Air Compressor Market to Develop at 7.5% CAGR by 2023
Air Compressor Market Eyeing Admirable Growth due to Increasing Use in Oil & Gas Industry
APAC to Lead Air Compressor Market
The global air compressor market size will develop at a 7.5% CAGR between the forecast period 2017- 2023, according to the new Market Research Future (MRFR) analysis. An air compressor, simply put, is a device that converts the power that is generated through an electric motor, gasoline, or diesel engine into potential energy and stores in the form of pressurized air, that is, compressed air.
Various factors are propelling the global air compressor market share. According to the recent MRFR market estimates, such factors include the need for energy-efficient power generation, demand for renewable energy, increasing use of air compressor in the oil and gas industry, increasing applications in the automotive, mining, construction, and healthcare sectors, low maintenance cost, portability, eco-friendliness, the ability of compressed air to deliver variation in supplied pressure, technological advances, and growing need from emerging economies.
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On the contrary, contaminated compressed air, noise pollution, the rising price of raw materials, and the impact of the COVID-19 pandemic are factors that may impede the market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global air compressor industry based on end use, lubrication, technology, and product.
By product, the global air compressor market is segmented into stationary and portable. Of these, the stationary product type segment will lead the market over the forecast period.
By technology, the global air compressor market is segmented into centrifugal, reciprocating, and rotary. Of these, the rotary technology segment will dominate the market over the forecast period.
By lubrication, the global air compressor market is segmented into oil filled and oil free. Of these, the oil free lubrication segment will spearhead the market over the forecast period. Rising food security and safety grades due to food contamination, hazards, and infections are adding to the growth of the segment.
By end use, the global air compressor market is segmented into healthcare industry, manufacturing industry, semiconductors and electronics industry, energy industry, oil and gas industry, food and beverage industry, home appliances, and others. Of these, the home appliances end use segment will have the largest share in the market over the forecast period.
By region, the global air compressor market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. Increased investments in infrastructure development and industrialization, demand from different applications like oil and gas industries, food and beverage, manufacturing, and home appliances, the presence of several screw compressors in India and China, and presence of a large industrial base for electronics and semiconductor manufacturing in Taiwan and China are adding to the global air compressor market growth in the region. Additional factors adding market growth include the need for lower-power output compressors is increasing in the electronics and semiconductor industry to handle printed circuit boards and delicate electronic components, the growing number of electronics manufacturing facilities, and the rising need for compression of gas and air.
The global air compressor market in Europe is predicted to have the second-largest share over the forecast period. Increasing investments in the Eastern European region, several re-initiated projects in the region’s recovering economies, and deployment of advanced air compressors in newly built home appliances are adding to the global air compressor market growth in the region.
The global air compressor market in North America is predicted to have healthy growth over the forecast period, and that in the Rest of the World is predicted to have sound growth over the forecast period.
Key contenders profiled in the global air compressor market report include Hitachi Industrial Equipment Systems Co.,Ltd. (Japan), Emerson Electric Co. (U.S.), Bauer Compressors, Inc. (U.S.), Elgi Equipments Ltd. (India), Sullivan-Palatek, Inc. (U.S.), Doosan Portable Power (U.S.), Rolair Systems. (U.S.), Ingersoll Rand (U.S.), Kaeser compressors SE (Germany), Gardner Denver (U.S.), Sullair, L.L.C. (U.S.), and Atlas Copco AB (Sweden).
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