LONDON, Nov. 26, 2015 /PRNewswire/ -- Combination starter market is projected to reach a market size of USD 926.6 million by 2020, growing at a CAGR of 5.19% from 2015 to 2020. The rising demand for pumps in industrial applications and growing awareness regarding motor control and protection are raising the demand for combination starters across the globe. Combination starters are a vital control and protection device in industries, owing to their low cost, compact nature, and ability to function in hazardous environments. Combination starters are employed for motor protection in almost all major industries, including oil & gas, water & wastewater, infrastructure, and metals & mining. Given the growing demand for motors in these industries, the demand for combination starters is expected to increase in coming years.
Pumps application dominates the global combination starter market:
Pumps constitute the fastest-growing application segment in the global combination starter market. This high growth can be attributed to the increasing adoption of motor-driven pumps in various applications such as oil & gas, water & wastewater, food & beverages, infrastructure, and metals & mining. Pumps account for more than 60% of motor driven equipment industries and are increasingly used in varied applications. With the demand for pumps constantly on the rise, the pumps application is continue to dominate the combination starter market throughout the forecast period.
Asia-Pacific: The fastest-growing regional market for combination starters
The Asia-Pacific region is witnessing rapid industrialization and infrastructural development. China, Japan, and India are the key countries responsible for the rapid growth of combination starters in the region. The demand for motors is rising in the Asia-Pacific region, and this trend is expected to continue in the future. The increasing demand for motors, coupled with the growing concerns regarding motor control and protection, will likely boost the demand for combination starters in the region.
Breakdown of primaries:
Nearly 40% of the primary interviews were conducted in Tier I companies and rest were in Tier II and III players. 70% percent of primaries were done in North America which happens to be a key market for combination starter. Most of the experts having contributed towards our primary research included C level and director level employees in the stake holder companies.
Note: *Others include sales managers, marketing managers, and product managers
The tier of the companies is defined on the basis of their total revenue, as of 2013: Tier 1 = >USD 10 billion, Tier 2 = USD 1 billion to USD 10 billion, and Tier 3 =
The report profiles leading players in the industry, along with their recent developments and other strategic activities. Key players include ABB Ltd. , Siemens AG , Schneider Electric , Eaton Corporation , and General Electric Company .
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