Among the top manufacturing nations in the world are China, Japan, India, and South Korea. Their booming population and export volume are leading to a continuous increase in industrial production. New manufacturing clusters are being set up, and a huge volume and variety of production equipment is being procured in order to fulfill the rising demand for all things imaginable. One of the key pieces of equipment used at factories is an air compressor, often as part of larger machines that operate on pneumatics (air pressure).
Therefore, as per P&S Intelligence, with the burgeoning industrial production, the value of the Asia-Pacific (APAC) air compressor market will increase to $15.2 billion by 2024 from $11.8 billion in 2018, at a 4.1% CAGR during 2019–2024 (forecast period). Some of the common industrial machines that work on pneumatics, therefore require air compressors, are rock drills, riveters, pavement breakers, paint sprayers, forging presses, blast cleaners, nail guns, and atomizers. Moreover, several piping systems, such as those used in food processing plans, use pressurized air to push products and ingredients.
Access Report Summary – APAC Air Compressor Market Segmentation Analysis Report
Another important and, perhaps, the most-common application area of such devices, is heating, ventilation, air conditioning, and refrigeration (HVAC-R) systems. The most-important component of an AC or fridge is the compressor, as it is what provides the cooling. Hence, with the global temperature rising each year as a result of climate change due to air pollution, the demand for such systems is burgeoning. In addition, the rising disposable income in developing countries is allowing people to purchase ACs and fridges, thereby propelling air compressor sales in APAC.
The portability segment of the APAC air compressor market is bifurcated into portable and stationary. Of these, the stationary bifurcation held the larger share during 2014–2018 (historical period) as most of the compressors used in factories are so big that they cannot be carried from one place to another. Moreover, they need to be this massive because the compressed air requirements of factories are huge, both in terms of the volume of air and the pressure.