The Asia-Pacific (APAC) air compressor market generated a revenue of $11.8 billion in 2018 and is predicted to attain a valuation of $15.2 billion by 2024. According to the forecast of P&S Intelligence, a market research company based in India, the market will advance at a CAGR of 4.1% between 2019 and 2024. The main factors driving the advancement of the market are the growing requirement for energy efficient air compressors in the region.
Due to the rising focus toward energy savings and manufacturing efficiency, the requirement for energy efficient compressors is surging rapidly across the region. The usage of air compressors is predicted to cause a sharp fall in energy costs and greenhouse gas emissions. Because of this reason, the leading APAC air compressor market players are rapidly developing highly efficient air compressors. The mushrooming usage of air compressors in the automotive industry is also fueling the progress of the market.
Depending on type, the market is classified into dynamic and positive displacement categories. Of these, the positive displacement category recorded higher growth in the market during the past few years. Moreover, this trend is likely to continue in the forthcoming years, on account of the rising requirement for rotary type air compressors. Positive displacement air compressors are extensively used in various applications such as those in the food & beverages, construction, and power industries.
Additionally, these compressors are also heavily used in industrial manufacturing applications. When lubrication type is taken into consideration, the APAC air compressor market is divided into oil-flooded and oil-free air compressors. Between these, the oil-free category is predicted to record faster growth in the market in the future years. This will be because of the ballooning requirement for the oil-free air compressors in the chemicals and food & beverages industries.
In the food & beverage industry, these compressors are required for preventing the contamination of sanitized areas and food items and maintaining the air purity. Based on application, the market is categorized into power, construction, industrial manufacturing, chemical and cement, automotive, textile, food & beverage, oil & gas, and HVAC-R. Out of these, the industrial manufacturing category registered the highest growth in the market during the past few years.
This was because of the rapid rise in industrial manufacturing activities in India and China. Furthermore, with the launch of several programs such as the ‘Make in India’ and the ‘Make in China’ in India and China respectively, the usage of air compressors is rising sharply in these countries, especially in various industrial manufacturing application areas. The APAC air compressor market registered huge expansion in China in the past, on account of the country being the world’s biggest manufacturing hub.
Therefore, it can be said with full surety that the market will register huge expansion in the coming years, mainly because of the growing usage of air compressors in various manufacturing operations and automotive and food and beverage industries in the region.
