Posted On: 2019-03-26
India variable frequency drives market is witnessing a growing trend over the past few years owing to rising demand for energy & electricity, industrialization, and increasing technological advancement of various machineries. Further, the market is projected to follow the growth trajectory over the coming years as market players are making efforts to innovate and introduce more energy efficient, compact, highly reliable products to meet the demand for consumers who are looking forward to cost effective energy saving solutions. Moreover, various government regulations to cut down energy usage, carbon emission and electricity is likely to result in consumer inclination to uses energy saving variable frequency drives.
According to 6Wresearch, India variable frequency drives market is projected to grow at a CAGR of 6.1% during 2019-25. In India's variable frequency drives market, AC drive market captured the highest revenue share in 2018. Further, the segment is projected to exhibit growth during the forecast period owing to increasing use in HVAC applications. The AC drives are witnessing increase in usage in air handlers, pumps, chillers, tower fans, etc., attributable to certain key advantages such as energy savings, low motor starting current, simpler installation process and others.
According to Anuj Mehrotra, Assistant Manager, Research and Consulting, 6Wresearch, "Currently, India is witnessing rapid industrialization, growing construction and infrastructure development. The demand for electricity driving heavy machineries is on the rise which is resulting in increase in demand for energy efficient systems predominantly in large manufacturing units looking for reducing energy cost and improving efficiency of machines. Variable frequency drives used in verticals such as metal, mineral, and mining, water & waste water management, transportation, and infrastructure are contributing to the growth of the overall market."
Moreover, India is witnessing a humongous rise in industrial sector with rising economic growth. This could lead to a boost in the growth of variable frequency drives market," Anuj concluded.
According to Ashish Kumar Jain, Research Associate, Research and Consulting, 6Wresearch, "Over the last few years, India is witnessing rapid economic growth which is further boosting the growth of manufacturing and industrial sector. With increasing number of manufacturing facilities, automation has emerged as an integral part for the industries owning to lower technical cost and rising demand for faster processes. Servo drives are increasingly being used in automation and robotics on account of its superior positioning, speed, and motion control features.
"Additionally, the demand for power and electricity is surging and has registered an increase of 6.2% during FY 2016-17 to FY 2017-18. With growing need of energy conservation the market for variable frequency drives is expected to display substantial growth over the coming years on account of certain key features such as reducing power consumption and improving efficiency of mechanical devices," Ashish added.
Some of the major companies in India variable frequency drives market include-ABB India, Danfoss Industries, Siemens, Schneider Electric, Rockwell Automation, Mitsubishi Electric, Yaskawa India, CG Power And Industrial Solutions, and Fuji Electric.
"India Variable Frequency Drives Market (2019-2025)" provides in-depth analysis with 48 figures and 3 tables covered in 113 pages. The report estimates and forecast the overall India Variable Frequency Drives market by types, voltage, OEM, end user, and regions. The report also offers insights on competitive landscape, companies benchmarking, company profiles, market drivers, and restraints.