Industry: Construction & Manufacturing | Publish Date: 19-Jun-2024 | No of Pages: 301 | No. of Tables: 230 | No. of Figures: 195 | Format: PDF | Report Code : N/A
The Asia-Pacific Air Compressor Market size was valued at USD 9.39 billion in 2023, and is projected to reach USD 15.02 billion by 2030, at a CAGR of 6.5% from 2024 to 2030. In terms of volume, the market size was 462 thousand units in 2023, and is projected to reach 923 thousand units by 2030, with a CAGR of 9.8% from 2024 to 2030. An air compressor is an essential mechanical device used across various industries to generate compressed air, that is vital for many applications.
It primarily converts power from sources such as electric motors or diesel engines into potential energy stored as compressed air. This pressurized air is then used to power pneumatic tools and equipment, inflate tires, supply air to HVAC systems for climate control, and support industrial processes such as spray painting and packaging. Essentially, an air compressor provides a reliable source of compressed air, crucial for a wide range of tasks and operations in diverse business and industrial environments.
The Asia Pacific air compressor market is driven by diverse factors. It is spurred by increasing car sales where air compressors are essential for powering pneumatic tools in vehicle assembly. Similarly, the demand for air compressor is also fuelled by the growing pharmaceutical, food & beverage, construction, and manufacturing sectors for powering pneumatic tools, operating machinery, and maintaining efficient production lines.
The escalating growth of the oil and gas further boost the demand for air compressor in the region. According to the International Energy Agency report, Asia Pacific supply 24% of the oil in the total energy supply at a 61% of increasing trend from 2000-2021, 35% of the global share that accounts for 64?,498,?225 terajoule (TJ).
Moreover, the growing electricity consumption accelerates the demand for air compressors particularly in power generation facilities where they are crucial for turbine control and pneumatic equipment operation. According to the International Energy Agency report, Asia Pacific produced around 14,?030?,721GWh of electricity that accounts for 49% of the global share in 2021.
The initial cost involved with air compressors, alongside the requirement for regular maintenance such as filter changes, lubrication, and inspections, contributes to the total cost of ownership. This financial constraint acts as a restraining factor in the growth of the air compressor market. Consequently, small and medium-sized businesses hesitate to invest in new air compressor systems or upgrade existing ones, potentially slowing down market growth.
The incorporation of IoT sensors and cloud platforms into air compressors is poised to unlock future growth opportunities within the air compressor market. This integration facilitates remote monitoring, predictive maintenance, and performance optimization of compressors. IoT sensors, embedded within air compressors, continuously gather real-time data on critical parameters such as temperature, pressure, and energy consumption.
Subsequently, this data is transmitted to cloud platforms where advanced analytics algorithms analyse it to identify potential issues, forecast maintenance requirements, and enhance compressor operations. Through harnessing IoT and cloud technologies, organizations can minimize downtime, improve equipment reliability, and optimize energy usage, thereby fueling demand for intelligent air compressor solutions and stimulating market expansion.
Increasing car sales in the country is a major growth driver for the demand of air compressors, particularly in the automotive manufacturing sector. According to the International Trade Administration report 2023, China continues to be the world’s largest vehicle market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025.
This rising consumer demand led to the automotive plants for scaling up production, requiring more air compressors to power essential pneumatic tools used in vehicle assembly. Furthermore, the prospering mining industry in the country is further accelerating the growth of air compressor market. According to the Government of Canada report 2023, China accounts for over 1,500 major mining operations with approximately 75% of all major Chinese mining operations are underground.
With around USD 200 billion/year is spent on mine supply and services. The increasing growth of the mining activities in the country expands the need for reliable and efficient compressed air systems. Air compressors play a critical role in ensuring the smooth operation of mining equipment, contributing to increased productivity and safety in mining operations.
Large electricity consumption in South Korea is a significant driver of the demand for air compressors. According to the International Trade Administration report 2023, South Korea is ranked as the world’s seventh-largest energy-consuming nation in 2022 reaching annual electricity consumption of 547.9TWh, an increase of 2.7% from the previous year.
The crucial role played by air compressors in power generation facilities for tasks such as turbine control, pneumatic equipment operation, and cooling systems help in acceleration of its demand in the upscaling electricity industry.
Furthermore, with South Korea being a major producer and exporter of chemicals, including petrochemicals and specialty chemicals, there is a continuous need for compressed air to power pneumatic tools and equipment essential for these operations.
According to the International Trade Administration report 2023, South Korea’s chemical industry accounts for 14.3% of the country’s manufacturing production and 17% of total exports. The chemical industry is a vast industry that ranks 5th in terms of shipment volume and boasts a scale of about USD 158 billion occupying 4% of the world market. The reliable and efficient operation of air compressors ensures precise control and handling of chemicals, contributing to the growth of the Asia-Pacific air compressor market.
The key players operating in the Asia-Pacific air compressor industry include Atlas Copco Group, Ingersoll-Rand PLC, Hitachi Ltd., Siemens Energy AG, Kaeser Kompressoren, MAT Holding, Inc., Elgi Equipment Limited, Sulzer Ltd., Mitsubishi Heavy Industries, Ltd., Anest Iwata, and others.
Portable
Stationary
Rotary Screw
Centrifugal
Reciprocating
Oil-Free
Oil-Injected/Flooded
0-100 kW
101-300 kW
301-500 kW
501 kW & Above
Air Cooled
Water Cooled
Manufacturing
Construction
Oil & Gas
Healthcare
Others
China
Japan
India
South Korea
Australia
Indonesia
Singapore
Taiwan
Thailand
Rest of Asia-Pacific
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 9.39 Billion |
Revenue Forecast in 2030 |
USD 15.02 Billion |
Growth Rate |
CAGR of 6.5% from 2024 to 2030 |
Market Volume in 2023 |
462 thousand units |
Unit Forecast in 2030 |
923 thousand units |
Volume Growth Rate |
CAGR of 9.8% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
|
Countries Covered |
10 |
Companies Profiled |
10 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
Atlas Copco Group
Ingersoll-Rand PLC
Hitachi Ltd.
Siemens Energy AG
Kaeser Kompressoren
MAT Holding, Inc.
Elgi Equipment Limited
Sulzer Ltd.
Mitsubishi Heavy Industries, Ltd.
Anest Iwata