In 2023, the import of machinery for liquefying air or other gases to India stood at 37.5 million USD. Forecasts for 2024 to 2028 demonstrate a steady growth in import value, starting at 38.674 million USD in 2024 and reaching 44.202 million USD by 2028. This progression reflects an annual increase of approximately 2-3% year-on-year, indicating a consistent upward trend. The Compound Annual Growth Rate (CAGR) over the next five years is anticipated to be moderate, reflecting stable demand.
Future trends to watch for include:
- The impact of technological advancements in machinery efficiency and automation, which may alter import volumes.
- Government policies on clean energy and industrial gases could influence the demand for such machinery.
- Market competition and potential domestic production could affect import dynamics.
