- India’s compressor market is projected to reach $2.7 Billion by 2024.
- The automotive industry held the largest market share in 2018.
- The southern part of the country is projected to record high growth in the compressor market of India.
With the growing need for energy-efficient compressors, Internet of Things (IoT)-enabled variants are anticipated to make it to the Indian compressor market in the coming years, according to a ResearchAndMarkets’ report.
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, it said.
As per the report, the Indian compressor market is projected to attain a value of $2.7 billion by 2024, growing at a 7 percent 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, it said.
The largest market share was held by the automotive industry in 2018.
Tamil Nadu generates highest demand
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 Tamil Nadu 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.
The Indian compressor market is bifurcated into portable and stationary compressors, based on portability. Stationary compressors are expected to register faster growth during the forecast period. This type of compressors find application in the automotive sector for rotating tires and other simple tasks.