Press release from Business Wire India
Source: Frost & Sullivan
Friday, June 29, 2012 02:34 PM IST (09:04 AM GMT)
Editors: General: Consumer interest; Business: Business services, Energy companies; Technology
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Energy Saving Capability Invigorates the Indian Electrical Drives Market, Finds Frost & Sullivan
Government incentives for energy savings in industries augurs well for the electrical drives market
Mumbai, Maharashtra, India, Friday, June 29, 2012 -- (Business Wire India) -- With energy accounting for 35-40 percent of energy-intensive industries' production costs, the Government of India is stressing the need for energy efficiency, thereby giving a leg up to the domestic electrical drives market. Government initiatives such as the Bureau of Energy Efficiency's (BEE's) perform-achieve-trade (PAT) scheme that allows industries to derive business benefits through the exchange of energy savings certificates will give a huge boost to the uptake of electrical drives. Further, the BEE's Star Rating program, which rates buildings based on their energy usage, will also drive the demand for AC drives.
New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Analysis of the Indian Electrical Drives Market, finds that the market was valued at more than INR 15,000 million during FY2010-11 and is expected to grow at a compound annual growth rate (CAGR) in excess of 12 percent until FY2015-16. The Indian electrical DC drives market, which is losing out to the superior AC technology, was worth more than INR 800 million during FY2010-11 and is expected to grow at a CAGR of more than 4 percent until FY2015-16.
There is substantial scope for the deployment of AC drives for energy conservation in the nine designated sectors of electric power generation, fertilizers, steel, cement, pulp and paper, aluminum, chlor-alkali chemical industry, textile, and railways.
Even while acknowledging the need to save energy, end users with limited budgets are deterred by the electrical drives' high upfront costs. This issue will fade into insignificance in due course, as leading drive suppliers are setting up assembling/packaging facilities in India.
"Many market leaders have regional facilities that assemble/package drives, indigenizing various parts and auxiliary equipment as much as possible," said Frost & Sullivan Analyst. "This reduction in production costs enables them to lower their drives' prices and compete against import-based manufacturers."
While the electrical drives market is anticipated to witness a high double digit growth over the next six years, budget constraints of small- and medium-sized enterprises (SME) segment impedes the market from growing at its optimum pace. The SME segment contributes significantly to India's gross domestic product (GDP), but has been bogged down by inadequate funds. They are particularly reluctant to invest in the expensive MV drive segment.
"High price has been a major hindrance in the growth of MV drives," noted Frost & Sullivan Analyst. "However, with increasing standardization, their prices are expected to drop, facilitating their acceptance among SMEs."
If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an e-mail to Caroline Lewis/ Akshata Mhatre, Corporate Communications, at caroline.lewis@frost.com / akshatam@frost.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country.. Upon receipt of the above information, a brochure will be sent to you by e-mail.
Analysis of the Indian Electrical Drives Market is part of the Industrial Automation & Process Control Growth Partnership Services program, which also includes research in the following markets: Strategic Analysis of the Indian Pumps Market and Strategic Analysis of the Indian Gearboxes and Geared Motors Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Analysis of the Indian Electrical Drives Market
P5AE-10
CONTACT DETAILS
Caroline Lewis, Corporate Communications - South Asia, Frost & Sullivan, +91 98217 37935, caroline.lewis@frost.com
Akshata Mhatre, Corporate Communications - South Asia, Frost & Sullivan, +91 (22) 66072039, akshatam@frost.com
Nimisha Iyer, Corporate Communications - South Asia, Middle East and North Africa, Frost & Sullivan, +91 98200 50519, niyer@frost.com
KEYWORDS
CONSUMER, BUSINESS SERVICES, ENERGY, TECHNOLOGY
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