China Compressor Market Report 2019-2024: Market is Projected to Garner $15.7 Billion
DUBLIN, Aug. 6, 2019 /PRNewswire/ -- The "China Compressor Market Research Report: By Type, Lubrication Type, Portability, Pressure, Application - Industry Size, Share Analysis and Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Witnessing a 3.5% CAGR during the forecast period, the Chinese compressor market is projected to garner $15.7 billion by 2024. Growth in the construction and the automotive industries is the major driver for this market.
The Chinese compressor market is bifurcated into portable and stationary compressors on the basis of portability. In 2018, the larger market share was held by the stationary compressor category, as such compressors are heavily used in the chemical and cement, food & beverage, industrial manufacturing, automotive, power, oil & gas, and heating, ventilation, air conditioning, and refrigeration (HVAC-R) industries. Among these, the construction and cement industries led the market for portable compressors, as they find application in conveying and cleaning, and ash handling systems.
The dynamic compressor category of the type segment of the Chinese compressor market is sub-categorized into axial and centrifugal flow. The larger share in the market was held by the centrifugal flow category in 2018. Natural gas processing, oil refining, and food & beverage manufacturing are the major application areas of these compressors. Such devices are employed in oil refineries to increase and maintain the flow in pipelines from the production site till its delivery to consumers. The demand for centrifugal compressors is set to increase with the expanding oil & gas pipeline network in China.
Central China is expected to witness the fastest growth within the country, as the Hubei province, which has a strong industrial base, is located there. The development of emerging manufacturing industries is one of the major agendas of the local government, mentioned in its 13th five-year plan. Moreover, many automotive and advanced manufacturing companies are situated in Wuhan, the capital of Hubei. Large investments in farm machinery and mechanization are also adding to the growth of the market in the region.
The subdivisions of the Chinese compressor market, based on application, are construction, automotive, textile, HVAC-R, agriculture, industrial manufacturing, food & beverage, chemical & cement, oil & gas, and others. Amongst all, a market share of 37.5% was registered by the automotive subdivision in 2018. Increasing initiatives by the Chinese government to popularize electric vehicles and the growing automotive sector have contributed to this subdivision's growth.
The vehicle production process includes welding, plasma cutting, product finishing, tire inflation, and car painting. Compressors are heavily used in the automotive industry throughout the manufacturing process. Rising vehicle production and disposable income in the country are majorly contributing to the Chinese automotive industry's growth. For instance, the production of motor vehicles in the country grew from 7.7 million units in 2013 to 29.7 million units in 2017.
Kaeser Kompressoren SE, Hanon Systems, Hitachi Ltd., Zhe Jiang Hongwuhuan Machinery Co. Ltd., Toyota Industries Corporation, Atlas Copco AB, Ingersoll-Rand PLC, and Kobe Steel Ltd. are some of the key players in the Chinese compressor market.
Market Dynamics
Trends
- Increasing demand for energy efficient air compressors
- Increasing use of oil-free air compressors
Drivers
- Growing automotive industry
- Growing construction sector driving the demand for compressors
Restraints
- Noise pollution Factor
Opportunities
- Growing food & beverage industry
Companies Mentioned
- Rechi Precision Co., Ltd
- Elgi Equipments Limited
- Kaeser Kompressoren Se
- Ingersoll-Rand Plc
- Atlas Copco Ab
- Kobe Steel, Ltd.
- Anest Iwata Corporation
- Hitachi, Ltd.
- Zhe Jiang Hongwuhuan Machinery Co., Ltd
- Mahle Gmbh
- Hanon Systems
- Toyota Industries Corporation
For more information about this report visit https://www.researchandmarkets.com/r/8jknda
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