Posted On: 2017-11-06
India centrifugal compressors market recorded significant growth over the past few years primarily due to rising need for energy efficient compressors and stringent environmental regulations. Further, emergence of new players (both local & international) would also propel growth of the market during the forecast period. Availability of raw material, huge labor pool as well as rising industrial demand are attracting foreign players to invest in India. Centrifugal compressors are gaining huge traction in the country and are more advanced than other type of compressors in terms of noise, vibration level, maintenance and capacity.
According to 6Wresearch, India centrifugal compressors market is projected to grow at a CAGR of 4.7% during 2017-23. In terms of technology, centrifugal air compressors segment registered majority of the market revenue share in 2016. The market is further expected to register an upsurge in the demand majorly arising from oil & gas, cement, mining, and pharmaceutical industries.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "Technological advancements has resulted in lower fuel consumption and has driven the centrifugal compressors market expansion in the country. However, fluctuating raw material prices and high initial investment may hinder growth of the market over the coming years.
"Additionally, growing demand for compressed air particularly in industries such as power, petrochemical, and pharmaceuticals may also expand the market of centrifugal compressors in India," Samuel Added.
According to Anuj Mehrotra, Sr. Research Analyst, Research and Consulting, 6Wresearch, "Multi-stage centrifugal compressors provide best energy efficiency by using several stages in combination with constant pressure control. With an increase in number of stages, the work is divided evenly and it helps to produce more compressed air. Most industries use multi stage centrifugal compressors ranging from 1-500 HP (horse power) or more."
"The Oil & gas segment accounted for highest market revenue share in 2016, attributed to the overall expansion of the industry. Over the next six years, several major oil & gas projects are likely to be initiated in India backed by heavy investment in the industry.
"Additionally, India centrifugal compressors market is recording substantial growth supported by the overall growth in certain key industries such as petrochemical, fertilizers, power, food & beverages, paper & pulp, and pharmaceutical.
Some of the major companies in India Centrifugal Compressor market are Kirloskar Pneumatic Company Limited, Siemens India Ltd., General Electric (GE)., Atlas Copco (India) Ltd, Ingersoll-Rand (India) Ltd.
"India Centrifugal Compressor Market (2017-2023F)" provides an in-depth analysis with 27 figures and 3 tables, covered in more than 85 pages. The report estimates and forecast the overall India Centrifugal Compressor market by revenues, technology and verticals such as Oil & Gas, PCF, Power, and Others. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.