Posted On: 2017-10-23
Growing infrastructure development activities have spurred the need for energy-efficient devices in the country. Electric drives, especially AC drives can save energy up to 60% and therefore pose huge opportunities for deployment of these devices across different industries such as oil and gas, water and wastewater treatment, food and beverages, mining and others requiring extensive motion-based applications. The awareness towards energy conservation and reducing carbon footprints are the prime factors contributing to the growth of electric drives market in the country.
According to 6Wresearch, India Electric Drives Market is projected to grow at a CAGR of 7.3% during 2017-2023. AC drives dominated the market in 2016 and are expected to lead the market during the forecast period. Low voltage drives owing to its extensive usage across all types of motion-based applications captured majority of the share as compared to medium voltage drives. Further, oil and gas emerged as the largest end-user of electric drives; however, water and wastewater treatment industry is expected to exhibit highest growth over the coming years.
According to Mahendra Chalke, General Manager - Drives & Motion, Industry Market & SCM, Fuji Electric India Private Ltd., "Price positioning of AC drives has improved from past few years, enhancing the growth of AC drives market in the country. Moreover, DC drives are witnessing a continuous decline for its rigid functionality, whereas AC drive technology is cost-effective and offers reliability, replacement ability and significant energy saving capabilities."
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "Heavy industries such as oil & gas, power generation, mining and others requiring motion-based processes (such as drilling) rely majorly on electric drives to achieve operational efficiency and conserve energy at the same time. Moreover, with growing water pollution concerns and deteriorating water resources, the industry is gaining huge investments to overcome pollution issues; the accelerating water treatment projects are expected to complement the growth of electric drives market over the next six years."
According to Suman Gautam, Research Associate, 6Wresearch-India Electronics Division, "Electric drives are widely deployed across all the major verticals wherever motion and speed control is required. Previously, AC drives were used for pumps and compressor applications only; however with advancements in drives technologies these devices are now used for conveyors, extruders and similar other applications."
The major companies in India electric drives market include- ABB India Ltd., Danfoss Industries Pvt. Ltd., Siemens India Ltd., Schneider Electric India Pvt. Ltd., Rockwell Automation, Mitsubishi electric, Yaskawa India Ltd. and Fuji Electric India Pvt. Ltd.
India Electric Drives Market (2017-2023) report provides in-depth analysis with 36 figures and 9 tables covered in 111 pages. The report estimates and forecast the overall India electric drives market by End Users, Electric Drive Types, and Applications such as fans, pumps, compressors and others. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.