The Government of India has introduced several initiatives that have led to rapid industrialization. According to the 12th Five Year Plan, it has allocated a budget of approximately US$167 million for the development of the Process Plant Equipment Market in India.
The Indian Government has also allowed 100 percent foreign direct investment (FDI) in the Capital Goods and Engineering sectors. Apart from government support, the increased outsourcing of various manufacturing activities from developed nations has resulted in rapidly increasing industrialization.
This high rate of industrialization is a huge reason why the Process Plant Equipment Market in India is expected to grow at a CAGR of 11.18 percent from 2013-2018.
Over the last five years, India has also 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.
In addition, there is increasing demand for heat exchanger equipment in process industries such as Power, Chemical, Petrochemical, Oil and Gas, and Water Treatment.
Every process industry requires the installation of heat exchangers in their plants to facilitate a smooth production process. The equipment is used to transfer heat from one system to another; it is also used for cooling or heating purposes in process plants to prevent machinery from overheating. The use of this equipment enables the plant to operate at the desired temperature based on the industry requirement.
Vendors provide customized equipment based on the specific requirements of the end-user. For example, Alstom India provides a header type feedwater heater, which has a bundle heater with multiple bend tubes and whose ends are connected to the inlet header and outlet header.
