NEW YORK, Feb. 04, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, APAC compressor market to reach $23.3 billion by 2023. The industry has been witnessing considerable growth, buoyed by growing automotive industry, predominantly passenger vehicle category, along with overall growth in demand for electric vehicle.
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Based on compressor type, APAC compressor market is categorized into positive displacement and dynamic compressors. Out of these, positive displacement compressor category accounted for larger revenue share in 2017, and is also expected to lead throughout the forecast period, owing to growing demand for rotary type of compressors. Additionally, positive displacement compressors are being used for various applications including industrial manufacturing, HVAC-R, automotive, food and beverage, and power, construction.
Based on the dynamic compressor, APAC compressor market is classified into centrifugal and axial flow compressors. Centrifugal compressor category accounted for a larger market share in 2017. Centrifugal compressors are majorly used for compression of gas due to which they are largely deployed in oil and gas industry. Oil and gas industry in APAC expected to provide lucrative opportunities for centrifugal compressor market players majorly due to government policies. For instance, China is expected to be the major contributor to the global centrifugal compressor market owing to the Chinese coal-to-gas switch policy to decrease the usage of coal.
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In terms of portability, APAC compressor market is segmented into stationary and portable type compressors. Among these, stationary compressor accounted for larger market share in 2017, attributed to growing demand for compressors for the production of motor vehicles. The passenger vehicle air conditioning systems use stationary compressors, owing to which these compressors are expected to hold a larger market share throughout the forecast period.
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. India’s construction industry is projected to reach about one trillion by 2025, and would generate high demand for compressors in the coming years.
Recently, the industrial focus is to develop and use higher capacity and energy-saving compressors. Furthermore, India produced over 4 million vehicles in 2017 and is expected to grow with a substantial growth rate during the forecast period. Therefore, factors such as growing construction, automotive industry, and robust growth of SMEs are projected to drive the demand for compressors in the country.
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APAC compressor market is highly fragmented and competitive. Competition in the market is primarily characterized by prices, brand value, and product quality. Some of the major players in the APAC compressor market include RECHI Precision Co. Ltd, Elgi Equipments Limited, Kaeser Kompressoren SE, Ingersoll-Rand plc, Atlas Copco AB, Kobe Steel Ltd, ANESI IWATA Corporation, Hitachi Ltd, Zhe Jiang Hongwuhuan Machinery Co. Ltd, MAHLE GmbH, Hanon Systems, and Toyota Industries Corporation.
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