India Compressor Market To Generate $2,891.9 Million Revenue by 2030

The Indian compressor market stood at $1,943.4 million in 2019 and it is projected to reach $2,891.9 million by 2030, progressing at a CAGR of 6.2% during the forecast period (2020-2030). This growth can be attributed to the expansion of the automotive sector and growth in the manufacturing industry, on account of favorable government policies, in the country. Currently, the market is observing a trend of rising focus toward energy-efficient compressors from the end-use sectors.

The manufacturing sector is growing at a tremendous rate in India, due to the growing support from the central and state governments. This sector deploys industrial air compressors for clamping, tool powering, and stamping. Moreover, the escalating influx of foreign direct investment (FDI) in the country is promoting and supporting the manufacturing sector. Additionally, the increased budgetary allocation for this sector will propel the market growth in the coming years.

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The categories under the type segment of the Indian compressor market include positive displacement and dynamic. In 2019, the positive displacement category held the largest market share and it is expected to dominate the market throughout the forecast period. This can be ascribed to the escalating demand for positive displacement compressors from industries such as steel, automotive, chemical, and semiconductor. The high demand in these industries is due to the numerous features offered by the compressors that include innovative designs, better rotor profiles, and improved machines.

Apart from this, the pressure segment of the Indian compressor market is categorized into ultra-low-pressure, low-pressure, medium-pressure, high-pressure, and hyper-pressure. Amongst these, the medium-pressure category generated the maximum revenue, due to the rising applications of medium-pressure compressors in vehicles, refrigerators, and home air conditioners. Thus, the surge in automobile and home appliances industries is the prime factor supporting the growth of the market in this category. Additionally, economic development in India has led to the adoption of new and improved vehicles and home appliances that use these compressors in large numbers.

Furthermore, the compressor market in northern region of India, including the states of Himachal Pradesh, Uttar Pradesh, Haryana, Uttarakhand, and Panjab, is expected to register the fastest growth in the Indian compressor market during the forecast period. The automotive and industrial manufacturing units in the region are the largest users of compressors. Additionally, the development of industrial corridors, such as Amritsar-Delhi-Kolkata industrial corridor and Delhi-Mumbai industrial corridor, and establishment of small- and medium- enterprises (SMEs) in the region will propel the market growth in the coming years.

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Owing to the surging demand, players in the Indian compressor market are largely focusing on product launches to consolidate their presence. For instance, Atlas Copco AB launched five novel air compressors in July 2019, for the Indian market, thus, providing an edge to SME units in the country. This new range of product includes screw air compressors and piston air compressors to meet the changing needs of consumers from several sectors. Some of the other players adopting these measures include Kaeser Kompressoren SE, ANEST IWATA Corporation, and Kobe Steel Ltd.

Thus, the booming automotive industry and the escalating government support for the manufacturing industry are expected to improve the market growth during the forecast period.

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This release was published on openPR.