ASEAN Air Compressor Market size is estimated to be USD 1.06 billion in 2019 and is predicted to reach USD 1.76 billion by 2030 with a CAGR of 4.7%

The ASEAN Air Compressor Market size is estimated to be USD 1.06 billion in 2019 and is predicted to reach USD 1.76 billion by 2030 with a CAGR of 4.7% from 2020-2030.

Air compressor is a mechanical device, which compresses air through high pressure for several functional use. This highly compressed air finds different applications such as tyre inflation, powering a turbine, functioning of any air conditioning system, spray painting, packing, medical equipment, and others. As air compressors play a fundamental role in the modern world, it is termed as a fourth utility after electricity, petrol, and gas. Considering its necessity in wide range of applications, ASEAN air compressor market is estimated to grow substantially during the forecast period.

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Competitive Landscape

The ASEAN air compressor market operates in a highly competitive environment with several market players. Some of the major market players include ElgiEquipments Limited, Rechi Precision Co. Ltd., Kaeser Kompressoren SE, Atlas Copco AB, Ingersoll-Rand plc, Kobe Steel Ltd., Gardner Denver Holdings Inc., Hitachi Ltd., BAUER COMP Holding GmbH, BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG, and Fusheng Co. Ltd. among others.

The ASEAN air compressor market witness steep growth with several instances of product launches and developments of air compressors from leading market players. For instance, in March 2019, KAESER Kompressoren launched IoT enabled Sigma Air Manager 4.0 (SAM 4.0). SAM 4.0 assures the monitoring and control of all components of compressed air station efficiently. Moreover, SAM 4.0 takes account of upcoming benefits of Industry 4.0. Similarly, in October 2019, ElgiEquipments, unveiled its new oil free range of piston compressors at the 13th International Railway Equipment Exhibition (IREE). The new oil free piston series is specifically designed for metro/EMU segment of railways, offering lean and oil free air that enables ease of operations with reduced maintenance costs of up to 50% by improving the maintenance schedules.

Market Dynamics and Trends

Gaining importance of quality infrastructure to boost economic growth has resulted in considerable investments in infrastructure development from governments as well as private investors worldwide. This is one of the prime factors for the rapid growth of ASEAN air compressor market. Also, the environmental degradation caused by the consumption of conventional energy has forced the market players to shift their focus towards the development of energy-efficient air compressors, which aids sustainable infrastructure development. Furthermore, factors such as growing construction activities, and flourishing industrialization are anticipated to influence the market positively.

Some of the other factors driving the market growth are increasing per capita income, availability of raw materials, and low labor costs among many others. There is an increasing demand for air compressors from several industries such as medical, oil & gas, power generation, food & beverage, and manufacturing. It is estimated that these industries have a compelling preference towards oil-free compressors. However, the usage of oil flooded air compressors may cause contamination and condensation issues, especially in industries such as food & beverage, oil & gas, and chemical. Therefore, oil-free compressors are preferred more in these industries.

Moreover, the ongoing trade war between China and U.S has pushed many manufacturing companies to pull out their facilities from China and move to Southeast Asian countries including Malaysia, Vietnam and others. Therefore, it is expected that the emerging economies, specifically in the Southeast Asian region would witness growth in market size owing to increase in industrialization by the migration of multinational companies to these countries. However, factors such as high installation and maintenance cost coupled with emission of greenhouse gases and increased sound pollution due to the use of air compressors are hindering the growth of air compressors market. Additionally, high initial and maintenance cost is expected to impede the market growth. Moreover, untapped opportunities from the developing economies generate potential scope for the growth of the market during the forecast period. Furthermore, integration of IoT and other technologies to increase the operational efficiency of air compressors are expected to provide lucrative opportunities in the ASEAN air compressor market in the coming years.

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Market Segmentations and Scope of the Study:

The ASEAN air compressor market share is analyzed based on type, lubrication, portability, application and geography. Based on type, the market is bifurcated into portable air compressors and stationary air compressors. Based on lubrication, the market is fragmented into oil-free air compressors and oil-flooded air compressors. Based on power ratings, the market is segmented into 0-100 kW, 101-300 kW, 301-500 kW, and 501 kW & above. Based on industry vertical, the market is divided into manufacturing, power, food & beverage, oil & gas, medical and others. Geographic breakdown and analysis of each of the aforesaid segments includes countries such as Malaysia, Vietnam, Indonesia, Philippines, Thailand, and Singapore.

Geographical Analysis

ASEAN countries highly focus on adopting advanced technologies aiming at reducing the cost of operation. Hence, the industries in this region witness higher adoption of energy-efficient machinery to grow in the spearhead competition. Countries such as Malaysia, Singapore and Thailand are anticipated to experience rapid growth in the ASEAN air compressor market owing to its technological prowess and increasing government investments to develop quality infrastructure.

Furthermore, the other countries such as Indonesia, Vietnam and Philippines are expected to gain momentum in the ASEAN air compressor market during the forecast period, owing to increasing government initiatives and projects towards sustainable development and various policy changes to boost the industrialization.

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