As per MRFR analysis, the Magnetic Motor Starter Market Size was estimated at 6.27 (USD Billion) in 2022. The Magnetic Motor Starter Market Industry is expected to grow from 6.47 (USD Billion) in 2023 to 8.6 (USD Billion) by 2032. The Magnetic Motor Starter Market CAGR (growth rate) is expected to be around 3.21% during the forecast period (2024 - 2032).
Key Magnetic Motor Starter Market Trends Highlighted
Magnetic motor starters are increasing adoption in industrial automation systems to control electric motors.Key market drivers for magnetic motor starters include the growing adoption of automation in industries such as manufacturing, automotive, and energy.Opportunities for market expansion lie in the increasing integration of IoT and Industry 4.0 technologies, driving demand for smart and efficient motor control solutions. Recent trends in the market have witnessed the adoption of advanced materials, such as neodymium magnets, to enhance performance and efficiency and the rise of compact and modular designs for ease of installation and maintenance.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Magnetic Motor Starter Market Drivers
Increasing Demand for Energy-Efficient Solutions
The rising focus on energy preservation and reducing the rate of carbon emissions is fostering demand for energy-efficient solutions across different sectors. Magnetic motor starters present notable energy-saving abilities compared to traditional alternatives, which renders them an efficient solution in industrial applications. It expects the capacity of magnetic motor starters to manage and control motor operations, reduce energy usage, and boost the effectiveness of the entire system.Moreover, the tendency toward the usage of technologies that use excess energy and government policies designed to conserve energy also stimulates the development of the described market segment.
Expansion of Automation in Industrial Processes
One of the major factors that drive the demand for motor starters is the growing adoption of automation in a wide range of industrial processes. Magnetic motor starters are used for controlling and protecting motors that are used in various automated systems. These devices are helpful for ensuring reliable and efficient motor control, and they help in precise automation, which can reduce downtime. Considering the amount of integration of various technologies such as robotics, sensors, and controls in industries like manufacturing, automotive, and other industries, the demand for motor starters of various types is expected to grow.
Rising Focus on Industrial Safety
Safety is a paramount concern in industrial environments, and magnetic motor starters contribute to enhancing safety measures. They provide protection against electrical hazards, such as short circuits, overloads, and phase failures. By quickly disconnecting motors from the power source in the event of an electrical fault, magnetic motor starters help prevent accidents, injuries, and damage to equipment. The increasing emphasis on workplace safety regulations and standards is expected to drive the demand for magnetic motor starters as businesses prioritize the safety of their employees and operations.
Magnetic Motor Starter Market Segment Insights:
Magnetic Motor Starter Market Product Type Insights
The Magnetic Motor Starter Market is segmented by product type into non-reversing magnetic motor starter and reversing magnetic motor starter. In 2023, the non-reversing magnetic motor starter segment held the largest market share of 60%. The reversing magnetic motor starter segment is expected to grow at a faster CAGR of 3.5% during the forecast period 2023-2032. Non-reversing magnetic motor starter is a type of motor starter that is used for controlling the start and stop of the electric motors. It is designed in such a way that it does not allow the motor to start in the reverse direction.Since the motor starting in the reverse direction can cause damage to the motor as well as the equipment, the non-reversing magnetic motor starter is used in applications where the motor is supposed to start only in one direction. A reversing magnetic motor starter is a type of motor starter that is used for control of the starting and stopping of the electric motors and reversing the direction of the motor as well. It is designed in such a way that it can start and stop the motor in either of the directions. This is used in applications where the motor is supposed to go in both directions.Usually, it is used in applications such as conveyors, cranes, and hoists. The growth of the Magnetic Motor Starter Market is mainly attributed to the increasing demand for electric motors in the automotive, industrial, and construction industries. Moreover, with the adoption of automation in these industries, the magnetic motor starter is gaining popularity, thus driving the growth of the market. The Magnetic Motor Starter Market is anticipated to grow substantially in the coming years on account of the rising demand for energy-efficient and dependable motor starters.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Magnetic Motor Starter Market Voltage Rating Insights
The voltage rating segment is a crucial aspect of the Magnetic Motor Starter Market segmentation. It categorizes the market based on the voltage range that the motor starters are designed to operate within. Two significant voltage rating sub-segments are 'Up to 600V' and '600V to 1000V'. The 'Up to 600V' sub-segment holds a substantial share of the Magnetic Motor Starter Market revenue due to its wide applicability in various industrial and commercial settings. These motor starters are commonly used in low-voltage electrical systems, such as those found in residential buildings, small businesses, and light industrial facilities.The growing demand for energy-efficient and reliable motor control solutions in these sectors is driving the growth of this sub-segment. On the other hand, the '600V to 1000V' sub-segment is expected to witness significant growth in the coming years. This sub-segment caters to medium-voltage applications, including those found in larger industrial facilities, data centers, and infrastructure projects. The increasing adoption of automation and digitalization in industries is fueling the demand for higher-voltage motor starters that can handle complex and demanding motor control requirements.Overall, the voltage rating segment provides valuable insights into the diverse needs of the Magnetic Motor Starter Market. By understanding the specific voltage requirements of different industry verticals, manufacturers can tailor their products and solutions to meet the evolving demands of the market.
Magnetic Motor Starter Market Enclosure Type Insights
The Magnetic Motor Starter Market segmentation by Enclosure Type includes Open Type and Enclosed Type. In 2023, the Enclosed Type segment held a larger market share, accounting for approximately 58.0% of the Magnetic Motor Starter Market revenue. The growth of this segment can be attributed to the increasing demand for enclosed motor starters in hazardous and wet environments, where protection from dust, moisture, and other contaminants is crucial. On the other hand, the Open Type segment is projected to witness significant growth during the forecast period, owing to its cost-effectiveness and ease of installation.The Open Type motor starters are ideal for applications where space is a constraint or where there is no need for additional protection against environmental factors. The Magnetic Motor Starter Market data indicates that the Open Type segment is expected to grow at a CAGR of 3.6% over the next six years, reaching a valuation of USD 3.4 billion by 2032. The growth of both segments is driven by the increasing demand for motor starters in various industries, including manufacturing, mining, and energy.
Magnetic Motor Starter Market Application Insights
The Magnetic Motor Starter Market is expected to witness healthy market growth during the forecast period. The growing demand for energy-efficient and reliable motor control solutions in various industries is a major factor driving the market growth. Magnetic motor starters are becoming increasingly popular due to their advantages, such as reduced maintenance costs, longer lifespan, and improved safety. The application segment plays a crucial role in the Magnetic Motor Starter Market. Industrial Machinery is expected to account for a significant share of the market revenue in 2024.The increasing adoption of automation and the growing need for efficient motor control in industrial settings are key factors contributing to the growth of this segment. The Power Generation segment is also expected to witness substantial growth in the coming years. The rising demand for reliable and efficient power generation systems is driving the growth of this segment. Magnetic motor starters offer improved safety and reliability in power generation applications. The Oil and Gas segment is another important application segment for magnetic motor starters.The harsh operating conditions in the oil and gas industry require robust and reliable motor control solutions. Magnetic motor starters are well-suited for these applications due to their ability to withstand extreme temperatures and hazardous environments. The HVAC segment is also expected to contribute to the growth of the Magnetic Motor Starter Market. The increasing demand for energy-efficient and comfortable indoor environments is driving the adoption of magnetic motor starters in HVAC systems. These starters help in controlling the speed and torque of motors used in fans, pumps, and other HVAC equipment.
Magnetic Motor Starter Market Regional Insights
The regional segmentation of the Magnetic Motor Starter Market presents distinct growth dynamics across key geographic regions. North America is expected to retain its dominant position in the market, driven by robust demand from various industrial sectors, including manufacturing, automotive, and energy. Europe, with its advanced manufacturing base, is projected to account for a significant share of the market, owing to stringent regulatory standards and increasing automation in industries. The Asia-Pacific region is poised for substantial growth, fueled by rapid industrialization in countries such as China, India, and Japan.South America is expected to witness steady growth, supported by expanding mining and construction activities. The Middle East and Africa region is expected to offer growth opportunities due to increasing investments in infrastructure and power generation.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Magnetic Motor Starter Market Key Players And Competitive Insights:
Major players in the Magnetic Motor Starter Market industry are constantly striving to develop and launch advanced solutions to cater to the evolving needs of customers. Leading Magnetic Motor Starter Market players are focusing on strategic partnerships, collaborations, and acquisitions to expand their reach and enhance their product portfolio. The Magnetic Motor Starter Market development is largely driven by technological advancements, increasing automation in industrial processes, and growing demand for energy-efficient solutions. The Magnetic Motor Starter Market Competitive Landscape is fragmented, with numerous players operating at regional and levels. Key industry participants are adopting various strategies to increase their market share and gain a competitive edge.Schneider Electric is a leader in the Magnetic Motor Starter Market. The company offers a comprehensive range of magnetic motor starters, including manual starters, reversing starters, and combination starters. Schneider Electric is known for its innovative solutions, such as its patented Smart Start technology, which provides advanced motor protection and control capabilities. The company has a strong presence with manufacturing facilities in numerous countries and a wide distribution network. Schneider Electric is committed to providing high-quality products and excellent customer support, making it a preferred choice for many industries.Siemens is another prominent player in the Magnetic Motor Starter Market. The company offers a wide range of motor starters, including soft starters, variable frequency drives, and magnetic contactors. Siemens is known for its advanced technology and high-quality products. The company has a strong presence and a large customer base across various industries. Siemens is focused on providing innovative solutions that meet the evolving needs of customers and is committed to sustainability and energy efficiency. The company's commitment to research and development has led to the development of advanced motor starters with features such as electronic overload protection and self-diagnostics.
Key Companies in the Magnetic Motor Starter Market Include:
Magnetic Motor Starter Market Industry Developments
The magnetic motor starter market is witnessing steady growth, driven by rising demand from various end-use industries such as manufacturing, mining, and energy. The market is expected to reach a valuation of USD 6.47 billion by 2023, with a projected CAGR of 3.21% during the forecast period from 2024 to 2032.Recent developments in the market include the introduction of energy-efficient magnetic motor starters, technological advancements in motor control systems, and the growing adoption of automation in industrial processes. Key market players are focusing on innovation and product development to cater to the evolving needs of customers. Strategic partnerships and acquisitions are also prevalent as companies seek to expand their market presence and enhance their product offerings. The market is expected to witness continued growth in the coming years, supported by favorable industry trends and technological advancements.
Magnetic Motor Starter Market Segmentation Insights
| Report Attribute/Metric | Details |
| Market Size 2022 | 6.27 (USD Billion) |
| Market Size 2023 | 6.47 (USD Billion) |
| Market Size 2032 | 8.6 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.21% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | ABB, Schneider Electric, Honeywell, Toshiba, Siemens, Rockwell Automation, Fuji Electric, Eaton, Legrand, Nidec, Yaskawa Electric, Mitsubishi Electric, General Electric (GE) |
| Segments Covered | Product Type, Voltage Rating, Enclosure Type, Application, Regional |
| Key Market Opportunities | Energy efficiency Industrial automation Motor protection Emerging markets Renewable energy |
| Key Market Dynamics | Increasing demand for energy efficiency Growing adoption of industrial automation Technological advancements Government regulations Rising awareness of environmental sustainability |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Magnetic Motor Starter Market was valued at USD 6.47 billion in 2023 and is projected to reach USD 8.6 billion by 2032, exhibiting a CAGR of 3.21% during the forecast period.
Asia Pacific is expected to hold the largest market share due to the increasing industrialization and urbanization in the region. North America and Europe are also significant markets for magnetic motor starters owing to the presence of well-established industrial sectors.
Magnetic motor starters are widely used in various industrial applications such as conveyors, pumps, fans, compressors, and other machinery that require controlled starting and stopping of electric motors.
Prominent players in the Magnetic Motor Starter Market include Schneider Electric, ABB, Siemens, Rockwell Automation, Eaton, Mitsubishi Electric, GE, Fuji Electric, and Chint Group.
Rising demand for energy-efficient and reliable motor control solutions, increasing automation in industries, and growing investments in infrastructure development are key factors driving the growth of the Magnetic Motor Starter Market.
The high cost of magnetic motor starters, stringent regulations related to motor control, and intense competition from alternative motor control technologies pose challenges to the growth of the Magnetic Motor Starter Market.
Advancements in power electronics, the integration of IoT and Industry 4.0 technologies, and the growing adoption of smart motor control systems are key trends shaping the Magnetic Motor Starter Market.
Growing demand for energy-efficient solutions, increasing investments in renewable energy projects, and rising adoption of automation in emerging economies present significant growth opportunities for the Magnetic Motor Starter Market.
The Magnetic Motor Starter Market is expected to grow at a CAGR of 3.21% from 2024 to 2032, reaching a market size of USD 8.6 billion by 2032.
When selecting a Magnetic Motor Starter, factors such as motor power, voltage, enclosure type, control features, and safety certifications should be taken into consideration to ensure optimal performance and reliability.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
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