The Indian compressor market stood at $1,943.4 million in 2019 and it is projected to reach $2,891.9 million by 2030, progressing at a CAGR of 6.2% during the forecast period (2020–2030). This growth can be attributed to the expansion of the automotive sector and growth in the manufacturing industry, on account of favorable government policies, in the country. Currently, the market is observing a trend of rising focus toward energy-efficient compressors from the end-use sectors.
The manufacturing sector is growing at a tremendous rate in India, due to the growing support from the central and state governments. This sector deploys industrial air compressors for clamping, tool powering, and stamping. Moreover, the escalating influx of foreign direct investment (FDI) in the country is promoting and supporting the manufacturing sector. Additionally, the increased budgetary allocation for this sector will propel the market growth in the coming years.
Read Full Report: India Compressor Market Revenue Estimation and Growth Forecast Report
The categories under the type segment of the Indian compressor market include positive displacement and dynamic. In 2019, the positive displacement category held the largest market share and it is expected to dominate the market throughout the forecast period. This can be ascribed to the escalating demand for positive displacement compressors from industries such as steel, automotive, chemical, and semiconductor. The high demand in these industries is due to the numerous features offered by the compressors that include innovative designs, better rotor profiles, and improved machines.
Apart from this, the pressure segment of the Indian compressor market is categorized into ultra-low-pressure, low-pressure, medium-pressure, high-pressure, and hyper-pressure. Amongst these, the medium-pressure category generated the maximum revenue, due to the rising applications of medium-pressure compressors in vehicles, refrigerators, and home air conditioners. Thus, the surge in automobile and home appliances industries is the prime factor supporting the growth of the market in this category. Additionally, economic development in India has led to the adoption of new and improved vehicles and home appliances that use these compressors in large numbers.
