Automobile sector driven demand
The Indian compressor market is projected to attain a value of US$2.7 billion by 2024, growing at a 7% CAGR during 2019-2024, on demand from automobile sector, according to an industry report.
The “India Compressor Market Research Report: by Type, Lubrication, Portability Pressure, Application Geographical Insight – Industry Size, Share Analysis and Growth Forecast till 2024” released on 24 July 2019 by ResearchAndMarkets.
The major factor contributing to the growth of the market is the rising demand for such devices from the automobile sector due to the rising disposable income in the country.
Further, the growth of the manufacturing sector is being supported by government initiatives, thereby driving the year-over-year growth of the compressor market.
The high-capacity industrial compressors are directly sold to end users, while the low-capacity ones are sold through middlemen.
The Indian compressor market is bifurcated into portable and stationary compressors, based on portability. The category expected to register faster growth during the forecast period is stationary compressors.
This could be related to the growing manufacturing and automotive industries in the country. Stationary compressors find application in the automotive sector for rotating tires and other simple tasks.
With more focus on foreign markets, Indian car manufacturers are increasingly investing in innovation and increasing exports, which are expected to support the market growth.
Based on type, the Indian compressor market is subdivided into dynamic and positive displacement compressors. Between these, positive displacement compressors generated the larger demand.
Further, industries such as semiconductors, chemical, automotive, and steel are the major consumers of the rotary type of compressors, therefore this compressor type is expected to provide lucrative opportunities to the market players in the forecast period. Machining improvements, better rotor profiles, and design innovations are driving the demand for these compressors, thereby fueling the growth of the market.
The categories of the Indian compressor market on the basis of application are food & beverages, industrial manufacturing, construction, automotive, textile, chemical & cement, power, heating, ventilation, air conditioning, and refrigeration (HVAC-R), and oil & gas.
The largest market share was held by the automotive industry in 2018. Compressors play an essential role in the automobile sector, as besides being used in HVAC systems, these are utilized in tire inflation, cutting and welding, engine construction, product finishing, and car painting.
During the forecast period, the southern part of the country is projected to record considerable growth in the compressor market of India. Among southern Indian states, the highest demand for compressors has been generated by Tamil Nadu during the past decade.
As mentioned in the 2017-2018 state budget, the state government is planning to invest US$2.6 billion in the energy sector as well as increase the automobile manufacturing capacity to 5.8 million units by 2020.
With the growing need for energy-efficient compressors, IoT-enabled variants are anticipated to make it to the Indian compressor market in the forecast period.
Compressors are essential in the equipment manufacturing process, as their operational failure could directly impact the production process of businesses.
In the future, sensor-integrated compressors would become imperative in the manufacturing process for predicting and detecting maintenance needs.
The report covered related industries: Elgi Equipments Limited, Kaeser Kompressoren SE, Ingersoll-Rand plc, Atlas Copco AB, Kobe Steel Ltd, ANEST IWATA Corporation, Burckhardt Compression Holding AG, Kirloskar Pneumatic Company Limited, Indo-Air Compressors Pvt Ltd and Mitsubishi Heavy Industries Ltd. fiinews.com