Air Compressor Sales Rising in APAC with Burgeoning Industrial Production
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.
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.
Such machines are widely used in the construction, industrial manufacturing, power, HVAC-R, oil & gas, chemical & cement, automotive, textile, food & beverage, healthcare, agriculture, and research sectors. Among these, the food & beverage sector’s procurement of air compressors will be at the highest rate in the coming years. Here, compressors are used to clean utensils and bins where using chemicals or other agents is banned due to product safety concerns and in various production purposes. For instance, in factories that produce coated products, the excess coating of vanilla, chocolate, cheese or other emulsions is blasted off with pressurized air.
In 2018, the APAC air compressor market was dominated by China, as it is home to the largest manufacturing sector in the world. Cost-effective labor and raw materials, less-stringent environmental regulations than the Western world, and a huge population have encouraged European and North American manufacturers to set up factories here. Moreover, China is home to a large number of domestic industrial companies, which keeps boosting the requirement for air compressors and other equipment.
In the coming years, the fastest adoption of such machines in the region will likely be witnessed in India. This will be due to the government’s Make in India initiative, under which 100% foreign direct investment is allowed, in order to make the country an industrial powerhouse. Further, India has a rather large automotive industry, where air compressors are quite essential in several processes, such as spray painting and tire inflation.
Hence, with the booming manufacturing industry, the demand for air compressors will grow in the APAC region.
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