Market Size of Vietnam Air Compressor Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Air Compressor Market Analysis
The Vietnam air compressor market is expected to witness a CAGR of more than 3.1% during the forecast period of 2022-2027. Due to the COVID-19 pandemic, the market was negatively impacted because of the lack of demand from industries and end-users. For instance, Atlas Copco, one of the major players in the market, witnessed a decline in its compressor segment from SEK 48.286 million in 2019 to SEK 47.329 million in 2020. Still, the company reported that it witnessed an incline in revenue after the second quarter of 2020. Factors such as the growing market of oil and gas, especially gas production and increasing energy consumption in Vietnam are expected to drive the air compressor market during the forecast period. The F&B market is growing the demand for air compressors for processes like processing, packaging, cutting, shaping, and many more. However, a few significant restraints to the air compressor market are its high power consumption and the heat it releases, leading to environmental concerns.
- Positive displacement air compressors are expected to grow at a significant rate due to the increase in market share application of appliances like air conditioners, refrigerators, larger industrial applications, such as in metallurgy and mining, papermaking and printing, electronic and electrical, electric power, and mechanical and electrical machinery.
- Vietnam have acknowledged the environmental pollution due to the usage of coal in the power plants, to reduce this the country have increased the usage of gas-fired plants for a cleaner form of energy. Such implementation is expected to create several opportunities for the air compressor market in the future.
- Increasing natural gas production is expected to drive the market, due to increase in natural gas reinjection across the country.
