India Gas turbine Market Shipment Analysis
India Gas turbine Market registered a growth of 31.76% in value shipments in 2022 as compared to 2021 and an increase of 18.09% CAGR in 2022 over a period of 2017. In Gas turbine Market India is becoming more competitive as the HHI index in 2022 was 3249 while in 2017 it was 4624. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Gas turbine Market.
India is unable to meet its increasing needs of this product with domestic production hence we see the trend is shifting towards import shipment to meet its demand The import factor of Gas turbine Market in 2022 was 1.03 while in 2017 it was 0.54. USA, United Kingdom, Poland, Canada and Singapore were among the top players of the market in 2022, where USA acquired the largest market share of 52.43% with a shipment value of 59.91 million USD in 2022 USA also offered the product below the average market price thus having a competitive advantage over others In 2017 USA had the largest market share of 64.33% with the shipment value of 20.57 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As USAprice is lower than the average price, it provided a significant edge among other competitor in 2017.
