Dallas, TX -- (ReleaseWire) -- 06/09/2014 -- According to the report Process Plant Equipment Market in India 2014-2018 over the last five years, India has witnessed an increase in its power generation capacity. The amount of energy produced during the 11th Five Year Plan amounted to 44 GW. According to the 12th and 13th Five Year Plans, the power generation capacity is targeted at 88.6 GW and 100 GW, respectively. In order to achieve the targeted power generation capacity, power plants in India are increasing the installation of plant equipment such as heat exchangers, steam generators, and storage tanks. The increased installation of plant equipment in the Power industry is expected to contribute significantly to the growth of the Process Plant Equipment market in India.
Analysts forecast the Process Plant Equipment market in India will grow at a CAGR of 11.18 percent over the period 2013-2018. According to the report, one of the major drivers in the market is the increased demand for heat exchangers in process industries. Process plants require the installation of heat exchangers in the production process. This equipment is used for cooling or heating up the production process across the process plant.
The Process Plant Equipment market in India comprises several types of equipment such as pressure vessels, columns, towers, heat exchangers, reactors, evaporators, crystallizers, dryers, storage tanks, stirrers, and furnaces, among others.
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The Process Plant Equipment Market in India 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report the Process Plant Equipment market in India landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Further, the report states that one of the major challenges in the market is the increased import of old process plant equipment. Vendors import old equipment, as it is of less expensive and there are no policies in India that prohibit such imports. Also, banks charge more interest on funds borrowed by manufacturers, which often works out higher than the import duties themselves. This makes importing old equipment a preferred option for manufacturers over buying new equipment.
Key Market Driver
Increasing Demand for Heat Exchangers Across Industries.
Key Market Challenge
Increasing Imports of Old Process Plant Equipment.
Key Market Trend
Increasing Demand for Plant Equipment in the Power industry.
The report recognizes the following companies as the key players in Process Plant Equipment Market in India: Alfa Laval (India) Ltd., Alstom India Ltd., Godrej & Boyce Mfg. Co. Ltd., Larsen & Toubro Ltd., FLSmidth & Co. A/S,Ingersoll-Rand India) Ltd. Isgec Heavy Engineering Ltd., Swetha Engineering Ltd., Walchandnagar Industries Ltd.