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The magnetic motor starter uses an electromagnet for its operation and offers the remote and automatic operation, different from manual motor starters. The magnetic motor starters are available in accordance with the standards of the International Electrotechnical Commission (IEC) and the National Electrical Manufacture Association (NEMA). The main difference is in the size and performance of the contactors used for magnetic motor starters. The magnetic motor starters are used for various applications such as elevators, heating, ventilation and air conditioning (HVAC), pumps, transportation, and other industries.
Based on the product, the market is segmented into DC motor and AC motor. AC motor starters segment captured the largest market share in terms of revenue in 2020 because these starters keep the AC motors safe from overload, under load, power surges, and circuit failures.
Based on end-user, the magnetic motor starters market is segmented into oil & gas, automotive, food and beverage, water and wastewater, and other industries. Strict regulations by various legislative bodies for a few industries such as oil and gas, power generation, mining, etc. to introduce control measures for safety lead to the introduction of magnetic motor starters and thus to the growth of the market for magnetic motor starters. Magnetic motor starters draw less starting current and thus save energy, this key factor also contributes to the worldwide sales of magnetic motor starters.
The global market for magnetic motor starters is mainly driven by the increasing demand for overload and short circuit protection for heavy machinery. The increasing demand for low-voltage protection or low-voltage releases, which are the characteristic feature of magnetic motor starters, is also further boosting market growth for magnetic motor starters. Furthermore, in Europe and North America, end-user industries are now focused to enhance their motor-efficiency performance standards (MEPs), which is anticipated to further drive the demand for the magnetic motor sensors market during the forecast period.
The cost of manufacturing magnetic motor starters is comparatively high as compared to other monitoring components available in the market. Manual motor starters are less expensive and also are easy to install. These factors are anticipated to hinder the growth of the market.
Key Market Driver -
Growing need to enhance equipment performance coupled with increasing regulations pertaining to motor efficiency
Key Market Restraint -
The high cost associated with manufacturing and testing
Some of the major companies that are present in the global magnetic motor starters markets are Schneider Electric, Siemens, Riken Electric Co., Ltd., Emerson, Mitsubishi Electric, Westinghouse Electric Corporation, and WEG Industries (India) Pvt. Ltd.
The magnetic motor starters market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe and North America are the mature markets for magnetic motor starters as they are highly industrialized countries and stable growth is expected over the forecast period.
The Asia Pacific, particularly China and India, together have a large share of motor vehicle consumption due to the expansion of the end-user industries in these countries. In Japan, the electric motor is widely used in the automotive sector, which stimulates the growth of the magnetic motor starter market. In MEA, the market for magnetic motor starters is expected to grow positively in the near future due to increasing industrialization.
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