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India AC Drives Market to Grow at a CAGR of 7.60% During 2022-2027, Aided by the Rising Demand for Motor-based Appliances

According to a new report by EMR titled, ‘India AC Drives Market Report and Forecast 2022-2027’, the market witnessed a steady growth in 2021. The India AC drives industry is further expected to witness a healthy growth in the forecast period at a CAGR of 7.60% between 2022 and 2027.

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:

  • The market is divided based on voltage into low voltage and medium voltage.
  • On the basis of power rating, the market can be distributed into low power drives (<40 kW), medium power drives (41 kW - 200 kW), and high power drives (>200 kW).
  • Based on application, the industry is segregated into compressor, conveyors, fans, extruders, and pumps, among others.
  • The industry is segmented, on the basis of end use, into water and wastewater, oil and gas, power, chemical, metal processing, automation, and HVAC, among others.

Key Findings of the Report:

  • The India market for AC drives is being driven by the increasing urbanisation and industrialisation.
  • The rising infrastructure development and the growing application of AC drives in the energy sector are propelling the growth of the market.
  • The heightened usage of motor based appliances is also aiding the growth of the industry.
  • The rising investments in research and development of AC drives are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the India market for AC drives for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the voltages, power ratings, applications, end uses, and regions of AC drives.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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