The Asia-Pacific (APAC) compressor market attained a value of $19.9 billion in 2019, and it is predicted to advance at a CAGR of 3.2% between 2020 and 2030. Furthermore, the market will generate a revenue of $25.7 billion by 2030. The factors driving the market expansion are the expansion of the heating, ventilation, and air conditioning (HVAC) and automotive industries and the surging investments being made in infrastructural development and gas pipeline projects in the region.
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The soaring infrastructure spending of several APAC countries such as India and China is fueling the growth of the market. For instance, China currently has many infrastructural projects in the pipeline, with the transportation sector being one of the major contributors. The country announced the launch of urban rail projects worth $43.3 billion (CNY 298 billion) in Shanghai in December 2018. Similarly, the Indian government has recently announced its decision of building 100 smart cities and renovating other 500 cities.
Subsequently, the government announced a budget of $13.9 billion (INR 980 billion) for developing 100 cities and $6.8 billion (INR 480 billion) for renovating 500 others. The rapid expansion of the automotive industry is also propelling the advancement of the APAC compressor market. This is because compressors are increasingly being used in several applications throughout the automobile manufacturing process. Compressors are majorly used in tire inflation, engine construction, car painting, and air-conditioning systems in the automotive industry.
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The soaring infrastructure spending of several APAC countries such as India and China is fueling the growth of the market. For instance, China currently has many infrastructural projects in the pipeline, with the transportation sector being one of the major contributors. The country announced the launch of urban rail projects worth $43.3 billion (CNY 298 billion) in Shanghai in December 2018. Similarly, the Indian government has recently announced its decision of building 100 smart cities and renovating other 500 cities.
Subsequently, the government announced a budget of $13.9 billion (INR 980 billion) for developing 100 cities and $6.8 billion (INR 480 billion) for renovating 500 others. The rapid expansion of the automotive industry is also propelling the advancement of the APAC compressor market. This is because compressors are increasingly being used in several applications throughout the automobile manufacturing process. Compressors are majorly used in tire inflation, engine construction, car painting, and air-conditioning systems in the automotive industry.
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