India Compressor Market to Witness the Highest Growth Globally in Coming Years

Posted on 2019-07-26 by P&S Intelligence in Semiconductors, Technology // 0 Comments

India compressor market is expected to reach $2.7 billion by 2024, registering a CAGR of 7.0% during 2019-2024. The market is buoyed by several factors, primarily substantial demand coming from the automotive sector supported by rising disposable income of the population.

It has been observed that high capacity industrial compressors are exceedingly sold directly to the end-consumers, while the low capacity (and low cost) ones are sold through dealers in the country. Businesses providing small engine service, auto service, recreational activities, and dental activities, are also leading to the growth in the India compressor market, as these businesses utilize compressed air to deliver their services to the customers.

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Based on portability, India compressor market is categorized as stationary and portable compressors, of which stationary category is expected to register faster growth during the forecast period. This is primarily attributed to growing automotive and manufacturing industries in the country.

On the basis of application, India compressor market is segmented into industrial manufacturing, automotive, chemical and cement, HVAC-R, oil and gas, power, food and beverages, textile, and construction, wherein automobile industry exhibited largest market share in 2018.

On the basis of type, India compressor market is divided into positive displacement and dynamic, of which positive displacement compressor cited the largest demand. Further, rotary type compressor is anticipated to provide lucrative opportunities in the coming years.

In the coming years, IoT enabled compressors are anticipated to offer prospects for the market players, due to growing need to operate compressors more energy efficiently. The compressors play a significant role in manufacturing process of several equipment. Failing of compressors can affect the production process and the whole business can come to a halt.

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Some of the major players in the India compressor market include Mitsubishi Heavy Industries Ltd., 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, and Indo-Air Compressors Pvt. Ltd.

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