ASEAN Air Compressor Market Quantitative Analysis, Current and Future Trends

Due to the expanding construction and automotive industries, the demand for air compressors in the Association of Southeast Asian Nations (ASEAN) member countries is increasing. As a result, the ASEAN air compressor market is projected to witness an increase in its revenue to more than $1,130.0 million in 2024 from $902.9 million in 2018, at a 3.6% CAGR during 2019–2024 (forecast period). Moreover, with the increasing environmental concerns, the requirement for energy-efficient compressors is surging. Air compressors increase the pressure of a gas by decreasing its volume.

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The ASEAN air compressor market is bifurcated into dynamic and positive displacement, on the basis of type. Of these, the positive displacement bifurcation held the larger share during 2014–2018 (historical period) due to the increasing demand for these variants in the automotive, industrial manufacturing, power, food & beverage, and construction sectors. The positive displacement bifurcation is further categorized into rotary and reciprocating, of which rotary is the larger and faster-growing kind.

A key trend in the ASEAN air compressor market is the shift from steam and gas turbines as the prime mover to variable-frequency drives (VFD). Electric motors integrated with the VFD technology are replacing turbines as they reduce the downtime of compressors, since they have a lower maintenance requirement. Additionally, the VFD technology offers stronger process control and precise speed and reduces the noise, electricity bills, and capital investments. For instance, compared to the 36% efficiency of a gas-turbine air compressor, one equipped with the VFD technology offers 95% efficiency.

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A major driver for the ASEAN air compressor market is the growth in the automotive industry. Due to the increase in the purchasing power of people, China and India have become two of the largest producers of vehicles in the world. This is driving the demand for air compressors, which are used in automobile plants for car painting, tire inflation, and engine construction. In addition, the perpetually hot and humid climate of much of South and Southeast Asia leads to a high demand for compressors in vehicle AC units.

Therefore, with growth in industries, sales of air compressors will keep growing in ASEAN countries.

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This release was published on openPR.