South Korea Air Compressor Market by Type (Portable and Stationary), by Technology (Rotary Screw, Centrifugal, and Reciprocating), by Lubrication Type (Oil-Free, and Oil-Injected/Flooded), by Power Rating (0-100 Kw, 101-300 Kw, 301-500 Kw, and 501 Kw & Above), by Cooling Method (Air Cooled and Water Cooled), and by Industry Vertical (Manufacturing, Construction, Oil & Gas, Healthcare, and Others) –Opportunity Analysis and Industry Forecast, 2024– 2030
Industry: Construction & Manufacturing | Publish Date: 20-Jun-2024 | No of Pages: 143 | No. of Tables: 108 | No. of Figures: 73 | Format: PDF | Report Code : N/A
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South Korea Air Compressor Market Overview
The South Korea Air Compressor Market size was valued at USD 713.7 million in 2023, and is projected to reach USD 1367.2 million by 2030, at a CAGR of 9.2% from 2024 to 2030. In terms of volume, the market size was 33 thousand units in 2023, and is projected to reach 79 thousand units by 2030, with a CAGR of 12.7% 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.
Large Electricity Consumption is Fuelling the South Korea Air Compressor Market Growth
The significant driver of the demand for air compressors in South Korea is the country's large electricity consumption. According to the International Trade Administration report 2023, South Korea is ranked as the world’s seventh-largest energy-consuming nation in 2022, reaching an annual electricity consumption of 547.9 TWh, with a 2.7% increase from the previous year. Air compressors play a crucial role in power generation facilities for tasks such as turbine control, pneumatic equipment operation, and cooling systems, leading to an increased demand as the electricity industry upscales.
Growing Chemical Industry Increases Demand for South Korea Air Compressor Market
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 reliable and efficient operation of air compressors ensures precise control and handling of chemicals, contributing to the growth of the South Korea air compressor market trends.
High Initial and Maintenance Costs Hinders the Growth of the Market
The initial cost of air compressors, coupled with the need for regular maintenance such as filter changes, lubrication, and inspections, adds to the total cost of ownership. This financial burden serves as a limiting factor for the growth of the air compressor market. As a result, small and medium-sized businesses often hesitate to invest in new air compressor systems or upgrade their existing ones and it is slowing down the market expansion.
The Integration of IoT Sensors and Cloud Platforms is Expected to Create Ample Growth Opportunity for the Market
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.
Competitive Landscape
The market players operating in the South Korea 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., and Anest Iwata, among others.
South Korea Air Compressor Market Key Segments
By Type
-
Portable
-
Stationary
By Technology
-
Rotary Screw
-
Centrifugal
-
Reciprocating
By Lubrication Type
-
Oil-Free
-
Oil-Injected/Flooded
By Power Rating
-
0-100 kW
-
101-300 kW
-
301-500 kW
-
501 kW & Above
By Cooling Method
-
Air Cooled
-
Water Cooled
By Industry Vertical
-
Manufacturing
-
Construction
-
Oil & Gas
-
Healthcare
-
Others
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 713.7 Million |
|
Revenue Forecast in 2030 |
USD 1367.2 Million |
|
Growth Rate |
CAGR of 9.2% from 2024 to 2030 |
|
Market Volume in 2023 |
33 thousand Units |
|
Unit Forecast in 2030 |
79 thousand Units |
|
Volume Growth Rate |
CAGR of 12.7% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
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. |
KEY PLAYERS
-
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
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