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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
Vietnam Air Compressor Industry Segmentation
The scope of the Vietnam Air Compressor Market report includes:
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Vietnam Air Compressor Market Size Summary
The Vietnam air compressor market is poised for growth, driven by the expanding oil and gas sector, increasing energy consumption, and the burgeoning food and beverage industry. Despite the initial setbacks caused by the COVID-19 pandemic, which led to a decline in demand, the market has shown signs of recovery. The shift towards gas-fired power plants to mitigate environmental pollution from coal usage is expected to create new opportunities for air compressors. Positive displacement air compressors, in particular, are anticipated to gain significant market share due to their applications in various industries, including metallurgy, mining, and electronics. The demand for air compressors is further bolstered by advancements in the automobile sector and the rising sales of air conditioners, which are integral to modern living standards.
The market landscape is moderately fragmented, with key players such as Atlas Copco AB, Siemens Energy AG, and Mitsubishi Heavy Industries Ltd. actively participating. The increasing natural gas production and its role in power generation and fertilizer industries are set to propel the market forward. Notable projects, such as the LNG-to-power initiatives in Mui Ke Ga and Bac Lieu, are expected to enhance the demand for natural gas, thereby driving the air compressor market. These developments underscore the critical role of air compressors in gas reinjection processes, which are essential for maintaining pressure in underground reservoirs. As Vietnam continues to transition towards cleaner energy sources, the air compressor market is likely to experience sustained growth, supported by technological advancements and strategic industry collaborations.
Vietnam Air Compressor Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, until 2027
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1.3 Government Policies and Regulations
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1.4 Recent Trends and Developments
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Positive Displacement
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2.1.1.1 Reciprocating
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2.1.1.2 Rotary
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2.1.2 Dynamic
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2.1.2.1 Axial
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2.1.2.2 Centrifugal
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2.1.3 End User
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2.1.3.1 Oil and Gas
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2.1.3.2 Power Sector
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2.1.3.3 Manufacturing Industry
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2.1.3.4 Chemicals and Petrochemicals
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2.1.3.5 Other End Users
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Vietnam Air Compressor Market Size FAQs
What is the current Vietnam Air Compressor Market size?
The Vietnam Air Compressor Market is projected to register a CAGR of 3.10% during the forecast period (2024-2029)
Who are the key players in Vietnam Air Compressor Market?
Atlas Copco AB, Mitsubishi Heavy Industries Ltd, Doosan Co Ltd, Aerzener Maschinenfabrik GmbH and Siemens Energy AG are the major companies operating in the Vietnam Air Compressor Market.
