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Indian Compressor Market to Advance at 6.2% CAGR in Future

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Indian Compressor Market to Advance at 6.2% CAGR in Future

September 09
13:51 2021
Indian Compressor Market to Advance at 6.2% CAGR in Future
The northern region held the largest share in the Indian compressor market in 2019, and it is expected to remain dominant during the forecast period as well.

The Indian compressor market was valued at $1,943.4 million in 2019, and it is predicted to generate a revenue of $2,891.9 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 6.2% from 2020 to 2030. The expansion of the automotive industry is one of the major factors fueling the growth of the market. According to the India Brand Equity Foundation (IBEF), the automotive industry in India will generate a revenue of Rs. 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026.

Additionally, the boom in the manufacturing sector, on account of the enactment of favorable government policies, is also predicted to propel the advancement of the market in the coming years. Besides, the inflow of huge foreign direct investments (FDI) is also driving the growth of the manufacturing sector in the country. Owing to these factors, the manufacturing sector in the country will attain a value of $1 trillion by 2025, as per various estimates. In this industry, industrial air compressors are extensively used for tool stamping, powering, and clamping.

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For example, the government announced a reduction in the income tax rate to as much as 25% for all organizations having a turnover of up to $38.75 million, under the 2018–2019 Union Budget. Depending on type, the Indian compressor market is divided into rotary and positive displacement categories. Of these, the positive displacement category contributed higher revenue to the market in 2019. Moreover, this category is expected to hold the largest share in the market throughout the forecast period.

This was because of the less maintenance requirements and low initial cost of these compressors in comparison to the oil-free ones. The northern region dominated the Indian compressor market in 2019, and this trend is predicted to continue in the forthcoming years as well. This is ascribed to the expansion of the industrial manufacturing and automotive sectors in the region. Furthermore, the National Capital Region (NCR), which is situated in the northern part of the country, witnesses the large-scale usage of compressors, on account of the high automobile production and industrial growth. The region manufactures more than 30% of passenger cars and over 50% of two-wheelers in the country every year.

Browse report with detailed COVID-19 impact analysis on India Compressor Market Analysis and Growth Forecast to 2030

Hence, it is safe to say that the market will boom in the coming years, mainly because of the surge in the manufacturing and automotive sectors, owing to the implementation of favorable government policies in the country.

Market Size Breakdown by Segment

By Type

  • Positive Displacement
    • Reciprocating
      • In-line
      • V-shaped
      • Tandem piston
      • Single-acting
      • Double-acting
      • Diaphragm
    • Rotary
      • Screw
      • Vane
      • Lobe and scroll
  • Dynamic
    • Centrifugal
    • Axial flow

By Lubrication Type

  • Oil-Free
  • Oil-Flooded

By Portability

  • Portable
  • Stationary

By Pressure

  • Ultra-Low-Pressure
  • Low-Pressure
  • Medium-Pressure
  • High-Pressure
  • Hyper-Pressure

By Application

  • Construction
  • Power
  • Industrial Manufacturing
  • Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R)
  • Chemical and Cement
  • Automotive
  • Oil and Gas
  • Food and Beverage
  • Textile

By Region

  • Northern
  • Southern
  • Eastern
  • Western

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Compressor Market Report – Geographically, Asia-Pacific (APAC) generated the highest revenue during the historical period (2014–2019), and it is expected to retain its dominance throughout the forecast period. This can be credited to the expanding automotive industry owing to the vast adoption of electric vehicles (EVs).
 
Compressor Market in APAC – The APAC compressor market will demonstrate the fastest growth in India in the coming years. This will be because of the soaring automobile manufacturing and the expansion of the industrial sector in the country. For instance, more than 4 million vehicles were manufactured in the country in 2019 and this number is predicted to surge sharply in the future.

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Country: India
Website: https://www.psmarketresearch.com/market-analysis/india-compressor-market