The ARC Advisory Group, a research and advisory firm, reports that India’s economic expansion, which is propelled by the country’s growing manufacturing sector, is fuelling growth of the low-power ac drive market in India. The market for low-power ac drives in India exceeded $150 million in 2006 and is expected to grow at a compounded annual growth rate (CAGR) of 15.4% over the next five years. These market figures appear in a new ARC Advisory Group study, “Low Power AC Drive Outlook for India.”
Global manufacturers are increasingly seeking footage in the growing domestic Indian market and homegrown manufacturers are also expanding rapidly, says ARC. The competition that is already fierce is bound to get intensified in the coming years, says the firm, which also notes that enhancing the operational excellence of manufacturing plants is crucial for survival and funding expansion plans. As a natural progression, plant and factory automation is increasing.
“Manufacturers exhibiting strong growth over the last five years in this thriving and intensely competitive market are increasingly relying on automation to help gain an edge and improve profitability. With increasing automation spending, the outlook for the low power AC drive market is extremely bright,” according to Senior Analyst Himanshu Shah ([email protected]) and Senior Analyst S. R. Venkatapathy ([email protected]), the authors of the study.
According to ARC, suppliers are benefiting from the increasing level of automation in manufacturing, leading to a greater use of low power ac drives in industries such as automotive, mining & metals, printing & publishing, and textiles. In those industries, ac drives find use in applications such as conveying and material handling, fans, pumps, and compressors. Outside of manufacturing, other applications include HVAC equipment in building automation.