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Indian Stationary Air Compressor Market - Forecast(2024 - 2030)
Overview
Indian stationary air compressor market size is set to grow at a CAGR of 5.64% during the forecast period 2020-2025 and projected to reach $54.54 million by 2025. The rise in the Indian petrochemicals and oil & gas industry coupled with the remarkable growth of the pharmaceutical sector is creating a significant number of opportunities for the industrial equipment and machinery manufacturing vendors, and there is a significant increase in the Indian stationary air compressor size due to the same. Moreover, the growing demand for air compressors such as ionic liquid piston compressor, rotary screw air compressor, scroll compressor, and diaphragm compressors from a wide range of end-use industries including food & beverages (F&B), healthcare, energy, oil & gas, and automotive are contributing to the expansion of the Indian stationary air compressor market size.
Application - Segment Analysis
Drivers – Indian Stationary Air Compressor Industry Outlook
· The Surge in the Oil & Gas Industry is attributing the growth of the Indian stationary air compressor market
The crude oil production was evaluated at 35.68 million metric tons (MMT) during 2017-2018. This rise in demand for oil and gas has been continuously increasing the production activities in India. This is leading to a gamut of expansion projects that are creating revenue sources for the associated industries, and henceforth, the Indian stationary air compressor market is benefitted by it. For instance, the upcoming Numaligarh refinery expansion project has just received clearance from the government. The capacity of the refinery will be expanding from 120,500 b/d to 180,750 b/d. This increase in the capacity of the refinery will require up-scaling of plants and operations which will create a definite Indian stationary air compressor market demand because compressed air is an essential part of refinery operations.
· The power sector is driving the growth of the Indian stationary air compressor market
India boasts of 344,002.39 MW power capacity that includes a myriad of hydro, thermal, and nuclear power plants across the country, according to the Energy Statistics by Central Statistics Office. Moreover, the generation of electricity increased by 5.71% and the consumption increased by 7.39% during 2017-2018. Due to the discernible increase in population and rapid urbanization, the demand for electricity is gaining a profitable momentum resulting in an augmented power generation. Air compressors are an indispensable part of a power-plant and the increase in electricity generation is increasing the demand for air compressors in the power sector of India.
Challenges – Indian Stationary Air Compressor Industry
· Flexible
alternative portable air compressors is primarily hindering the growth of the Indian
stationary air compressor market
The cost-effective portable air compressors
are effecting the growth of the stationary air compressors. This is because the
portable air compressors afford high power capacity and ease of handling.
Hence, the growing acceptance of the portable air compressors is restraining
the growth of the stationary air compressors in India.
Market Landscape
Expansions, Product launches, and R&D activities
are key strategies adopted by players in the Indian stationary air compressor market.
In 2018, the Indian stationary air compressor market has been consolidated by the
top ten players accounting for 30% of the share. Ingersoll-Rand Inc., Elgi
Equipments Ltd, Emerson Electric Co., Hitachi, Ltd., Bauer Compressors Inc.,
Kaeser Compressors, Inc., INDO-AIR Compressors Pvt. Ltd, Quincy Compressor LLC,
General Electric Company, and Siemens AG are the Indian stationary air compressor
market top 10 companies.
Expansion/Product
Launches
- For instance, Filatex India is investing $4 billion for capacity expansion in its Dadra and Dahej plants. Now, air compressors are used in textile producing plants for purposes such as powering air-jet looms, spinning machines, ginning mills, and other equipment that are used to process denim and other fabrics. Hence, the growth of the textile industry will create prospects for the Indian stationary air compressor market players.
- In June 2017, Kaeser Kompressoren has announced the launch of a redesigned FSD series of rotary screw air compressors to deliver an energy efficiency advantage with maximum air & pressure-flow capacities and this will further reduce the overall life cycle costs of the product.
- In July 2017, Ingersoll Rand introduced Next Generation R-Series oil-flooded rotary screw air compressors that provide an energy-efficient solution for customers that have high capacity air requirement. These target customers belong to end-use industries such as oil & gas that involve manufacturing operations requiring high capacity air.
Key Takeaways
- The growing adoption of stationary air compressor across varied end-use verticals are likely to aid in the market growth of the stationary air compressor in India.
- The FDI inflow in the Indian automobile sector stood at $20.85 billion between April 2000 and December 2018, according to IBEF. Now, this has been leading to a uniform increment in the production of vehicles across India. Air compressors are going to be in demand for the production of vehicles, which will expand the Indian stationary air compressor market scope.