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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
India AC Drives Market Growth
The rising population, growing urbanisation, and increasing demand for housing and other commercial and industrial infrastructure facilities in the country are driving the demand for energy. This has led to a heightened application of AC drives in the energy sector. Moreover, with the increasing disposable income and improved living standards, consumers are actively investing in appliances such as HVAC and quality refrigerators and washing machines, which is estimated to bolster the market growth in the coming years. Furthermore, the rapid technological advancements are also expected to aid the industry growth. Additionally, growing government investments in energy optimisation strategies and energy conservation solutions, fuelled by the escalating eco-consciousness amid the rising pollution levels, are predicted to aid the market growth in India.
India AC Drives Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 8.93% between 2024 and 2032.
The major drivers of the market, such as need for energy efficiency in industries, increasing manufacturing activities and rising automation sector are expected to aid the market growth.
The key trends guiding the growth of the market include the increasing demand for energy conservation solutions.
The significant product types include low voltage drives, medium voltage drives and soft starter.
The significant power rating segments include low power drives, medium power drives, and high power drives.
The major applications include compressor, conveyors, fans, extruders, pumps, and others.
The significant end uses include transportation and infrastructure, metal processing, chemical, solar system, power, oil and gas, among others.
The major players in the market are ABB India Ltd, Siemens Limited, Danfoss A/S, Hitachi Hi-Rel Power Electronics Private Limited, Yaskawa India Private Limited, Rockwell Automation Inc., Schneider Electric SE, Kirloskar Electric Company Ltd., Amtech Electronics India Limited, Delta Electronics, Inc., CG Power & Industrial Solutions Ltd., Fuji Electric India Pvt Ltd, Shenzhen INVT Electric Co Ltd, Inovance Technology Pvt, Ltd, Mitsubishi Electric India Pvt. Ltd., among others.
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