India Industrial Engines Market’s Annual Growth Rate Stands at 10%
Increasing
numbers of infrastructure projects by government as well as private players coupled
with rise in industrial activities to drive demand for industrial engines in
India
According to TechSci Research
report, “India
Industrial Engines Market By Fuel Type, By Power, By End Use, By Region, Competition,
Forecast & Opportunities, 2025”, India industrial
engines market witnessed a growth rate of around 10% over the five years on the
back of increasing government spending on various urban and rural infrastructure
and development projects as well as investments in infrastructure projects by
private companies in India.
Moreover, rising
production and consumption of industrial equipment such as mining and earth
moving equipment, concrete equipment, material handling equipment due to
surging demand from various end user industries such as mining, construction,
etc., coupled with presence of reputed industrial equipment and industrial
engine manufacturers in India is anticipated to fuel the country’s industrial
engines market over the next five years.
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India industrial engines market can
be segmented based on by fuel type, by power, by end use and by region. India being a low waged and semi-skilled worker
dominant country, has enormous opportunity for industrial mechanization, on
account of which, industrial equipment such as mining and earth moving
equipment, concrete equipment, material handling equipment are expected to
witness robust demand through 2025, thereby driving the industrial engines
market in the country. In terms of end use, the market is segregated into mining
and earth moving equipment, concrete equipment, material handling equipment and
others. Among these, mining and earth moving equipment segment held the largest
share in the market in 2019 as mining and earth moving equipment are necessary
for large scale constructional projects, real estate projects and several other
projects where transportation and lifting of heavy equipment and raw materials
as well as their handling is required. In
terms of fuel type, the market can be segmented into diesel, petrol and gas. Out of these, the
diesel engine segment accounted for the largest market share in 2019 on account
of need for high powered engines that are necessary for constructional work, lower price of diesel compared to other fuels
along with its easy availability.
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In terms of
regional analysis, the market has been segmented into North, East, West and
South regions. South region accounted for the largest share in India industrial engines
market due to existence of a large industrial engine manufacturing facilities
of reputed players in Indian industrial machinery market like Cummins India
Private Limited, JCB India Limited, Kirloskar Oil
Engines Limited, etc.
Mahindra
& Mahindra Limited,
Cummins India Limited, Kirloskar Oil Engines Limited, Caterpillar India Private Ltd and others which include TATA Motors Ltd, Ashok Leyland Ltd, Perkins Engines
Company Limited, Greaves Cotton
Limited, etc., are the
leading players operating in India industrial engines market. Increase in the existing
production capacity of domestic industrial equipment and machinery manufacturers,
expansion of product portfolio and introduction of new industrial machinery equipment
product lines are also fueling the demand for industrial engines in India. However,
due to economic slowdown and lock down in entire country due to COVID-19 pandemic in India, the entire Indian
economy including the industrial machinery and equipment industry is
experiencing a degrowth at present, which has also directly affected the India industrial
engines market.
“Increasing spending on infrastructure and
announcement of various urban and rural housing projects by the Government of
India is expected to stimulate the demand for various industrial equipment and
machinery, which in turn is expected to fuel industrial engines market in
India. Moreover, initiatives such as Smart City Mission and Pradhan Mantri Awas
Yojana (PMAY) for urban areas are expected to fuel the market until 2025. ”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“India Industrial Engines Market By Fuel Type, By Power,
By End Use, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of India industrial
engines market and provides statistics & information on market size,
structure and future market growth. The report intends to provide latest market
intelligence and help decision makers to take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in India industrial engines
market.
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