Posted On: 2018-01-08
Rising awareness towards energy conservation coupled with growing industrial infrastructure are driving the growth of electric motors market in India. Energy efficient motors are less power consuming than the traditional ones and as a result they are gaining wide adoption in India's electric motors market Additionally, motor manufacturers are continuously coming-up with advanced motor technologies to satisfy consumer demand. Moreover, certain key government initiatives such as 100% electrification of vehicles is anticipated to complement the growth of electric motors market over the coming years.
According to 6Wresearch, India Electric Motors market is projected to grow at a CAGR of 6.1% during 2017-23. AC motors segment held major revenue share in 2016 and is expected to maintain its dominance during the forecast period as well. In terms of power capacity, fractional horsepower (FHP) motors captured majority revenue share in 2016, however on account of growing industrial sector, integral horsepower (IHP) motors are projected to exhibit highest growth over the coming years.
In terms of region, the Western region contributed highest revenue share towards electric motors market in India due to presence of developed states such as Maharashtra and Gujarat. Further, the industrial segment emerged as the largest end-user of electric motors. Further, in the Industrial segment, electric motors consume over 30% of the overall power requirement. However, the transportation segment is expected to exhibit highest growth over the coming years.
According to Anuj Mehrotra, Senior Research Analyst, Research and Consulting, 6Wresearch, "Electric motors are critical for industrial as well as general purpose applications. India electric motors market is driven by huge applications across oil & gas, chemical & petrochemical, metals & mining, food & beverages, cement, and paper & pulp industries. While medium voltage motors are deployed in high-end industrial applications & machineries, low voltage motors are majorly used towards energy saving & achieving operational efficiency."
"Additionally, growing number of railway projects in the country and increasing acceptance of electric vehicles are expected to complement the growth of electric motors market within the transportation segment," Anuj concluded.
According to Suman Gautam, Research Associate, Research and Consulting, 6Wresearch, "India electric motors market witnessed a steady rise on a year-over-year basis. Strict power consumption standards and adoption of energy saving measures are assisting in an increased production and expansion of electric motors market in the country. Additionally, rapid urbanization and developing real estate sector are resulting in growing HVAC industry which has further fueled the demand for electric motors in India."
"Furthermore, as a result of growing consumer demand for energy saving capabilities in electric motors, manufacturers are continuously striving for product innovation. Energy efficient motors are gaining acceptance in India to confront with the global efficiency standards. Also, variable voltage frequency and smoke spill motors are few of the latest products in electric motors market. Smoke spill motors are capable of withstanding high temperatures, especially designed for fire accidents," Suman added.
Some of the major companies in India electric motors market include- ABB India Ltd, Siemens India Ltd, CG Power and Industrial Solutions Ltd, Bharat Heavy Electricals Ltd, Marathon Electric India, Toshiba Mitsubishi-Electric Industrial Systems Corporation, WEG Industries (India) Pvt. Ltd, and Kirloskar Electric Company Ltd.
"India Electric Motors Market (2017-2023)" provides in-depth analysis with 41 figures and 8 tables covered in 116 pages. The report estimates and forecast the overall India electric motors market by type, voltage levels, power capacity, regions, and applications such as industrial, commercial, residential and others. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.