Keywords: AC Drives, Energy Efficiency, Sustainability, Infrastructure, Automation Solutions, VFD, Variable Frequency Drives (VFD), Variable Speed Drives, Adjustable Speed Drives, Motor Speed Controls, India Market Research Report, Market Shares, Market Growth, Market Forecast
2014 was a challenging year for the low power AC drives market with many cross currents due to a slowdown in the economy, falling oil prices, and a strong US dollar. Hence, the low power AC drives market in India declined in 2014, compared to 2013, according to a new ARC Advisory Group study.
However, trends such as urbanization, increasing concern for the lack of sufficient energy, desire to lower the cost of energy in industrial operations, the macroeconomic climate, and the “Make in India” initiative provide a solid foundation for future growth of the low power AC drives market. “Low power AC drives have a bright future ahead despite the complex dynamics of currency exchange rates, slowdown in the economy, and industry investments. AC drives are used in diverse industries, which seek to lower energy consumption and improve productivity and efficiency throughout their operations,” according to ARC India Country Manager G. Ganapathiraman, co-author of ARC’s new “Low Power AC Drives for India Market Research Study”.
Major Trends Support Growth of the Low Power AC Drives Market
The long-term growth outlook for the low power AC drives market remains bright due to global demand for lower energy consumption, growing need of infrastructure, government initiatives for saving energy, as well as better control of machines compared to previously used mechanical methods. The growth in India is a result of rapid urbanization. Also, according to industry experts, the “Make in India” initiative boosts the growth in manufacturing industries in the forecast period. Additionally, the growing middle-class of consumers will demand more automobiles, packaged goods, pharmaceuticals and healthcare products, and white goods, lifting this market.
Industrial Internet of Things (IIoT) or Industry 4.0
AC drives products are being updated with new features to fulfill many market demands and increase their value proposition, such as the growing demand for smart connected products based on, for example, the Industrial Internet of Things (IIoT) or Industry 4.0. The study addresses how new trends, such as IIoT and Industry 4.0, provides opportunities for low power AC drives products.
In addition to the quantitative assessment of the low power AC drives market, this ARC study provides an insightful analysis of the products and strategies of the leading and emerging low power AC drives suppliers and explores issues that will impact these businesses well into the future.
For more information on this study, please visit our Market Research section.