India Industrial Motors Market Size is forecasted to reach $2,507.5 Million by 2026, growing at CAGR 4.24% during the forecast period 2021-2026. An industrial motor is an electromechanical type of machine which are used in large industrial business to transform electrical energy into mechanical energy wide range of industry verticals such as Oil and Gas, Power Generation, Metal processing and many others. Rising government investments to uplift the industrialization across various parts of India is analyzed to be a major factor for the growth of Industrial motors in India. For instance, in July 2021, Coal India Ltd. (CIL) signed a contract with Iz-Kartex, a Russia-based shovel manufacturing firm to purchase 11 Russian rope shovels worth $196.30 million. Rope shovels are used for mining applications and its primarily working with the help of industrial motors. In addition, increasing research and technology development to produce advanced motors has strong influence on the India Industrial Motors market. There has been a surge in demand for technologically advanced and energy efficient motors in these verticals. The recent trends in the production of high efficient and compatible centrifuges, agitators and mixers for chemical industry is analyzed to be major driving factor for the growth of Industrial Motors in Indian market.
With the advancement in technologies which aimed to enhance the production of energy efficient and environmental friendly industrial motors for various industry verticals is impacting the market growth of industrial motors in positive direction. A major segment of industrial electricity demand is accounted by motor systems, so the impact of motors on the environment is enormous. In the development of new products to make industrial motors more energy efficient, a great deal of effort is concentrated on new materials that improve the efficiency and reduce the losses of motors. Industrial motors are seeing very rapid development and deployment to address the growing public need to step up environmental and energy conservation efforts. Implementation of government schemes like minimum energy performance standards (MEPS) has led to the development of energy efficient motors which increases the growth of the market. For instance, in October 2020, ABB India launched LV motors (low-voltage) which offers up to 75kW output and becomes the first company in India to offer low voltage industrial motors on its company-owned online marketplace ABB India. Hence all these advancements are contributing towards the market growth of Industrial Motors Market in India during the forecast period 2021-2026.
West India Industrial Motors Market held significant market share of 32.89% in 2020. The western region of India comprises of Gujarat, Goa, Maharashtra and Madhya Pradesh and each of these states is bestowed with its distinctive potentials in terms of industrial capabilities, perfect connectivity, natural resources, reformed policies for investor and availability of expert manpower which has resulted into significant growth opportunity for India Industrial Motors Market. Nashik, a district of Maharashtra, is sharing the highest revenue in the agriculture and allied activities sector. Chemical products, food products, motor vehicles, refined petroleum products, textile, machinery, and equipment are some of the types of industries in Maharashtra. With the growth of such industries, the market for industrial motors also develops. Moreover, stringent energy Standards and growing prices of electricity is boosting the demand for Industrial Motors. In December 2020, CG Power and Industrial Solutions Limited inaugurated the state-of-the-art facility at Ahmednagar in Maharashtra to manufacture next generation smart Motors. The new facility will manufacture Smart Electric Motors from 75 kW to 1000 kW to meet the increased demand of domestic and global market and will help CG to gain greater market share for higher range of LV Motors. Such developments can further influence the market growth in the long run.
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India Industrial Motors Market Growth Drivers:
Surge in demand and production of high power density motors for Indian Railway industry is analyzed to drive the India Industrial Motors market growth during the forecast period
Indian Railways is among the world’s largest rail network, and its route length network is spread over 67,956 kms, with 13,169 passenger trains and 8,479 freight trains. India's railway network is recognized as one of the largest railway systems in the world under single management. India has become the sixth country in the world to join the club of countries producing high horsepower locomotives indigenously which tend to be a significant driving factor for the Industrial motors in India. In November 2021, Indian Railways announced that 102 semi-high-speed Vande Bharat Expresses which incorporates high propulsion traction motors are expected to commence operations by 2024, with at least 10 new trains scheduled to launch by August 2022 that will connect 40 cities. Moreover, in September 2021, Bharat Heavy Electricals Limited (BHEL), the manufacture of complete electric and diesel electric locomotives and electrical assemblies/components including traction motors, traction transformers, power & auxiliary converters and controls and others entered into partnership with Indian Railways on Design, Development, Manufacture, Testing and Commissioning of Propulsion System (Traction Converter, Auxiliary Converter and TCMS), for Semi High Speed Train Sets (Train 18) of 160 Kmph. In a major technological leap towards modernization of Indian Railways for uplifting the existing fleet of conventional DC Traction Motor driven Electric Locomotives, Bharat Heavy Electricals Limited (BHEL) has successfully developed a Regenerative System for retro-fitment in these locos to make them energy efficient. These ongoing productions of high power density motors and increasing demand of high propulsion traction motors is analyzed to significantly drive the Industrial Motor market growth in India during the forecast period.
The Major Players in this Market Include
Major players in India Industrial Motors Market include ABB India Ltd, Siemens, CG Power and Industrial Solutions Limited, Nidec corporation, Wolong Electric Group, Bharat Heavy Electricals Ltd (BHEL), Rockwell Automation Inc., Bharat Bijlee Limited, Bonfiglioli Transmissions Private Limited and Marathon Electric India Pvt. Ltd among others. In January 2022, ABB India launched its new range of flameproof (FLP) motors that are safe choice for applications in potentially explosive environments. These low voltage motors offer considerable benefits including low vibration levels with increased reliability for an extended lifetime and reduced maintenance requirements for a lower cost of ownership.
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