Asia-Pacific Compressor Market to Exhibit 4.0% CAGR in Near Future
Nov 20, 2019
The Compressor market has been witnessing considerable growth, buoyed by growing automotive industry, predominantly passenger vehicle category, along with overall growth in demand for electric vehicle.
New York, United States - November 20, 2019 /MarketersMedia/ —
The increasing globalization has led to massive improvements in the global economy, especially in the Asia-Pacific (APAC) region. This improvement in the economic growth has motivated the countries in the region to spend more on the infrastructure development.
One of the major contributors in the infrastructure sector of China is of the transportation sector. For instance, the world’s longest sea bridge, connecting the mainland China to Macau and Hong Kong, was opened by China in October 2017. In India, more focus is on the development of smart cities, where in 2015, the Indian government launched a smart city mission, in which 100 cities across the country will be developed with all the modern facilities.
The APAC compressor market is expected to register a 4.0% CAGR in the coming years. Compressors are mechanical devices that increase the pressure of air or a gas by reducing its volume.
They find applications in various industries, ranging from food processing and oil & gas to electronics and heating, air conditioning & refrigeration (HVAC). Compressors are of two types: dynamic displacement and positive displacement.
During 2013–2017, the higher demand was for the positive displacement type compressors. These compressors are further divided into reciprocating and rotary. In the same time period, the demand for the rotary type positive displacement compressors was higher. This type uses rotational motion to compress gases.
Rotary compressors include scroll and lobe, vane, and screw type. These are all positive displacement compressors, which are extensively used across various industries, such as industrial manufacturing, automotive, construction, food & beverage, and HVAC-R.
The demand for energy-efficient air compressors is witnessing growth in the Asia-Pacific (APAC) compressor market. Air compressors consume high amount of energy, which put a huge burden on the economy of a country. Other than being cost-intensive, these compressors also harm the environment, as they emit greenhouse gases and other pollutants.
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Therefore, keeping these factors in mind, the demand for energy-efficient compressors is rising, which may help in reducing energy consumption. APAC countries, such as India and China are focusing on the development of energy-efficient programs in order to conserve more energy. For instance, an agreement of $220 million loan was signed between the World Bank and Indian government, in 2018, to scale up the energy efficiency program in India.
APAC Compressor Market Segmentation
Market Segmentation by Lubrication Type
Oil-Free
Oil-Flooded
Market Segmentation by Portability
Portable
Stationary
Market Segmentation by Pressure
Ultra-Low-Pressure
Low-Pressure
Medium-Pressure
High-Pressure
Hyper-Pressure
Contact Info:
Name: Abhishek
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Organization: P&S Intelligence
Website: https://www.psmarketresearch.com/market-analysis/apac-compressor-market
Source URL: https://marketersmedia.com/asia-pacific-compressor-market-to-exhibit-40-cagr-in-near-future/88935163
Source: MarketersMedia
Release ID: 88935163
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