Published: July 2019 | Report Code: SE11711 | Available Format: PDF | Pages: 299
ASEAN Air Compressor Market Overview
ASEAN air compressor market was valued at $902.9 million in 2018, and is expected to advance at a CAGR of 3.6% during 2019–2024. This can be attributed to various factors including surging automotive industry, increasing focus toward energy efficient air compressors, and growing construction industry in the region.
Based on air compressor type, ASEAN air compressor is categorized into positive displacement and dynamic air compressors. Among these, positive displacement air compressor category accounted for larger revenue share in 2018, and is expected to lead throughout the forecast period as well. This can be attributed to the growing demand for these air compressors from food & beverage, and industrial manufacturing sectors.
On the basis of lubrication type, ASEAN air compressor market is categorized into oil-free and oil-flooded air compressors. Among these, oil-flooded air compressors contributed to the major revenue share in 2018, as it is more preferred by the end-users, owing to its ability of providing higher pressure when compared to oil-free air compressors. Oil-free air compressors are not completely hermetically sealed due to the absence of oil. However, oil-free air compressors are being increasingly used in applications such as food & beverage industries and hospitals; where the clean air is of utmost importance.
Based on portability, ASEAN air compressor market is categorized into stationary and portable air compressors. Among these, stationary air compressor category accounted for larger revenue share in 2018. This is attributed to the growing industrial manufacturing sector in the region, mainly in Indonesia, Malaysia, and Philippines. Moreover, portable air compressors are expected to register faster growth over the forecast period. Portable air compressors find large-scale application in pneumatic equipment such as the drills, nail guns, sprayers, and others.
Based on application, ASEAN air compressor market is categorized into construction, power, HVAC-R, chemical and cement, industrial manufacturing, oil & gas, automotive, food & beverage, textile, and others, wherein ‘others’ include healthcare, research laboratories, and agriculture. Among these applications, industrial manufacturing sector accounted for largest share of around 33% in 2018. This is due to industry’s high growth in Indonesia, Thailand, Malaysia, and Philippines. Additionally, with the advent of ‘Making Indonesia 4.0’, and economic transformation program in Malaysia, the countries are registering a huge growth potential in manufacturing industries.
ASEAN Air Compressor Market Dynamics
Growing preferences toward oil-free air compressors is a key factor trending in the ASEAN air compressor market. Compressors are widely used in food & beverage, oil & gas, chemical, power, textile, and manufacturing industries. However, the process of producing compressed air through oil-flooded air compressors leads to contamination and condensation. Hence, to address this concern, several companies are inclining toward oil-free air compressors. For instance, major portion of food & beverage companies are presently using oil-free air compressors for packaging, product handling, cleaning and manufacturing, and in cutting and peeling food products to prevents contamination of foods.
Growing construction industry in ASEAN region is a major factor driving the growth of ASEAN air compressor market. As of 2018, combined value of mega-projects across ASEAN stood at around $3 trillion. Of these, Thailand, Malaysia, Vietnam, Indonesia, Philippines, and Singapore are the major contributors shaping the industry. Moreover, in Malaysia, there are several infrastructural projects are on the pipeline under ’Eleventh Malaysia Plan’, a five-year development plan between 2016-2020. This plan includes the construction of highways, mass rapid transit (MRT), light rail transit (LRT), electricity power plants, and water treatment plants. As compressors are required in most of the infrastructural construction work such as in subways, tunnels, bridges, highways, and ports constructions, the increasing infrastructure spending in the region is resulting in growth in air compressor market.
Launch of air compressors with internet of things (IoT) technology is offering growth opportunity to air compressor market players. The compressors play a significant role in manufacturing process of every equipment. Failing of compressors can affect the production process and the whole business can come to a halt. It requires a lot of time to diagnose and rectify the problem. To predict and detect maintenance needs, it becomes necessary to adopt sensor-based compressors. Due to this, the major players in the market are focusing on launching of air compressors with IoT technology. For instance, in January 2018, Elgi Equipments Limited, launched air compressor with IoT technology.
ASEAN Air Compressor Market Competitive Landscape
In the recent past, players in the ASEAN air compressor market have particularly focused on mergers & acquisitions, partnerships, and client wins to increase their product offerings in order to strengthen their market position. For instance, in June 2019, Elgi Equipments Ltd launched upgraded range of encapsulated screw air-compressors with variable frequency drives (VFD) and heat recovery systems.
Some of the key players operating in the ASEAN air compressor market include Rechi Precision Co. Ltd., Elgi Equipments Limited, Kaeser Kompressoren SE, Ingersoll-Rand plc, Atlas Copco AB, Kobe Steel Ltd., Hitachi Ltd., Gardner Denver Holdings Inc., BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG, BAUER COMP Holding GmbH, and Fusheng Co., Ltd.
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