Air Compressors Market worth USD 38.79 Billion by 2022
Zion Market Research has published a new report titled “Air Compressors Market by Technology (Reciprocating, Rotary, and Centrifugal) by Lubrication (Oil Filled and Oil Free) Market for Food & Beverage, Healthcare, Home Appliances, Energy, Oil & Gas, Electronics, Manufacturing and Others Application: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, the global air compressors market accounted for around USD 30.84 Billion in 2016 and is expected to reach approximately USD 38.79 Billion by 2022, growing at a CAGR of around 3.9% between 2017 and 2022.
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Air compressors are often the single most significant source of energy and they are also one of the largest expenses, both in terms of maintenance costs and purchase. They are normally available in a horsepower of three-quarters or larger and may have air tanks with up to an 80-gallon tank. Model and features of an air compressor vary among brands and models.
The growth of air compressor market is mainly driven by the advent of energy efficient air compressors, which are available. Furthermore, significant demands from oil & gas and home appliances industries, the constant advent of a new product with innovative technology by the manufacturer are some of the factors estimated to propel the growth of air compressor market. Next-generation compressed air systems with low maintenance and an eco-friendly feature are foreseen to support shift demand from traditional equipment to modern technology. However, prices of raw material are significantly mounting which may impact air compressor market.Nonetheless, increasing demand from construction industry is expected to open up alluring opportunities for air compressor market in the analysis period.
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Rotary type technology segment dominated air compressor market in 2016 owing to increasing demand for heavy industrial applications.Centrifugal technology segment is expected to become another most lucrative segment in the forecast period due to such as a cooler running pump, built-in thermal overload for additional motor protection, cast iron cylinder, and oil-lubricated pump.
Based on lubrication type, the market is categorized into oil filled and oil-free air compressors. Oil-free air compressors supply non-contaminated air, are receiving increased adoption amidst industries such as electronic assembling, food & beverage, and pharmaceuticals. In 2016, oil filled air compressor emerged as a leading lubrication type segment and will continue to dominate demand for the analysis period.
Manufacturer acquired largest market share for air compressor market in 2016.The growth of this segment is mainly attributed to increasing demand from Asia-Pacific and Latin America.Food & beverages segment is expected to experience significant growth owing to mandates on food safety and health requirements.
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Asia Pacific air compressor market is expected to show strong growth on account of growing infrastructure spending and manufacturing facilities. Latin America along with the Middle East & Africa is expected to witness significant growth over the analysis period owing to an upcoming construction project in BRIC nation, growing awareness towards eco-friendly products and changing regulatory scenario.
The key dominant player’s operative in global air compressor market includes GE Energy, Mitsubishi Heavy Industries, Sullair, Ebara Corp., KPCL, Elgi Equipment Ltd., Atlas Copco, Ingersoll Rand, Chicago Pneumatic, Bauer Group, BelAire, Sulzer Ltd., Kobe Steel and VMAC amongst others.
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