The key drivers of the growth of the India compressor market are the expanding automotive and manufacturing sectors in the nation. The market generated revenue of $1.83 billion in 2018, from where it is predicted to advance at a 7.0% CAGR during the forecast period (2019–2024) to ultimately value $2.7 billion by 2024.
A compressor is any device which is used to increase the pressure of air or a gas by decreasing its volume for use in a large number of applications.
The dynamic bifurcation is expected to grow faster in both aspects owing to the expansion of the steel, oil & gas, and cement industries, which use such compressors in large numbers. Further, government regulations regarding energy efficiency are raising the demand for dynamic compressors.
Not only does such equipment save energy, but it also makes the production process more efficient. Energy-efficient compressors would help companies save on electricity expenditure and also reduce the level of carbon emission.
When segmented by type, the compressor market in India is bifurcated into dynamic and positive displacement compressors. Of these, the positive displacement bifurcation led the market during the historical period (2014–2018) in terms of the volume and value, and the same scenario is predicted for the forecast period.
Further, the government is mandating the use of energy-efficient measures in the construction of apartment complexes, houses, and townships. For instance, the Ministry of Power launched a code for energy conservation in residential buildings, Eco-Niwas Samhita 2018, to reduce heat gain and loss.
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