A new market study, titled “Global Air Compressor Market Size, Status and Forecast 2020-2023” has been featured on Market Research Future.
The global air compressor market has projected continued growth in the last few years and is estimated to witness remarkable CAGR of 7.5% during the assessment period. One of the prime factors contributing to such growth is the prospering industrialization in many developing economies around the globe.
The global air compressor market is mainly driven by the growing demand for air compressors in home appliances and industrial refrigeration units, according to the report. The air compressor is a device used to convert power into potential energy which is stored in compressed air. It uses an electric motor, diesel or a gasoline engine to convert such power into potential energy.
Leading Players Analyzed in the Air Compressor Market Report are:
Leading players in the global air compressor market include Hitachi Industrial Equipment Systems Co. Ltd., Emerson Electric Co., Bauer Compressors Inc., Elgi Equipments Ltd., Sullivan-Palatek Inc., Doosan Portable Power, Rolair Systems, Ingersoll Rand, Kaeser Compressors SE, Gardner Denver, Sullair LLC, and Atlas Copco AB.
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Industry Highlights
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.
Further, rapid growth in awareness towards energy efficient modules and rise in the adoption of environment-friendly lifestyle by end consumers is also predicted to drive the air compressor market. Rise in the development of energy efficient air compressing devices is anticipated to burgeon the market growth globally. Rising population across the globe, increasing disposable income and hence, the growing affordability of comfort goods and home appliances are projected to push the global air compressor market exponentially.
Segmental Analysis
The air compressor market is segmented on the basis of product, lubrication, end use, and technology by Market Research Future.
By product, the market is segmented into stationery and portable. The stationery segment is estimated to garner dominating growth during the forecast period due to a rapid rise in its adoption by various industrial and non-industrial sectors.
By lubrication, the market is segmented into oil free and oil filled. An upsurge in the awareness regarding contamination is estimated to augment the oil-free segment.
On the basis of technology, the air compressor market is segmented into rotary, reciprocating, and centrifugal. The rotary segment is anticipated to dictate the air compressor market due to its low maintenance and higher efficiency.
By end user, the air compressor market is segmented into home appliances, food & beverage industry, oil & gas industry, energy industry, semiconductors & electronics industry, manufacturing industry, and healthcare industry. The home appliances sector is expected to witness a major push due to rapid urbanization.
Regional Analysis:
Asia Pacific is the largest regional market for air compressors and is likely to hold on to this position over the forecast period due to the growing demand for home appliances in developing countries such as India, China, South Korea, and the Philippines. The growing demand for refrigeration and HVAC units in Asia Pacific is likely to be the major driver for the air compressor market in the region over the forecast period, as the rising disposable income of consumers in the region has driven the demand for advanced home appliances.
Europe and North America are also likely to emerge as major regional markets for air compressors over the forecast period due to the increasing demand for advanced, energy-efficient home appliances and the growing demand for energy-efficient air compressor units in the industrial sector.
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Industry Update
March 2019: VMAC released DTM70, a new generation direct-transmission mounted PTO driven air compressor which produces up to 70 CFM at 100 and is popular in various industries like commercial tire services, utility servicing, heavy equipment repair, and oil & gas mobile mechanics.
February 2019: Elgi launches Direct Drive Piston compressor which is a direct drive reciprocating air compressor. The third-generation direct drive piston offers various benefits such as longer piston life due to lower piston speed, precise tolerance, as well as, effective transmission.
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