The Asia-Pacific (APAC) air compressor market generated a revenue of $11.8 billion in 2018 and is predicted to attain a valuation of $15.2 billion by 2024. According to the forecast of P&S Intelligence, a market research company based in India, the market will advance at a CAGR of 4.1% between 2019 and 2024. The main factors driving the advancement of the market are the growing requirement for energy efficient air compressors in the region.
Due to the rising focus toward energy savings and manufacturing efficiency, the requirement for energy efficient compressors is surging rapidly across the region. The usage of air compressors is predicted to cause a sharp fall in energy costs and greenhouse gas emissions. Because of this reason, the leading APAC air compressor market players are rapidly developing highly efficient air compressors. The mushrooming usage of air compressors in the automotive industry is also fueling the progress of the market.
Depending on type, the market is classified into dynamic and positive displacement categories. Of these, the positive displacement category recorded higher growth in the market during the past few years. Moreover, this trend is likely to continue in the forthcoming years, on account of the rising requirement for rotary type air compressors. Positive displacement air compressors are extensively used in various applications such as those in the food & beverages, construction, and power industries.
Browse detailed – APAC Air Compressor Market Revenue Estimation and Growth Forecast Report
Additionally, these compressors are also heavily used in industrial manufacturing applications. When lubrication type is taken into consideration, the APAC air compressor market is divided into oil-flooded and oil-free air compressors. Between these, the oil-free category is predicted to record faster growth in the market in the future years. This will be because of the ballooning requirement for the oil-free air compressors in the chemicals and food & beverages industries.
In the food & beverage industry, these compressors are required for preventing the contamination of sanitized areas and food items and maintaining the air purity. Based on application, the market is categorized into power, construction, industrial manufacturing, chemical and cement, automotive, textile, food & beverage, oil & gas, and HVAC-R. Out of these, the industrial manufacturing category registered the highest growth in the market during the past few years.