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The India AC drives industry is being driven by the increased urbanisation and industrialisation across the globe. In addition, the growing demand for residential, commercial, and industrial infrastructure development activities is also contributing to the market growth. This can be attributed to the growing global population. Moreover, the heightened application of motor-based machinery and appliances is also expected to catalyse the industry growth in the coming years. Furthermore, the rising capital expenditure in research and development of AC drives and the rapid technological advancements are also expected to aid the market growth in the forecast period.
The presence of the leading market players in the region, along with the growth of the global AC drives industry is anticipated to positively impact the market for AC drives in India. For instance, in October 2020, ABB Ltd (NYSE: ABB) announced that it will provide the power infrastructure for Northvolt Ett’s new giga factory being constructed in Sweden, which is set to be Europe’s largest lithium-ion producing factory. The company will provide the power supply infrastructure from the local grid directly into the manufacturing facility. These developments are expected to positively impact the growth of the India AC drives industry in the forecast period.
Market Breakup by Voltage, Power Rating, Application, End Use, and Region:
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The major players in the India AC drives market are ABB Ltd., Siemens AG, Kirloskar Electric Company Ltd., Amtech, and S.R.I Electronics, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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