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The Indian compressor market size was $1,943.4 million in 2019, and it is projected to advance at a CAGR of 6.2% during the forecast period (2020–2030). The growing automotive sector in India is expected to drive the demand for compressors. Additionally, the manufacturing sector in India is growing rapidly and is expected to reach $1 trillion by 2025, owing to the constant support from the government.
The COVID-19 pandemic has impacted the Indian compressor industry. Textile, oil & gas, chemical & fertilizers, cement, and automotive industries are the major end users of compressors. Due to the lockdown implemented by both central and state governments, production processes at end user level have slowed down, which, in turn, has reduced the demand for compressors in the country.
In the Indian compressor market, on the basis of type, the dynamic compressor category is projected to advance at higher CAGR during the forecast period. This is majorly attributed to the higher consumption of compressors in a number of industries, such as oil & gas, steel, and cement, in the country. Moreover, increasing government initiatives pertaining to energy-efficient solutions augment the demand for dynamic compressors.
In the Indian compressor market, under dynamic compressors, centrifugal compressor was the larger-revenue-generating category in 2019. This category is further projected to continue its dominance in the market during the forecast period. It is noted that more than 90% of the centrifugal compressor market in India is organized, with majorly large manufacturers producing compressors, owing to their complex design and relatively high investment requirement.
In the Indian compressor market, the stationary category, under the portability segment, is growing significantly. This is primarily attributed to the high growth in the automotive and manufacturing industries in the country. Stationary compressors are suitable for automotive applications, such as rotating tires and other small tasks.
In the Indian compressor market, the medium-pressure category, under the pressure segment, generated the largest revenue in 2019. Medium-pressure compressors find their applications across vehicles as well as in home air conditioners and refrigerators. Growth of automotive and home appliances industries is the primary factor driving the demand for these compressors.
The automotive category, under the application segment of the Indian compressor market, generated the highest revenue in 2019. The domestic production of automobiles in the region increased at a CAGR of over 7% during 2014–2019. Owing to the abundance of raw materials, demand for superior quality machines, and easy availability of labor, the automotive industry in the country is expected to continue witnessing a surging growth. In addition, due to environmental regulations in the country, minimal-gas-emitting, less-noisy, and energy-efficient compressors are in huge demand in the automotive industry.
The northern region (including Uttar Pradesh, Uttarakhand, Haryana, Punjab, and Himachal Pradesh) is expected to grow at the highest rate during the forecast period in the Indian compressor market. Automotive and industrial manufacturing are the major application areas of compressors in the region. Further, the government support in developing industrial corridors, such as the Delhi–Mumbai industrial corridor and Amritsar–Delhi–Kolkata industrial corridor, as well as developing small and medium enterprises, is expected to drive the demand for compressors in northern region during the forecast period.
Shift toward energy-efficient compressors is currently trending in the Indian compressor market. Due to focus toward production efficiency and energy savings, the demand for energy-efficient compressors is predicted to increase in coming years. It would result in reducing energy costs and also protecting environment from emission of greenhouse gases. As a result, major players in the market have introduced compressors, which are more efficient as compared to conventional compressors. For instance, in August 2019, Atlas Copco launched new versions of its XAVS 238 and XATS 288 portable compressors, with 27% lesser footprint. They are 20% lighter and 10% more energy-efficient.
The manufacturing sector in India is growing rapidly and is expected to reach $1 trillion by 2025, owing to the constant support from the government. In this sector, industrial air compressors are used for tool powering, clamping, and stamping. The government coupled with the inflow of foreign direct investment (FDI) has been taking initiatives to promote and support the manufacturing sector. For instance, for all companies having a turnover of up to $38.75 million, the government reduced income tax rate to 25%, under the Union Budget 2018–2019. This would propel the growth of the manufacturing sector in India in the coming years.
|Base Year (2019) Market Size||$1,943.4 Million|
|Forecast Period (2020-2030) CAGR||6.2%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, COVID-19 Impact, Company Share Analysis, Companies’ Strategic Developments, Product Benchmarking, Company Profiling|
|Market Size by Segments||By Type; By Lubrication Type; By Portability; By Pressure; By Application|
|Market Size of Geographies||Northern, Southern, Western, Eastern|
|Secondary Sources and References (Partial List)||India Brand Equity Foundation (IBEF), Air Movement and Control Association (AMCA), Alliance of Automobile Manufacturers (AAM), American Petroleum Institute (API), Automotive Component Manufacturers Association of India (ACMA), Association of Equipment Manufacturers (AEM), Association of European Refrigeration Component Manufacturers (ASERCOM), Association of Global Oil and Gas Professionals (AGOGPro), Consortium for Energy Efficiency (CEE), Energy Institute, Gas Compressor Association (GCA)|
Players in the Indian compressor industry are focusing on product launches to address the rising demand for compressors. For instance:
The India compressor market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Lubrication Type
Based on Portability
Based on Pressure
Based on Application