Industrial Air Compressors Market is growing rapidly over 3.19% of CAGR forecast period to 2018-2023 | Key Vendors by ATLAS COPCO GROUP, INGERSOLL RAND, GENERAL ELECTRIC (GE), SIEMENS AG, GARDNER DENVER, DRESSER-RAND

The industrial air compressors market was valued at USD 13.24 billion in 2017 and is expected to reach a value of USD 15.85 billion by 2023, at a CAGR of 3.19% during the forecast period (2018 - 2023)

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Air compressors are one of the prime machinery in any heavy industrial assembly line. The applications range from heavy air compressors used in industrial gases and petrochemical sector to simple spray guns used in the automotive manufacturing sector. Applications of industrial air compressors are also found in oil & gas sector, food & beverages manufacturing, general manufacturing, construction, mining, and healthcare sectors.
Compressed air is an accessible means of powering the manufacturing environment in several industries because it is considered cheaper and safer than many electric and hydraulic equipment. In case of production environments that involve highly inflammable materials or chemically volatile substances usage of air compression systems is almost mandatory, as they cannot risk the heat or accidental electric discharges caused by electric or hydraulic equipment.

Key Developments in the Market
• March 2018 - Atlas Copco Group acquires Walker Filtration Ltd., a British manufacturer of equipment for the treatment of compressed air, gas, and vacuum. The acquisition is aimed at strengthening the company’s presence in the equipment market for the treatment of compressed air, gas, and vacuum.
• February 2018 - Siemens AG to supply compression trains for Statoil’s floating production, storage and offloading (FPSO) vessel located in the Johan Castberg oil field in the Barents Sea. This deal marks the first offshore application of the company’s product and is expected to increase the company’s presence in offshore applications.

The major players include –
ATLAS COPCO GROUP, INGERSOLL RAND INC., GENERAL ELECTRIC (GE), SIEMENS AG, GARDNER DENVER INC., DRESSER-RAND, and ZHEJIANG KAISHAN COMPRESSOR CO., LTD. (KAISHAN GROUP), amongst others.

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Increasing Demand from the Automotive Manufacturing Sector
The automotive manufacturing has been a significant market for industrial air compressors. The applications in the automotive industry assume specific rigid requirements. High quality and utmost reliability are always on the priority list. Along with the performance, system cost is also an essential factor in the product design. To achieve the optimum condition regarding performance and system cost, the air compression has been a prime choice in many critical applications. Emerging applications, such as vehicle dynamics control, navigation, airbag deployments, tire pressure monitoring, etc. require more parts to be integrated into a car more than ever.
The automobile industry has witnessed substantial growth after its revival from the 2008 financial meltdown. The futuristic innovations, like electric cars and self-driving technology fueled the growth of automotive industry in the recent years. Almost all the automotive giants, like BMW, Mercedes, Fiat, and Audi have equipped several models of their vehicles with self-driving and self-parking features, which require assembling of more parts in the same time frame which motivated many manufacturers to prefer air compression technology in their automation strategies. With advanced features, such as autonomous driving predicted to be future of the market, the automotive industry is expected to become one of the biggest end-user segments for industrial air compressors market.

Potential Growth in the Asia Pacific to Create New Opportunities
The Asia Pacific has been witnessing a robust industrial growth in the last two decades. According to the World Bank’s estimates, more than 40% of the GDP in the region is contributed by industrial and manufacturing activity. This rapid industrial growth in the Asia Pacific region is expected to propel the demand for industrial air compressors especially in the food & beverage, oil & gas, power generation, healthcare, and the manufacturing sectors. Further, the preparations for the upcoming Olympics to be held at Tokyo and improving government policies in India, like the recent approval for the distribution of thirteen-digit SIM cards for the use of Industrial IoT applications, etc. are expanding the range of applications for the industrial air compressors market in several end-user verticals of the region.
The World Bank data suggests positive growth in the major Asian Economies, like China, Japan, and India. According to the World Bank estimates China and Japan have experienced 6.8% and 1.7% growth respectively in 2017, which indicate slight improvement from 2016’s data. The growth in the region was majorly contributed by large domestic demand and increased export activity from countries, like China, Japan, and India. With strengthening capital spending and industrial automation in the region the industrial air compressors market is expected to benefit further from the situation expected to prevail for the next four years.

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This release was published on openPR.