The latest report by IMARC Group, titled “India Induction Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the India induction motor market reached a value of US$ 671.7 Million in 2022. Induction motors are asynchronous motors that are used to carry smaller loads. The torque in the motor is produced by the reaction between the varying magnetic field generated in the stator and the current induced in the coils of the rotors. Induction motors are powerful and eco-friendly compared to conventional motors. They have the ability to operate in most environmental conditions and help save a substantial amount of energy. As a result, they are replacing DC motors which are used across various industries. For instance, induction motors find applications in compressors, fans, and other components in the manufacturing, aerospace and defense, and automotive industries.
India Induction Motor Market Trends:
The market is primarily driven by the increasing need for consumer electronics across the country. The rising population in India, coupled with rapid urbanization, is propelling the demand for appliances like air conditioners, dishwashers, hairdryers, and washing machines, thereby fueling the growth of the market. Besides this, the Government of India is implementing initiatives like “Make in India” to encourage automated processes in various manufacturing sectors. They are also imposing stringent policies to reduce the emission of greenhouse gases, which, in turn, is supporting the sales of induction motors as they consume lesser energy compared to conventional motors. Furthermore, advancements in the area of direct torque control (DTC), such as the introduction of intelligent controllers with artificial neural networks (ANN), have significantly influenced the performance of these motors. On account of these factors, the market is expected to reach a value of US$ 1,162.3 Million by 2028, exhibiting a CAGR of 9.51% during the forecast period (2023-2028).
- Based on the product type, the market has been segmented into three- and single-phase induction motors.
- On the basis of the end use sector, the market has been classified into industrial, commercial, and residential.
- Region-wise, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players operative in the industry.
|Base Year of the Analysis
||Product Type, End Use Sector, Region
|| North India, West and Central India, South India, East India
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal