Global Air Compressor Market Overview
Market Research Future (MRFR), in its newly published research report, states that the global air compressor market 2020 is thriving and poised to grow significantly over the review period, recording a substantial market valuation and a healthy 7.5% CAGR in the forecast period.
Air compressors are a vital industrial tool and are used in a wide variety of end uses for refrigeration and other air-related purposes. The growing industrial sector worldwide has been the major driver for the global air compressor market and is likely to remain the key driver for the market over the forecast period, as the demand for industrial refrigeration is likely to grow over the forecast period. The increasing demand for cold storage units in the industrial sector is likely to be a major driver for the global air compressor market over the forecast period. Cold storage has become a key part of several industries in the last few years, leading to a growing demand from the air compressor market.
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Competitive Analysis:
- Kaeser compressors SE (Germany),
- Atlas Copco AB (Sweden),
- Sullair, L.L.C. (U.S.),
- Elgi Equipments Ltd. (India),
- Gardner Denver (U.S.),
- Ingersoll Rand (U.S.),
- Emerson Electric Co. (U.S.),
- Rolair Systems. (U.S.),
- Sullivan-Palatek, Inc. (U.S.),
- Doosan Portable Power (U.S.),
- Bauer Compressors, Inc. (U.S.), and
- Hitachi Industrial Equipment Systems Co.,Ltd. (Japan).
Drivers and Restraints
Global Air Compressor Market has observed gradual growth in recent years, and is expected to witness phenomenal growth in the forecast period. Rapid industrialization in emerging economies, is the major driving factor for the global air compressor market. The introduction of energy efficient models of air compressors, which are also available in portable designs, has widely been adopted by industries across the world. The recent technology promises a substantial reduction in maintenance costs, which is why it is accepted by a huge number of consumers, hailing from various industrial backgrounds. On the other hand, for those who are stuck with more unoriginal models are enduring noisy maneuvers of oil-free compressors and lubrication concerns in oiled air compressors. Industrial development, since the past few years, post-recession, has ensued in the augmented income levels in the developing regions. Consequently, population, in major countries across the world, is also on the surge. This had led to growing surplus income, which sequentially, fuels the demand for numerous daily use and comfort goods. Growing income levels, coupled with the ability and readiness to by home appliances, result in newer and compact models paired with user-friendly modes of operation. This will further expand the air compressor market.
Segmental Analysis
The global air compressor market has been segmented based on product, lubrication, technology, end-use and region.
Based on product, the air compressor market has been bifurcated as portable, and stationary. Among these, the stationary type, is expected to lead the air compressor market through 2023. Extensive use of stationary machineries in end-use sectors, such as home appliances, manufacturing, and automobile is anticipated to enhance the air compressor market in the future.
On the basis of technology, the market is segmented as rotary, reciprocating, and centrifugal. Rotary led the market in 2016, and is projected to be the fastest-growing technology segment for air compressor. Rotary air compressors are highly effective and low on maintenance cost.
Based on lubrication, the market has been bifurcated as oil free and oil filled. Increasing food safety and security grades due to hazards, infections, and food contamination, will fuel the demand for oil free air compressor market in the review period.
on the basis of end-use, the market has been segmented as energy industry, oil & gas industry, semiconductors & electronics industry, food & beverage industry, home appliances, manufacturing industry and healthcare industry. Considering value, home appliances segment holds the largest share in the global air compressor market and will grow at an substantial rate in the future. The product observes the maximum application in the refrigerators, air conditioners, and tires for inflation. Upsurge in demand of home appliances, in developing countries, will further drive the air compressor market.
Regional Overview
The geographical evaluation of the global air compressor market has been conducted in four major regions, comprising the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East and Africa).
The global air compressor market is estimated to witness phenomenal growth during the forecast period. This is due to the significant growth in utilization of air compressors in several end-use applications across major industries. The growth is, chiefly, attributed to the growing necessity of compression of air & gas, which is likely to continue during the forecast years. The Asia Pacific region was assessed as the largest share of the air compressor market in 2016, wherein China, India, Japan and other prominent emerging economies countries contributed major share. On the other hand, Europe is likely to emerge as one of the prominent markets for this technology due to the deployment of advanced air compressor in the newly built home appliances.
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