ASEAN Air Compressor Market Anticipated to Reach $1.13 Billion by 2024: P&S Intelligence
NEW YORK, Sept. 01, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, ASEAN air compressor market size is expected to reach $1.13 billion by 2024, registering a CAGR of 3.6% during the forecast period. The major factors stimulating the market growth includes growing automotive industry and increasing investments in construction industry in the region.
Based on positive displacement air compressor type, ASEAN air compressor market is categorized into rotary and reciprocating air compressors. Among these, rotary air compressors accounted for larger revenue share in 2018, predominately attributed to the growing demand for screw air compressors from manufacturing applications. Additionally, increasing replacement of piston air compressors with screw air compressors in industrial sector is boosting the demand for rotary air compressors.
Based on dynamic air compressor type, ASEAN air compressor market is categorized into centrifugal and axial flow air compressors. Among these, centrifugal air compressor category accounted for the larger share in 2018. Centrifugal air compressors are majorly used in oil & gas industries. Indonesia is expected to be the major contributor to the centrifugal air compressor market owing to increasing government initiatives toward boosting the production of oil & gas in the country.
On the basis of application of oil-free piston air compressor, ASEAN air compressor market is categorized into industrial manufacturing, food & beverage, chemical and cement, healthcare, and construction. Among these, industrial manufacturing sector registered a growth rate of 5.1% during historical period, wherein Thailand and Philippines stood registered highest growth rate. The major growth drivers for these countries are increasing investments in industrial goods production as well as government initiatives to attract foreign direct investments (FDIs).
Browse report overview with detailed TOC on "ASEAN Air Compressor Market Research Report: By Type (Positive Displacement, Dynamic), Lubrication Type (Oil-Free, Oil-Flooded), Portability (Portable, Stationary), Pressure (Ultra-Low-Pressure, Low-Pressure, Medium-Pressure, High-Pressure, Hyper-Pressure), Application (Construction, Power, Industrial Manufacturing, HVAC-R, Chemical and Cement, Oil & Gas, Automotive, Food & Beverage, Textile), Geographical Outlook (Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam) – Industry Size, Share and Trend Analysis and Growth Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/asean-air-compressor-market
Based on country, Philippines is expected to be the fastest growing country in the region, and is expected to register a CAGR of 6.7% over the forecast period. This can be attributed to positive growth in the industrial manufacturing sector, wherein primarily food & beverage and electronic industries are showcasing highest growth in the country. It has been recorded that the country’s food & beverage industry recorded a growth of 31% during 2014-2018, owing to its rising consumer base.
Rising focus toward the use of energy efficient compressor is driving ASEAN air compressor market. The governments of ASEAN countries are promoting adoption of energy efficiency measures in construction of homes, apartments, and townships. Due to active promotion of energy efficiency by governments, demand for energy efficient air compressors is increasing in the region, as it reduces energy costs and also protects environment from emission of greenhouse gases.
ASEAN air compressor market is highly competitive with the presence of numerous market players. Atlas Copco AB, Hitachi Ltd., and Kobe Steel Ltd. are among the top market players in the region. Some of the key players operating in the ASEAN air compressor market includes Rechi Precision Co. Ltd., Elgi Equipments Limited, Kaeser Kompressoren SE, Ingersoll-Rand plc, Atlas Copco AB, Kobe Steel Ltd., Hitachi Ltd., Gardner Denver Holdings Inc., BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG, BAUER COMP Holding GmbH, and Fusheng Co. Ltd.
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The Indian air compressor market is expected to witness the fastest growth during the forecast period, both in terms of volume and value, owing to the expected high growth in small businesses and construction industry in the country.
The southern part of India is poised to record significant growth in the forecast period. During 2016-2017, Tamil Nadu’s industrial sector recorded a YoY growth of 7.7%. Besides this, according to the 2017-2018 budget, the state government is expected to invest $2.64 billion in its energy sector, and is expected to increase the production of automobiles manufacturing capacity to 5.8 million units by 2020.
India compressor market is expected to register fastest growth during the forecast period, both in terms of volume and value, owing to robust growth of small businesses and construction industry in the country.
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