Industrial Air Compressor Market to Develop at 5.63% CAGR by 2023
Ease of Maintenance to Positively Impact Industrial Air Compressor Market Growth
APAC to Lead Industrial Air Compressor Market
Market Analysis
The industrial air compressor market will grow at a healthy 5.63% CAGR between the forecast period 2017- 2023, states the recent Market Research Future (MRFR) analysis. An air compressor, simply put, is a device which converts power by using electric motors, gasoline or diesel engine and others into potential energy that is stored as pressurized air.
Various factors are propelling the industrial air compressor industry growth. According to the recent MRFR report, such factors include ease of maintenance and energy efficiency, increasing industrialization, growing demand for energy-efficient compressors, rising energy consumption, expanding liquefaction facilities, advancements in compressor technology, focus on energy savings, growing investments to improve cross-border oil and gas transportation network, demand for processed food, need for an efficient and advanced air compressor, and growth of various industries such as food and beverage, pulp and paper, power generation, manufacturing, pharmaceuticals, chemicals and petrochemicals.
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On the contrary, high maintenance cost, availability of rental services, strict government legislation related to greenhouse gas emissions and noise pollution, and the current COVID-19 pandemic are factors that may impede the global air compressor market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global industrial air compressor market based on end use, pressure, seal, and type.
By type, the industrial air compressor market is segmented into positive displacement and dynamic displacement. Of these, the positive displacement segment will lead the market over the forecast period for the rise in demand for high output pressure compressors.
By seal, the global industrial air compressor market is segmented into oil-free and oil-lubricated. Of these, the oil-free segment will dominate the market over the forecast period as these compressors are cost-effective, lightweight, and produce maximum pressure and air flow.
By pressure, the global industrial air compressor market is segmented into above 100 bar, 20-100, and up to 20 bar. Of these, the up to 20 bar segment will spearhead the market over the forecast period.
By end use, the global industrial air compressor market is segmented into manufacturing, chemicals and petrochemicals, oil and gas, & others. Among these, the oil & gas segment will stay at the forefront in the market over the forecast period for growing investments in the construction of gas liquefaction.
Regional Analysis
By region, the industrial air compressor market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), South America, and the Middle East and Africa (MEA). Of these, the APAC region will lead the market over the forecast period. Rising industrialization, expansion of liquefaction and re-gasification plants, expansion of re-gasification facilities, positive displacement, booming pharmaceuticals, food and beverage, and power generation sectors, and proactive & new policy reforms to support the manufacturing sector in China and India are adding to the global industrial air compressor market growth in the region.
In North America, the industrial air compressor market is predicted to have healthy growth over the forecast period and in Europe is predicted to have sound growth over the forecast period.
In South America and the MEA, the industrial air compressor market is predicted to have steady growth during the forecast period for the huge number of reservoirs coupled with the growing demand for air compressors in different manufacturing industries.
Key Players
Key contenders profiled in the global industrial air compressor market report include Mitsubishi Heavy Industries, Ltd. (Japan), Howden Group Ltd. (UK), Kobe Steel Ltd. (Japan), Sulzer AG (Switzerland), Kirloskar Pneumatics Co. Ltd. (India), Elloitt Group Ltd. (US), Gardner Denver (US), Sullair LLC (US), Hitachi Ltd (Japan), GE Oil & Gas (US), Ingersoll-Rand plc (Ireland), Danfoss (Denmark), and Atlas Copco (Sweden).
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