India Air Compressor Market by Type (Portable and Stationary), by Technology (Rotary Screw, Centrifugal, and Reciprocating), by Lubrication Type (Oil-Free, and Oil-Injected/Flooded), by Power Rating (0-100 Kw, 101-300 Kw, 301-500 Kw, and 501 Kw & Above), by Cooling Method (Air Cooled and Water Cooled), and by Industry Vertical (Manufacturing, Construction, Oil & Gas, Healthcare, and Others) –Opportunity Analysis and Industry Forecast, 2024– 2030
Industry: Construction & Manufacturing | Publish Date: 20-Jun-2024 | No of Pages: 143 | No. of Tables: 108 | No. of Figures: 73 | Format: PDF | Report Code : N/A
India Air Compressor Market Overview
The India Air Compressor Market size was valued at USD 1.09 billion in 2023, and is projected to reach USD 1.64 billion by 2030, at a CAGR of 5.4% from 2024 to 2030. In terms of volume, the market size was 64 thousand units in 2023, and is projected to reach 120 thousand units by 2030, with a CAGR of 8.8% from 2024 to 2030.
An air compressor is an essential mechanical device used across various industries to generate compressed air, that is vital for many applications. It primarily converts power from sources such as electric motors or diesel engines into potential energy stored as compressed air. This pressurized air is then used to power pneumatic tools and equipment, inflate tires, supply air to HVAC systems for climate control, and support industrial processes such as spray painting and packaging. Essentially, an air compressor provides a reliable source of compressed air, crucial for a wide range of tasks and operations in diverse business and industrial environments.
Government Initiatives Towards Oil and Gas Sector is Fuelling the India Air Compressor Market
The increasing oil demand and heightened government investment in India's oil and gas sector are significant drivers for the rising demand for air compressors. Government initiatives such as the Hydrocarbon Exploration and Licensing Policy (HELP) are fueling investments in the sector, leading to an increased demand for reliable and efficient air compressor systems for drilling, material handling, and controlling valves. According to the India Brand Equity Foundation report 2023, India's oil refining capacity stood at 253.91 metric tonnes per annum as of April 2023, making it the second-largest refiner in Asia. Furthermore, ONGC announced an investment of USD 4 billion from FY22-25 to increase exploration efforts in India, further driving demand for air compressors in the oil and gas sector.
Continuous Expansion and Diversification of the Manufacturing Sector is Propelling the Market
As India's manufacturing sector expands and diversifies, the need for compressed air in various industrial processes grows. Air compressors are essential for powering pneumatic tools, operating machinery, and maintaining efficient production lines, which contribute to the diversification of manufacturing units.
According to the India Brand Equity Foundation report 2023, manufacturing exports in India reached the highest-ever annual exports of USD 447.46 billion with a 6.03% growth during FY23, surpassing the previous year's record exports. This substantial growth of the manufacturing industry reflects the growing demand for air compressors to enhance productivity in manufacturing units across the country
High Initial and Maintenance Costs Hinders the India Air Compressor Market Growth
The initial cost of air compressors, coupled with the need for regular maintenance such as filter changes, lubrication, and inspections, adds to the total cost of ownership. This financial burden serves as a limiting factor for the growth of the air compressor market. As a result, small and medium-sized businesses often hesitate to invest in new air compressor systems or upgrade their existing ones and it is slowing down the market expansion.
The Integration of IoT Sensors and Cloud Platforms is Expected to Create Ample Growth Opportunity for the Market
The incorporation of IoT sensors and cloud platforms into air compressors is poised to unlock future growth opportunities within the air compressor market. This integration facilitates remote monitoring, predictive maintenance, and performance optimization of compressors. IoT sensors, embedded within air compressors, continuously gather real-time data on critical parameters such as temperature, pressure, and energy consumption.
Subsequently, this data is transmitted to cloud platforms where advanced analytics algorithms analyse it to identify potential issues, forecast maintenance requirements, and enhance compressor operations. Through harnessing IoT and cloud technologies, organizations can minimize downtime, improve equipment reliability, and optimize energy usage, thereby fueling demand for intelligent air compressor solutions and stimulating market expansion.
Competitive Landscape
The market players operating in the India air compressor industry include Atlas Copco Group, Ingersoll-Rand PLC, Hitachi Ltd., Siemens Energy AG, Kaeser Kompressoren, MAT Holding, Inc., Elgi Equipment Limited, Sulzer Ltd., Mitsubishi Heavy Industries, Ltd., and Anest Iwata, among others.
India Air Compressor Market Key Segments
By Type
-
Portable
-
Stationary
By Technology
-
Rotary Screw
-
Centrifugal
-
Reciprocating
By Lubrication Type
-
Oil-Free
-
Oil-Injected/Flooded
By Power Rating
-
0-100 kW
-
101-300 kW
-
301-500 kW
-
501 kW & Above
By Cooling Method
-
Air Cooled
-
Water Cooled
By Industry Vertical
-
Manufacturing
-
Construction
-
Oil & Gas
-
Healthcare
-
Others
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 1.09 Billion |
|
Revenue Forecast in 2030 |
USD 1.64 Billion |
|
Growth Rate |
CAGR of 5.4% from 2024 to 2030 |
|
Market Volume in 2023 |
64 thousand Units |
|
Unit Forecast in 2030 |
120 thousand Units |
|
Volume Growth Rate |
CAGR of 8.8% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Atlas Copco Group
-
Ingersoll-Rand PLC
-
Hitachi Ltd.
-
Siemens Energy AG
-
Kaeser Kompressoren
-
MAT Holding, Inc.
-
Elgi Equipment Limited
-
Sulzer Ltd.
-
Mitsubishi Heavy Industries, Ltd.
-
Anest Iwata
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