw the deployment of 517,385 new industrial robots, a significant increase from the approximately 39,400 new industrial robots recorded in 2020. Therefore, the rise in industrial automation will drive the enclosed motor starter market.
Major companies operating in the enclosed motor starter market are developing innovative products, such as enclosed soft-start motor control systems, to serve customers with advanced features better. An enclosed soft start motor control system is a motor control device that combines the functions of a soft starter and a circuit breaker in a single, compact enclosure. For instance, in September 2021, Danfoss, a Denmark-based industrial machinery manufacturer, launched VLT Soft Starter MCD 600, a compact and intelligent soft starter designed for fixed-speed applications. The MCD 600 provides a smooth and controlled start-up, reducing the risk of motor damage and improving overall efficiency. The features ensure high efficiency and harmonic-free operation at full speed, reducing energy consumption and required cooling capacity. The soft starter features a user-friendly interface with a quick set-up menu, log menu, and pump-clean functionality, making it easy to configure and monitor. It includes extensive motor and starter protections to ensure uptime and reduce maintenance needs.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd, Eaton Corporation, Nidec Motor Corporation, Danfoss Inc., Rockwell Automation Inc., Fuji Electric Co. Ltd., WEG S.A., Hubbell Incorporated, Yaskawa Electric Corporation, SEW-EURODRIVE GmbH & Co KG, Franklin Electric Co. Inc., Leviton Manufacturing Co. Inc., Baldor Electric Company, Benshaw Inc., Toshiba International Corporation, C3 Controls Company Inc., Sprecher + Schuh AG, Springer Controls Company Inc., MCI Control Solutions LLC, Allied Power and Control Inc., LS Industrial Systems Co. Ltd.
Enclosed Motor Starter Market 2024 Key Insights:
• The enclosed motor starter market size is expected to see strong growth in the next few years. It will grow to $2.22 billion in 2028 at a compound annual growth rate (CAGR) of 6%.
• Rise In Industrial Automation Expected To Propel Growth Of Enclosed Motor Starter Market
• Innovative Products Enhanced Market With Advanced Features
• North America was the largest region in the enclosed motor starter market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
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Americas: +1 315 623 0293
Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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