Air Compressor Market Share

APAC Market Forecast

The air compressor market in Asia Pacific is estimated to have the largest share of approximately 43% in 2023, impelled by increasing demand for compressors from refineries and steel manufacturing plants, particularly in countries like China, India, and Japan. Countries like China are undergoing rapid industrialization, leading to a surge in energy demand and industrial activities, thereby boosting the demand for compressors in the manufacturing sector. Moreover, the region's growing investments in LNG, chemical, mining projects, and infrastructure development are fueling the demand for air compressors in various industries such as automotive, construction, electronics, and more. China is one of the world's most important nations in 2021, which contributed to the rise in LNG consumption. Natural gas LNG imports were approximately 94 billion cubic meters in 2020 and 109.5 billion cubic meters in 2021. This surge in demand caused China to overtake Japan as the world's largest importer of LNG. Demand has increased as a result of Chinese LNG buyers signing long-term contracts for more than 20 million tons per year.

North American Market Statistics

The North American air compressor market is estimated to be the second largest, during the forecast timeframe led by the demand for energy-efficient solutions in various industries like manufacturing, energy, and automotive. Furthermore, environmental regulations and a growing focus on sustainability are pushing industries to adopt energy-efficient air compressors to comply with regulations and reduce emissions, thus driving market demand. Along with the expansion of end-use industries like automotive production and food processing is creating a higher demand for air compressors in North America.