Posted On: 2020-03-17
AC motors market revenues to grow at a CAGR of 6.5% during the forecast period- 6Wresearch
Electric motors are an integral part of any electronic devices and systems. Growing industrial set-up and infrastructural development in the country resulted in an increased demand for industrial machinery, fans, pumps, conveyor, belts, forklifts & cranes, HVAC equipment and numerous other electronic devices and systems. These segments provide immense opportunities towards the growth of electric motors market during the forecast period in the country.
According to 6Wresearch, India Electric Motors Market size is projected to grow at a CAGR of 5.9% during 2020-2026. “the industrial sector is the biggest contributor to the overall electric motors market of India. Recent initiatives by the government of India in the form of 100% FDI approval in the ESDM (Electronic System Design and Manufacturing Sector) would bring further surge in the industrial sector of the country. Additionally, setting up of new residential and commercial units in the country would complement the demand for consumer electronic and electric products, thereby escalating the demand for electric motors during the forecast period across such sectors.
According to Kanchan Negi, Assistant Manager, Research and Consulting, 6Wresearch, “At present, the market revenue share of AC motors is highest as compared to its counterpart DC motors owing to higher adoption rate and speed of the motor. AC motors have wide areas of applications in home appliances, compressor drives & systems, computers, fans and air conditioners etc. Further, the speed of these motors is controlled by varying the current in the motor as a result, these motors runs faster than DC motors.
According to Apoorva Sawhney, Research Analyst, Research and Consulting, 6Wresearch, “the overall India electric motors market is dominated by low voltage electric motors. Such motors are majorly used for energy saving requirements and are widely used across all the sectors such as residential, commercial, industrial, and transportation. Further, during the forecast period the low voltage electric motors segment would remain the highest contributor to the overall India electric motors market revenues. However, with the development in the industrial domain, especially in the manufacturing sector, the demand for medium voltage electric motors is expected to witness highest growth over the coming years. Apoorva further, added”
Some of the key players in India electric motors market include Siemens, ABB, Bharat Bijlee, WEG Industries, Regal Beloit, Kirloskar, BHEL and Fuji.
“India Electric Motors Market (2020-26)” report provides an in-depth analysis with 19 figures and 6 tables covered in more than 80 pages. The report estimates and forecast the overall India electric motors market by types, voltage, power capacity, sectors, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.