ASEAN air compressor market is expected to reach $1.13 billion by 2024, registering a CAGR of 3.6% during the forecast period. The major factors stimulating the market growth includes growing automotive industry and increasing investments in construction industry in the region, according to P&S Intelligence.
Insights into the market segments
Based on positive displacement air compressor type, ASEAN air compressor market is categorized into rotary and reciprocating air compressors. Among these, rotary air compressors accounted for larger revenue share in 2018, predominately attributed to the growing demand for screw air compressors from manufacturing applications. Additionally, increasing replacement of piston air compressors with screw air compressors in industrial sector is boosting the demand for rotary air compressors.
Based on dynamic air compressor type, ASEAN air compressor market is categorized into centrifugal and axial flow air compressors. Among these, centrifugal air compressor category accounted for the larger share in 2018. Centrifugal air compressors are majorly used in oil & gas industries. Indonesia is expected to be the major contributor to the centrifugal air compressor market owing to increasing government initiatives toward boosting the production of oil & gas in the country. For instance, in 2018, Indonesian Energy and Mineral Resources Ministry (ESDM) approved Plan of Development (PoD) of oil & gas projects in the country.
On the basis of application of oil-free piston air compressor, ASEAN air compressor market is categorized into industrial manufacturing, food & beverage, chemical and cement, healthcare, and construction. Among these, industrial manufacturing sector registered a growth rate of 5.1% during historical period, wherein Thailand and Philippines stood registered highest growth rate. The major growth drivers for these countries are increasing investments in industrial goods production as well as government initiatives to attract foreign direct investments (FDIs).
Based on country, Philippines is expected to be the fastest growing country in the region, and is expected to register a CAGR of 6.7% over the forecast period. This can be attributed to positive growth in the industrial manufacturing sector, wherein primarily food & beverage and electronic industries are showcasing highest growth in the country. It has been recorded that the country’s food & beverage industry recorded a growth of 31% during 2014-2018, owing to its rising consumer base.
Increasing shift toward energy efficient compressors is a key factor driving air compressor market in the region
Rising focus toward the use of energy efficient compressor is driving ASEAN air compressor market. The governments of ASEAN countries are promoting adoption of energy efficiency measures in construction of homes, apartments, and townships. For instance, in 2014, Malaysian government launched ‘National Energy Efficiency Action Plan (NEEAP)’ to promote energy efficiency that helps to ensure productive use of energy. With this plan, the government is aiming to save 52,233 GWh energy by 2024.
Due to active promotion of energy efficiency by governments, demand for energy efficient air compressors is increasing in the region, as it reduces energy costs and also protects environment from emission of greenhouse gases. Also, the major players in the ASEAN air compressor market are introducing compressors that are more efficient as compared to conventional compressors. For instance, in October 2018, Atlas Copco AB launched ZR 90-160 VSD+, oil-free rotary screw compressor, which delivers up to 35% energy savings.
Browse report overview with detailed TOC on "ASEAN Air Compressor Market Research Report: By Type (Positive Displacement, Dynamic), Lubrication Type (Oil-Free, Oil-Flooded), Portability (Portable, Stationary), Pressure (Ultra-Low-Pressure, Low-Pressure, Medium-Pressure, High-Pressure, Hyper-Pressure), Application (Construction, Power, Industrial Manufacturing, HVAC-R, Chemical and Cement, Oil & Gas, Automotive, Food & Beverage, Textile), Geographical Outlook (Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam) – Industry Size, Share and Trend Analysis and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/asean-air-compressor-market
ASEAN Air Compressor Market Competitive Landscape
ASEAN air compressor market is highly competitive with the presence of numerous market players. Atlas Copco AB, Hitachi Ltd., and Kobe Steel Ltd. are among the top market players in the region. Some of the key players operating in the ASEAN air compressor market includes 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.
ASEAN Air Compressor Market Segmentation
Market Segmentation by Type
Market Segmentation by Lubrication Type
Market Segmentation by Portability
Market Segmentation by Pressure
Market Segmentation by Application
Market Segmentation by Oil-Free Piston Air Compressor
Market Segmentation by Country