Market Size of Asia-Pacific Compressor Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Compressor Market Analysis
The Asia-Pacific compressor market is expected to witness a CAGR of more than 3.5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. However, the market has znow reached pre-pandemic levels.
- Over the long term, factors such as increasing demand for compressors from the refineries and steel manufacturing plants used for gas transportation and energy generation plants are likely to drive the Asia-Pacific compressor market.
- On the other hand, increasing the installation of renewable energy sources to provide power that does not use compressors is expected to restrain the Asia-Pacific compressor market.
- Nevertheless, countries in the Asia-Pacific have acknowledged the environmental pollution due to the usage of coal. Hence, nations have increased the use of gas-fired plants for a cleaner form of energy. Such implementation by different countries is expected to create several future opportunities for the Asia-Pacific compressor market.
- Due to its dominance in the region's steel, chemical, power, and other manufacturing industries, China is expected to dominate the Asia-Pacific compressor market.
