The global Air compressor Market can be expected to enjoy an incredible CAGR of 7.5% during the review period (2017-2023), reports Market Research Future (MRFR). Air compressors have a wide-range of applications in both industrial and non-industrial verticals. Recent developments in the industry has helped in expanding the base by filtering spectrums in a more precise and definitive manner and attain the desired market results.
Drivers and Restraints:
With the advent of technology, the market is experiencing more efficient machines being introduced every day. The portable compressors have penetrated the market well and now command a high demand from diverse sectors. The maintenance cost is also going down with the current developments. In addition, the erstwhile problem of noise and air pollution has been eradicated. These improvisations are boosting the market further.
The rise in eco-awareness has also propelled the demand for robust and energy-efficient compressors. The construction sector is also exploring the possible utility of air compressors and has opened up previously uncharted territory for air compressors.
Rapid urbanization is also a significant factor fueling the market demand. Disposable income levels of consumers and improved spending power on lifestyle appliances are other factors expected to bolster market growth over the forecast period. This shift in consumer behavior has given rise to the various technological implementation of air compressors in luxury items.
However, the high installation cost can pull the growth backward during the forecast period.
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Various international and regional players have taken over the market and are implementing new technologies to stay ahead of each other. However, major strategists are mostly focusing on mergers and acquisitions for market expansion. Recently, Ohio Transmission Corporation has acquired Louisiana compressed air company which can be taken as exemplary.
Several companies are now influencing the market. The significant ones are Sullair, L.L.C. (U.S.), Atlas Copco AB (Sweden), Doosan Portable Power (U.S.), Gardner Denver (U.S.), Ingersoll Rand (U.S.), Rolair Systems. (U.S.), Kaeser Compressors SE (Germany), and others.
The market is now flooded with air compressors that are energy-efficient, centrifugal, and oil-free. Air Technologies have recently launched a new compressor that uses DirectAIR technology and conserves more kilowatt-hours (kWh).
SCR Air has introduced a compressor machine that uses a permanent magnet. These machines have low rotational speed which means it would generate the same airflow with device a size smaller. Also, the machines produce merely 67 decibels (dB) of sound and cut down the running cost.
The air compressor market can be segmented by product, technology, lubrication, and end-user.
Product-wise segmentation comprises portable and stationary. The stationary type segment is expected to dominate the market as it is experiencing a growing demand from various industries and non-industrial sectors. Home appliances, automotive, and manufacturing sectors are capable of playing a pivotal role in the market growth.
Based on technology the market is segmented into rotary, reciprocating, and centrifugal. Rotary is estimated to dominate the market as it incurs low maintenance cost and is highly efficient. Centrifugal can also fetch in heavy demand in the coming years.
Lubrication-based segmentation includes oil free and oil filled. Rising awareness regarding various contamination is anticipated to trigger the sale of oil-free air compressors.
On the basis of end-user, the market can be segmented into home appliances, food & beverage industry, oil & gas industry, energy industry, semiconductors & electronics industry, manufacturing industry and the healthcare industry. Rapid urbanization has secured the market for home appliances where the air compressors can find utility in luxury items such as air conditioners, refrigerators, and others.
Region-wise segmentation includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC accounts for a significant share of the market and is expected to experience the fastest growth rate owing to the upsurge in urbanization and escalation in industries across sectors. China, Japan, and India are upcoming economies that are bolstering the growth of this segment.
In North America, the increasing number of industrial infrastructure projects, and investment made across sectors such as process and oil & gas industries can trigger the market growth.
Europe follows the lead of APAC closely with a robust industrial sector that generates the demand for air compressors.