The growing oil and gas industry along with the surge in the infrastructure development projects are boosting the growth of the ASEAN air compressor market.

According to a new research report by Next Move Strategy Consulting, The ASEAN air compressor market size was valued at USD 1.51 billion in 2023, and is predicted to reach USD 2.03 billion by 2030, with a CAGR of 3.9% from 2024 to 2030.

The increase in oil and gas exploration activities, especially in the ASEAN countries, is boosting the demand for air compressors. These machines are crucial for tasks such as compressing gas and powering pneumatic equipment in oil and gas extraction and processing. According to the ASEAN Centre for Energy Report 2023, ASEAN exported oil worth USD 91.4 billion and natural gas worth USD 25.5 billion in 2021. With more intense exploration efforts, there's a growing need for reliable and efficient air compressors to enhance production, minimize downtime, and ensure safety in extraction and processing operations. This growing demand for air compressors is directly linked to the expansion of the oil and gas industry in ASEAN countries, presenting significant growth opportunities for compressor manufacturers and suppliers.

Moreover, the rapid expansion of infrastructure projects in ASEAN nations such as Indonesia, Thailand, and Vietnam are spurring the demand for air compressors. These compressors are essential for various construction tasks such as drilling, nailing, and painting, powering pneumatic tools and equipment. As per the ASEAN Constructor Federation's 2022 report, Vietnam's construction market was valued at approximately USD 76.1 billion in 2021, with an expected 8% growth by 2026. With substantial investments in building roads, bridges, and structures to bolster economic growth and urban development, the requirement for efficient and dependable air compressors is on the rise. This upsurge in construction activities is fueling the need for compressors, opening up opportunities for manufacturers and suppliers to meet the growing demands of the construction sector.

For instance, in April 2024, Hitachi acquired Mountain Air Compressor Incorporated to provide the sales and service of air compressors, air treatment products, accessories, and related equipment. This acquisition is part of Hitachi Global Air Power's strategy to serve its customers and establish a presence in the Tennessee valley which caters the mining, lumber, pharmaceutical, and chemical industry customers.

Moreover, in November 2023, Siemens Energy collaborated with Corre Energy for the deployment of multiday Compressed Air Energy Storage (CAES) technology in North America. This partnership builds on an existing strong relationship between the companies and support Corre Energy's expansion into North America, including a 280-megawatt CAES project in West Texas.

However, the upfront costs associated with air compressors, along with requirement for regular maintenance expenses such as filter replacements, lubrication, and inspections, significantly add to the total cost of ownership. This financial burden acts as a barrier to market expansion, particularly for small and medium-sized businesses, which may hesitate to invest in new compressor systems or upgrade existing ones.

On the contrary, the integration of air compressors with IoT sensors and cloud platforms is expected to create lucrative growth opportunities for the market. This integration enables remote monitoring, predictive maintenance, and optimization of compressor performance. IoT sensors gather real-time data on parameters such as temperature, pressure, and energy usage, which is then transmitted to cloud platforms for analysis. Advanced algorithms analyze this data to detect potential issues, forecast maintenance needs, and optimize compressor operations. By leveraging IoT and cloud technologies, businesses can reduce downtime, enhance equipment reliability, and improve energy efficiency, driving the demand for smart air compressor solutions and fueling market growth.

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According to the report, leading players operating in the ASEAN air compressor market include Atlas Copco Group, Ingersoll-Rand PLC, Hitachi Ltd., Siemens Energy AG, Mitsubishi Heavy Industries Ltd., Kaeser Kompressoren, Elgi Equipment Limited, Anest Iwata, Boge Kompressoren, Suzler Ltd., and others.

Key Insights from the ASEAN Air Compressor Market report:

• The information related to key drivers, restraints, and opportunities and their impact on the ASEAN air compressor market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of the players in the ASEAN air compressor market and their competitive analysis are provided in the report.