Leading players look at the motor soft starter market as a goldmine of RoI opportunities, and are found to be following the ‘expend to expand’ strategy. A significant chunk of the revenue earned by these players is being invested toward R&D activities, to introduce intelligent motor soft starters that operate on the back of IoT technology.
Undoubtedly, the Fourth Industrial Revolution is pushing market players toward product diversification to achieve full-scale automation. However, certain negative sentiments are likely to crop up in the motor soft starter market with the limited accuracy level of these products, thereby creating a huge market for substitutes.
Considering the high pace of industrial revolution, capacity-oriented inhibitions of these products, and some significant trends as recorded by seasoned analysts at Transparency Market Research (TMR) in a recent study, the motor soft starter market is projected to expand ~6% in 2019 over 2018.
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Though motor soft starters are deemed an effective solution to control current in electrical systems, these components have limited control over the speed of the motor. In stark contrast, an AC variable frequency drive (VFD) provides continuous control over the changing speed of the motor. This primary substitute, in turn, matches the speed of secondary machines to ensure optimal machine operations, which directs the shift towards VFDs from motor soft starters.
However, players in the motor soft starter market can alter end users’ sentiments by focusing their marketing toward the cost benefits and minimum space requisites of their products. The scramble towards automation also implies an energy-efficient process, which is better achieved through motor soft starters.
A unique research methodology is utilized by TMR to conduct comprehensive research on the global motor soft starter market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary research sources referred to by analysts during the production of the report on the global motor soft starter market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to the production of TMR’s study on the global motor soft starter market, as a primary research source.
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These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global motor soft starter market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global motor soft starter market with accuracy. The study also uses a top-down approach to assess the numbers for each segment, and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global motor soft starter market more reliable and accurate.