Technology to Counter the Energy Challenge Studies put Focus on Gear Technology to Fight Exploding Energy Bills
The process industry notorious for its enourmous energy consumption. The use of right gear technology and optimization of processes will help companies enhance energy efficiency as well as reduce production costs. However, it is also imperative for them to carefully monitor handling processes, especially while extensively employing gears.
Currently, the Indian process industry is at a crucial point and is faced with difficulties in achieving the expected growth rate. According to The World Bank, International Monetary Fund (IMF) and United Nations Department of Economic and Social Affairs, India’s gross domestic product (GDP) had been struggling to cross the 5 per cent mark in 2013-14 and is likely to remain in the range of 5-6.2 per cent in 2014-15, which is well below the country’s potential as one of the leading emerging economies.
The Present Scenario: Where India's Energy Goes to...
Despite current challenges, India is well endowed with both skilled manpower and welcoming environment for investments. Consequently, the current infrastructure development, rising urbanization and increasing working age population are driving the development of the process industry in the country.
The industry contributes to about 13 per cent of the Indian GDP and is highly fragmented with multiple products and comprises multi-tier companies that have diversified facets. Due to rising pressure from global competition and the need for sustainability, process companies in India are on a mission to reduce cost. Such cost reduction has to be achieved primarily by improving energy efficiency, optimizing the usage of electro-mechanical equipment, reducing downtime, maximizing productivity and regular monitoring and controlling of processes.
Dramatic Reductions of Specific Energy Consumption Made
During the last couple of decades, the induction of energy-efficient technologies has led to dramatic reduction in energy consumption in process industry. Yet, a major transformation is underway. Sectors within the Indian process industry such as metals and mining, power, cement, sugar, oil and gas and chemicals place significant emphasis on the precision of their manufacturing processes. This enhances the plant’s efficiency, consequently providing a fillip to equipment manufacturers.