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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. For instance, 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 for which they need compressors ranging from ionic liquid piston compressor and screw air compressor to diaphragm compressors, turbo compressor, and scroll compressor
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 report is also comprised of the Indian stationary air compressor market size by type and by applications in end-use industries. Additionally, there is an account of the Indian stationary air compressor market share by top 5 companies and startups as well.
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 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. 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.
According to the Energy Statistics by Central Statistics Office, India boasts of 344,002.39 MW power capacity that includes a myriad of hydro, thermal, and nuclear power plants across the country. Furthermore, during 2017-2018, the generation of electricity increased by 5.71% and the consumption increased by 7.39%. Due to the discernible increase in population and rapid urbanization, the demand for electricity is gaining a profitable momentum resulting into 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.
The upcoming opportunities in the electric and autonomous vehicles niche are poised to boom the Indian automotive industry. Furthermore, by the end of 2030, India is poised to house the largest automotive industry in the world. The FDI inflow in 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. Owing to the rise in the middle-class income and greater number of youth demanding for vehicles, the upcoming years will witness further progress in the production of vehicles. Evidently, air compressors are going to be in demand for the production of vehicles, which will expand the Indian stationary air compressor market scope.
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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.
According to the Cement Manufacturers Association, India is the second-largest country to produce cement with an installed capacity of 500 million tons. The demand for cement, in the upcoming years, will be largely driven by industrial construction and housing development projects. Furthermore, India is poised to have 100 smart cities by 2020, which will again increase the demand for cement. This is leading to cement plant expansions. For instance, one of the leading cement producers of India – Ramco Cements Ltd has announced both greenfield and brownfield expansions. The company is setting up a cement plant of 3.15 million tons per annum capacity in Kurnool, Andhra Pradesh. Furthermore, India Cement Ltd is also building a new plant in Madhya Pradesh with an investment worth $138.22 million. These cement production plants expansion projects will generate more opportunities for the stationary air compressor market players in India.
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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