The new report by Expert Market Research titled, ‘India AC Drives Market Report and Forecast 2022-2027’, gives an in-depth analysis of the India AC drives market, assessing the market based on its segments like voltages, power ratings, applications, and end uses. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators and analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 7.60%
The AC drives market is being driven by the heightened use of AC drives across industries worldwide, such as automotive and construction. This can be attributed to rising population, which is leading to an increased demand for residential, commercial, and industrial infrastructure in the region, which is predicted to aid the market growth in the coming years. Moreover, the growing demand for transportation, such as passenger vehicles and heavy machinery, are also anticipated to drive the market growth in the coming years. These factors are expected to drive the market growth in the forecast period.
Industry Definition and Major Segments
AC drives, also referred to as adjustable speed drives, are devices that help to regulate the speed of an electrical motor that is used in numerous motor-based appliances. This helps to enhance the process control, while reducing the energy demand.
The AC drives market, on the basis of voltage, can be bifurcated into:
- Low Voltage
- Medium Voltage
Based on power rating, the industry can be segregated into:
- Low Power Drives (<40 kW)
- Medium Power Drives (41 kW – 200 kW)
- High Power Drives (>200 kW)
Based on applications, the industry can be categorised into:
On the basis of end use, the market can be distributed into:
- Water and Wastewater
- Oil and Gas
- Metal Processing
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The India AC drives industry is being driven by the increased urbanisation and industrialisation. In addition, the rising government investments to support energy conservation mechanisms are also expected to provide a boost to the usage of AC drives, which is expected to impact market growth positively. In this regard, the heightened implementation of AC drives in the process of converting renewable energy is also expected to aid the industry. Moreover, the rapid technological advancements are also estimated to aid the market growth. The factors are anticipated to provide aid the market growth in the coming years.
Key Market Players
The major players in the market are ABB Ltd., Siemens AG, Kirloskar Electric Company Ltd., Amtech, and S.R.I Electronics, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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