ASEAN Air Compressor Market to Grow at 4.7% CAGR by 2030
The wide range of irreplaceable applications of air compressors in various industry verticals and increasing investments to build resilient infrastructure are expected to drive the growth of ASEAN Air Compressor industry during the forecast period.
ASEAN Air Compressor Market is expected to grow at a CAGR of 4.7% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Air compressor is a device that increases pressure on air from low to high with the help of external energy. Apart from compressing the air to a desired level, air compressor also ensure the delivery of quality air. Furthermore, according to U.S. Department of Energy, compressed air attributes about 10% of the global energy consumed in the industries. Consequently, with the increasing demand for air compressors from the rapidly growing number of industries, ASEAN air compressor market is projected to grow rapidly during the forecast period.
According to the report, economic growth of countries necessitates the need to build quality infrastructure. This growing focus on infrastructural development is primarily driving the ASEAN air compressor market. Air compressors plays a vital role in building infrastructure. Also, the United Nations emphasizes to achieve more sustainable future for all and have directed the market players to develop energy-efficient air compressors. The energy-efficient air compressor is expected to foresee higher rate of adoption, which in turn is expected to fuel the ASEAN air compressor market growth. Additionally, other factors positively influencing the market are adoption of advanced technologies, increased disposable incomes of the population, and easy availability of raw materials among others.
However, air compressors have high capital costs as well as operating costs. It is one of the prime factors that hinders the market growth. Besides, noise pollution and emission of greenhouse gases during the operation of air compressors are some other factors that may restrain the market growth during the forecast period. Consequently, product development to tackle these challenges are anticipated to create lucrative opportunities for the ASEAN air compressors market growth.
Based on type, ASEAN air compressor market share is segmented into portable and stationary. Stationary segment dominates the ASEAN air compressor market and will be dominant during the forecast period.
Based on lubrication type, ASEAN air compressor market is categorised into oil-free air compressors and oil-flooded air compressors. The oil-flooded air compressors segment dominates the market growth in terms of market share and expected to maintain its dominance over the forecast period.
Based on power rating, ASEAN air compressor market is categorized into 0-100 kW, 101-300 kW, 301-500 kW, and 501 kW & above. 0-100 kW segment accounts for the major share and expected to maintain its dominance in near future.
Based on industry vertical, ASEAN air compressor market is classified into manufacturing, power, food & beverage, oil & gas, medical, and others. Manufacturing holds the major market share and expected to maintain dominance in near future.
Singapore holds the highest market size & share in the ASEAN air compressor market during the forecast period, owing to the growing focus towards sustainable development. In addition, increasing adoption of cutting-edge technologies proliferate the market growth. Malaysia holds the second leading position in the ASEAN air compressor market in terms of market size.
According to the report, some the key players in the ASEAN air compressor market are ElgiEquipments Limited, Rechi Precision Co. Ltd., Kaeser Kompressoren SE, Atlas Copco AB, Ingersoll-Rand plc, Kobe Steel Ltd., Gardner Denver Holdings Inc., Hitachi Ltd., BAUER COMP Holding GmbH, BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG, and Fusheng Co. Ltd.
Browse key industry insights from the report, “ASEAN Air Compressor Market by Type (Portable and Stationary), by Lubrication Type (Oil-Free Air Compressors and Oil-Flooded Air Compressors), by Power Rating (0-100 kW, 101-300 kW, 301-500 kW, and 501 kW & Above), by Industry Vertical (Manufacturing, Power, Food & Beverage, Oil & Gas, Medical and Others), Regional Outlook (Malaysia, Vietnam, Indonesia, Philippines, Thailand, and Singapore), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020–2030” in detail along with the table of contents:
Key Insights from the ASEAN Air Compressor Market Report:
- Singapore is the fastest growing region in ASEAN air compressor market owing to accelerated financing to construct climate-resilient infrastructure.
- Manufacturing segment dominates the market growth in terms of industry vertical and is expected to grow at a significant CAGR to maintain the lead till 2030.
- Some of the major players in the market are ElgiEquipments Limited, Rechi Precision Co. Ltd., Kaeser Kompressoren SE, Atlas Copco AB, Ingersoll-Rand plc, Kobe Steel Ltd., Gardner Denver Holdings Inc., Hitachi Ltd., BAUER COMP Holding GmbH, BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG, and Fusheng Co. Ltd.
The report ASEAN air compressor market – segmented by type, lubrication type, power rating, industry vertical, and geography.
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