Medium voltage AC drives market in India expects strong growth
The global economic slowdown is likely to have a marginal effect on India’s economy in the short term, but in the long term, its growth prospects continue to remain robust because it depends largely on domestic consumer demand. The expanding Indian economy provides impetus for the growth of the country’s manufacturing industry. Almost all industry verticals, spanning process, batch, and discrete, are growing and the growth seems to be sustainable from both mid-term and long-term perspectives. While manufacturing companies in India are well placed from the demand side perspective, they are under pressure to reduce manufacturing including energy costs. However, they can benefit from the State’s demand-side energy management initiatives. This outlook makes India an attractive market for AC drives suppliers.
According to ARC Advisory Group’s research, the total medium voltage AC drives market in India will exceed $180 million in 2015. ARC’s latest study, “Medium Voltage AC Drives Outlook for India," provides an in-depth analysis of the medium voltage AC drives business in India. In addition to market analysis and forecasts, the study also covers the current market nuances, strategic issues, and the future outlook. The report also highlights the factors that influence the MV AC drives market in India and its dynamics.
India’s Sustainable Long-term Growth Prospects Attract MV AC Drives Suppliers
According to Rajabahadur V. Arcot, Vice President and GM, ARC Advisory Group: “India, with an expanding economy and robustly growing manufacturing industry, provides excellent growth opportunities for MV AC drives.” India, according to him, is emerging as an important market for medium voltage AC drives suppliers seeking sustainable long-term growth oriented markets. ARC, based on its research, has identified some regional medium voltage AC drives companies among the leading suppliers serving India’s medium voltage AC drives market.
Sustainability Issues and State’s Initiatives Reinforce Market Growth
According to the principal author of ARC’s study, Naresh Kumar Surepelly: “Apart from the industrial growth, the State’s demand-side energy management initiatives and its commitment to sustainability are also contributing to the increased use of AC drives.”
However, India does not produce enough electric power to meet the country’s demand and energy costs are high. To mitigate the situation, the State has initiated measures that encourage the industry to adopt energy conservation and sustainable manufacturing practices. While some of these measures are voluntary in nature, others are mandatory. These initiatives have a force multiplier effect on the growth of the AC drives market in India.
ARC Advisory Group
– Edited by Chris Vavra, Control Engineering, www.controleng.com