India AC Drives Market Outlook
According to the report by Expert Market Research (EMR), the India AC drives market size is expected to grow at a CAGR of 8.93% in the forecast period of 2024-2032 due to technological advancements and a heightened focus on energy efficiency.
AC drives, also known as variable frequency drives (VFDs), are crucial in controlling the speed of electric motors to optimize energy usage and enhance system efficiency. These drives are extensively used in applications ranging from small appliances to large machinery in sectors such as manufacturing, HVAC (heating, ventilation, and air conditioning), and water treatment.
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The India AC drives market growth is driven by the increasing emphasis on energy efficiency in industrial operations. The government’s push towards sustainable development has led to the implementation of various regulations and standards mandating the use of energy-efficient technologies. This regulatory environment is bolstering the adoption of AC drives, which can reduce energy consumption by up to 30% in motor-driven systems.
The rapid growth of key end-user industries such as automotive, water and wastewater, and HVAC is further fuelling the AC drives market in India. The automotive industry, in particular, is undergoing significant transformations with the increase in automation and use of electric vehicles, which require sophisticated motor control system.
The ongoing technological advancements in AC drive systems plays a crucial role in contributing to the India AC drives market share. Innovations such as the integration of Internet of Things (IoT) capabilities allow for real-time monitoring and control of AC drives, which enhances performance and reduces downtime. The integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) in AC drive systems allows for predictive maintenance and enhanced operational efficiency. These technologies help in predicting failures before they occur, thereby reducing downtime and maintenance costs. Furthermore, the development of compact and more efficient drives that can operate under harsh environmental conditions is expanding their application range.
As per the India AC drives market outlook, the government’s focus on infrastructure development, particularly in renewable energy and smart cities, opens up new avenues for the deployment of AC drives. These projects require efficient and reliable motor control systems to ensure optimal performance.
The market is currently witnessing several key trends. There is a growing inclination towards low-power drives due to their wide applications in small machinery and residential applications. These drives are particularly gaining traction in the HVAC systems used in residential and commercial buildings. Another notable trend is the increasing penetration of medium voltage AC drives in heavy industries such as oil and gas, mining, and power generation. These drives are essential for applications that require high power output and precision control.
Looking ahead, India AC drives market will be driven by technological advancements and a shift towards energy-efficient solutions. While challenges such as high initial costs and technical complexities exist, the vast opportunities in infrastructure and industrial automation present a promising future for the adoption of AC drives in India. This growth trajectory is supported by governmental initiatives and the expanding application of AC drives across various industries, positioning India as a key player in the global AC drives market landscape.
India AC Drives Market Segmentation
The market can be divided based on product type, power rating, application, end use, and region.
Market Breakup by Product Type
- Low Voltage Drives
- Medium Voltage Drives
- Soft Starter
Market Breakup by Power Rating
- Low Power Drives
- Medium Power Drives
- High Power Drives
Market Breakup by Application
- Compressor
- Conveyors
- Fans
- Extruders
- Pumps
- Others
Market Breakup by End Use
- Transportation and Infrastructure
- Oil and Gas
- Power
- Chemical
- Metal Processing
- Solar System
- Others
Market Breakup by Region
- North India
- East India
- South India
- West India
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the India AC drives market. Some of the major players explored in the report by Expert Market Research are as follows:
- ABB India Ltd
- Siemens Limited
- Danfoss A/S
- Hitachi Hi-Rel Power Electronics Private Limited
- Yaskawa India Private Limited
- Rockwell Automation Inc.
- Schneider Electric SE
- Kirloskar Electric Company Ltd.
- Amtech Electronics India Limited
- Delta Electronics, Inc.
- CG Power & Industrial Solutions Ltd.
- Fuji Electric India Pvt Ltd
- Shenzhen INVT Electric Co Ltd
- Inovance Technology Pvt, Ltd
- Mitsubishi Electric India Pvt. Ltd.
- Others
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