There's a really two ways this could play out.
1. The economies of the GCC and many countries in the developing world are continuing to grow so demand for air travel is only growing, and there will be a piece of the pie for everyone.
2. The Market will be over saturated and some of these airlines will go bust out have to downsize. (See Etihad).
India will have the final say. Are there going to be enough international pax in and out of India to allow for the two Indian carriers and the GCC carriers to be profitable on those routes?
Time will tell.
World War 3 might also put a dent in things.