The current surge in the Indian petrochemicals and oil & gas industry coupled with the stupendous growth of the pharmaceutical sector is creating a myriad 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. Now, these profitable prospects are making players increase their product portfolio in order to gain maximum Indian stationary air compressor market share by catering to the diverse end-use industries of the product.
The growth in the Indian Stationary Air compressor Market can be further gauged by the increase in the import of entities belonging to the parent industry. According to the International Trade Centre (ITC), the import of entities including air or vacuum pumps, stationary air compressors, and other was evaluated at $1.79 billion in 2018. Furthermore, the import had witnessed a year-on-year growth of 19% during FY-18. A significant part of this import value is attributable to the import of stationary air compressors in India, which evinces the swell in the Indian stationary air compressor market size that was valued to be $695.81 million in 2018, according to the Indian stationary air compressor market research report.
The growth of the Indian stationary air compressor market size is attributable to the growing demand from the a wide range of end-use industries that include food & beverages (F&B), healthcare, energy, oil & gas, automotive, and others which are also expanding over the years. The growth of these industries will augment the Indian stationary air compressor market demand at a CAGR of 5.64% during the forecast period 2019-2025.
Indian Stationary Air Compressor Market Key Application – F&B Industry:
F&B industry is found to be the key application segment in the Indian stationary air compressor marketplace, and it is projected to grow at a healthy CAGR of 6.99% through to 2025. This is because air compressors are used for food mixing, packaging movement, fluid pumping, and air filtration – operations that are integral parts of food processing. The Indian food industry is growing rapidly. According to India Brand Equity Foundation (IBEF), the Indian food retail market is expected to reach $894 billion by the end of 2020, and also, the food processing market in the industry contributes with 32% to the total food industry output. The growth of the Indian food retail market will lead to a growth of the food processing market in India, which will enhance the demand for stationary air compressor in the food industry even further.
Indian Stationary Air Compressor Market Growth Drivers:
The Current Upsurge in the Oil & Gas Industry Increasing the Stationary Air Compressor Market Demand –
The crude oil production in 2017-2018 was evaluated at 35.68 million metric tons (MMT). 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 by the government. The capacity of the refinery will be expanding from 120,500 b/d to 180,750 b/d.
Indian Stationary Air Compressor Market Companies:
The companies with the maximum Indian stationary air compressor market share that are striving to increase their revenues are Ingersoll-Rand Inc., Elgi Equipments Ltd, Emerson Electric Co., Hitachi, Ltd., Bauer Compressors Inc., Atlas Copco, Kaeser Compressors, Inc., INDO-AIR Compressors Pvt. Ltd, Quincy Compressor LLC, MK Engineering, General Electric Company, Siemens AG, and SENCO.
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The Indian textile industry is currently estimated at $108 billion and is poised to attain a valuation of $223 billion by 221. This growth will include the capacity expansion of a gamut of textile-producing plants. 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 airjet 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.