Did you know that the Indian electric motor market has reached a value of INR 118.30 billion in 2023?
The market is further expected to grow at a CAGR of 11% in the forecast period of 2024–2032.
The major reasons for that are:
1. Increasing industrialisation,
2. Infrastructure development, and
3. The government's initiatives to promote energy efficiency and sustainability.
The government is taking the following initiatives:
1. The Bureau of Energy Efficiency (BEE) has implemented various programmes and initiatives to promote the adoption of energy-efficient motors and drive systems.
These initiatives include the Star Labelling programme, which rates motors based on their energy efficiency, and the Perform, Achieve, and Trade (PAT) scheme, which incentivizes industries to improve their energy efficiency through various measures, including the use of energy-efficient motors.
2. The Indian government has introduced policies and regulations encouraging the use of energy-efficient equipment, including electric motors.
These measures have created a demand for high-efficiency motors, leading to increased investment and innovation in the electric motor industry.
3. There are more government projects, like the Green Energy Corridor in Gujarat, Maharashtra, and Madhya Pradesh, that are expected to boost the market.
We are happy to see the government's focus on energy efficiency, sustainable development, and infrastructure growth, and we are pretty sure that the demand for electric motors is expected to continue rising.
What are your thoughts about the Indian electric motor industry?
Elcen Machines Pvt Ltd
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Amazing!