July 24, 2019 - 6:26 AM EDT
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India's Compressor Market Set to Reach $2.7 Billion by 2024 - Launch of Compressors with IoT Technology Spells Opportunities

Dublin, July 24, 2019 (GLOBE NEWSWIRE) -- The "India Compressor Market Research Report: by Type, Lubrication, Portability Pressure, Application Geographical Insight - Industry Size, Share Analysis and Growth Forecast till 2024" report has been added to ResearchAndMarkets.com's offering.

The Indian compressor market is projected to attain a value of $2.7 billion by 2024, growing at a 7% CAGR during 2019-2024.

The major factor contributing to the growth of the market is the rising demand for such devices from the automobile sector due to the rising disposable income in the country. Further, the growth of the manufacturing sector is being supported by government initiatives, thereby driving the year-over-year growth of the compressor market. The high-capacity industrial compressors are directly sold to end users, while the low-capacity ones are sold through middlemen.

The Indian compressor market is bifurcated into portable and stationary compressors, based on portability. The category expected to register faster growth during the forecast period is stationary compressors. This could be related to the growing manufacturing and automotive industries in the country. Stationary compressors find application in the automotive sector for rotating tires and other simple tasks. With more focus on foreign markets, Indian car manufacturers are increasingly investing in innovation and increasing exports, which are expected to support the market growth.

Based on type, the Indian compressor market is subdivided into dynamic and positive displacement compressors. Between these, positive displacement compressors generated the larger demand. Further, industries such as semiconductors, chemical, automotive, and steel are the major consumers of the rotary type of compressors, therefore this compressor type is expected to provide lucrative opportunities to the market players in the forecast period. Machining improvements, better rotor profiles, and design innovations are driving the demand for these compressors, thereby fueling the growth of the market.

The categories of the Indian compressor market on the basis of application are food & beverages, industrial manufacturing, construction, automotive, textile, chemical & cement, power, heating, ventilation, air conditioning, and refrigeration (HVAC-R), and oil & gas. The largest market share was held by the automotive industry in 2018. Compressors play an essential role in the automobile sector, as besides being used in HVAC systems, these are utilized in tire inflation, cutting and welding, engine construction, product finishing, and car painting.

During the forecast period, the southern part of the country is projected to record considerable growth in the compressor market of India. Among southern Indian states, the highest demand for compressors has been generated by Tamil Nadu during the past decade. As mentioned in the 2017-2018 state budget, the state government is planning to invest $2.6 billion in the energy sector as well as increase the automobile manufacturing capacity to 5.8 million units by 2020.

With the growing need for energy-efficient compressors, IoT-enabled variants are anticipated to make it to the Indian compressor market in the forecast period. Compressors are essential in the equipment manufacturing process, as their operational failure could directly impact the production process of businesses. In the future, sensor-integrated compressors would become imperative in the manufacturing process for predicting and detecting maintenance needs.

Key Topics Covered

Chapter 1. Research Background

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Introduction
4.1. Definition of Market Segments
4.1.1. By Compressor Type Positive Displacement Reciprocating In-line V Shaped Tandem Piston Single-acting Double-acting Diaphragm Rotary Screw Vane Lobe and Scroll Dynamic Centrifugal Axial
4.1.2 By Lubrication Type Oil-free Oil-flooded
4.1.3 By Portability Portable Stationary
4.1.4 By Pressure Ultra-low-pressure Low-pressure Medium-pressure High-pressure Hyper-pressure
4.1.5 By Applications Construction Power Industrial Manufacturing HVAC-R Chemical and Cement Oil and Gas Automotive Food and Beverage Textile Others
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends Focus toward energy efficient compressors Inclination toward rotary screw compressors
4.3.2 Drivers Rising automotive sector in India Growing manufacturing sector due to increasing government support Drivers for The Market: Impact Analysis
4.3.3 Restraints Increased import duty on compressors Restraints for The Market: Impact Analysis
4.3.4 Opportunity Launch of compressors with IoT technology Development of gas pipeline network in North Eastern region
4.4 Porter's Five Forces Analysis

Chapter 5. India Market Size and Forecast
5.1. By Type
5.1.1. Positive displacement, by Type Positive displacement, by Reciprocating Type Positive displacement, by Rotary Type
5.1.2. Dynamic, by Type
5.2. By Lubrication Type
5.3. By Portability
5.4. By Pressure
5.5. By Application
5.6. By Region

Chapter 6. Competitive Landscape
6.1 List of Key Players and their Offerings
6.2 Market Share Analysis of Key Players
6.3 Competitive Benchmarking of Key Players
6.4 Recent Activities of Key Players
6.5 Strategic Developments of Key Players
6.5.1. Mergers and Acquisitions
6.5.2. Product Launches
6.5.3. Client Wins

Chapter 7. Company Profiles
7.1 Elgi Equipments Limited
7.1.1. Business Overview
7.1.2. Product and Service Offerings
7.1.3. Key Financial Summary
7.2 Kaeser Kompressoren SE
7.3. Ingersoll-Rand plc
7.4. Atlas Copco AB
7.5. Kobe Steel Ltd.
7.6. ANEST IWATA Corporation
7.7. Burckhardt Compression Holding AG
7.8. Kirloskar Pneumatic Company Limited
7.9. Indo-Air Compressors Pvt. Ltd.
7.10. Mitsubishi Heavy Industries Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/b2owgd

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Related Topics: Compressors

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Source: GlobeNewswire (July 24, 2019 - 6:26 AM EDT)

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