Air compressor Market Regional Analysis:
APAC Market Insights
The air compressor market share in Asia Pacific is estimated to cross 43% by 2034, impelled by increasing demand for compressors from refineries and steel manufacturing plants. 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 Insights
The North American air compressor market is poised to observe lucrative CAGR during the forecast timeframe, led by 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. Additionally, the expansion of end-use industries like automotive production and food processing is creating a higher demand for air compressors in North America.
