India Centrifugal Compressor Market Import Shipment Trend (2020-2024)
The India centrifugal compressor market import shipment demonstrated a robust CAGR from 2020 to 2024. However, the growth rate between 2023 and 2024 showed a slight deceleration. Overall, the market expanded steadily with a positive momentum, indicating sustained growth potential in the coming years.
Latest 2023 Developments of the India Centrifugal Compressor Market
India Centrifugal Compressor Market has been an optimistic market because of the increasing demand for the product in different industries. The manufacturers are developing new designs to increase safety, durability, and life expectancy by implementing oil-free and pulsation-free equipment. The development of the ZR VSD+ (Variable Speed Drive) technology from VSD has enabled the motor to adjust which eventually increases the efficiency of the product. Further, the companies are also developing carbon-neutral alternatives to reduce the carbon emission up to 50% from the product.
Merger and Acquisitions:
- On 28 September, Atlas Copco acquired AEP, a French distributor of compressors. This acquisition will help Atlas Copco to better serve their customer because AEP has highly qualified service technicians.
- On 25 May, Siemens Energy and IRENA (International Renewable Energy Agency) signed a partnership agreement based on renewable energy projects to support climatic actions.
India Centrifugal Compressor Market Synopsis
The market for centrifugal compressors is projected to post substantial growth over the coming years primarily due to the rise in a number of industries such as oil & gas, steel, and cement as well as increasing government initiatives on providing energy-efficient solutions. Additionally, the Centrifugal compressors market is expected to witness the highest India centrifugal compressor market forecast period revenues over the coming years owing to certain key features such as energy efficiency and noiseless operation.
According to 6Wresearch, India's centrifugal compressor market size is projected to grow at a CAGR of 4.7% during 2017-23. Rising environmental & safety regulations, efficient use of energy along robust industrial growth is expected to propel the market of centrifugal compressors in the country. India's centrifugal compressors market is also registering potential demand for high-capacity compressors, providing ample opportunities for global companies to penetrate the market.
The oil & gas industry recorded the highest India centrifugal compressor market share in 2016 and is further likely to enhance the demand for centrifugal compressors during the forecast period on the back of the rising adoption of several practices primarily from the injection of high-pressure gas for oil recovery. India's overall industrial sector grew at over 7% during FY 2015-17; wherein, the manufacturing and electricity, gas, water supply, and other utility services sub-sectors collectively enjoyed 10% growth. The growth registered in these areas would spur the market demand for centrifugal compressors.
The India centrifugal compressor market report thoroughly covers the centrifugal compressors market by compressor technology, compressor type, and end-user. The India centrifugal compressor market outlook report provides an unbiased and detailed analysis of the India Centrifugal Compressor Market trends, opportunities/ high growth areas, and market drivers, which would help stakeholders to decide and align their market strategies according to the current and future market dynamics.
Key Highlights of the Report:
• India Centrifugal Compressor Market Overview
• India Centrifugal Compressor Market Outlook
• Market Dynamics Including Drivers, Restraints, Opportunity For India Centrifugal Compressors Market
• Historical Market Revenue Trend of India Centrifugal Compressors Market, 2014–2016
• India Centrifugal Compressor Market Size and India Centrifugal Compressor Market Forecast of Revenues Until 2023
• Historical Trend of India Centrifugal Compressor Market Revenues, By Type, 2014–2016
• Market Size and Forecast of India Centrifugal Compressor Market Revenues, By Type, Until 2023
• Historical Market Revenue Trend of India Centrifugal Compressors Market, By Technology, 2014–2016
• Market Size and Revenue Forecast of India Centrifugal Compressors Market, By Technology, Until 2023
• Historical Market Revenue Trend of India Centrifugal Compressors Market, By End User, 2014–2016
• Market Revenue Forecast and Estimations India Centrifugal Compressors Market, By End User, Until 2023
• India Centrifugal Compressor Market Trends
• Industry Life Cycle and Value Chain Analysis
• India Centrifugal Compressor Market Share by Players
• India Centrifugal Compressor Market Overview Competitive Benchmarking and Company Profiles
• Key Strategic Pointers
Markets Covered
The India centrifugal compressor market report provides a detailed analysis of the following market segments:-
By Technology:
- Centrifugal Gas Compressor
- Centrifugal Air Compressor
By Sub-Segment:
- Single Stage Centrifugal Gas Compressor
- Multi-Stage Centrifugal Gas Compressor
- Single Stage Centrifugal Air Compressor
- Multi-Stage Centrifugal Air Compressor
By Application:
- Oil & Gas
- Power
- Petrochemical, Chemical, and Fertilizers
- Others
