Press release
Air Compressor Market Regional Trend & Forecast 2018-2024 By Global Players -Atlas Copco, Ingersoll Rand, Gardner Denver, ELGI EQUIPMENTS LIMITED.
Air Compressor Market
Rapid industrial growth in Asia-Pacific will augment the air compressor market development as it is extensively used in end-users including automotive, oil & gas, manufacturing, etc. The value added in manufacturing in China increased from USD 2.85 trillion in 2013 to USD 3.74 trillion in 2016.
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Rising home appliances demand in Asia Pacific will also enhance the growth of air compressor market as the product is incorporated in refrigerators and air conditioners and are also used in their production process. Increase in disposable income of the consumer and improving living standard will fuel home appliances demand.
The Asia-Pacific household appliances demand occupied more than 40% of the global demand in 2015 and is likely to increase in the forthcoming period. Rapid urbanization will increase the number of households and will boost demand for home appliances which will in turn propel the air compressor market development.
• Air Compressor Market by Application
1. Home appliances
2. Food & beverages
3. Oil & gas
4. Energy
5. Semiconductor & electronics
6. Manufacturing
7. Healthcare
• Air Compressor Market by Technology
1. Rotary
2. Screw
3. Scroll
4. Others
5. Reciprocating
6. Centrifugal
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The technology segment includes rotary, centrifugal, and reciprocating compressors. The rotary types are further segmented as scroll, screw and others. The rotary segment will witness the highest gains in the industry. Centrifugal compressor segment revenue will be over USD 30 billion in 2024 and will occupy more than one-third of the market by 2024.
In 2016, approximately half of the industry share was held by Asia Pacific and the region will grow at a healthy rate in the coming years. The North American region will also witness favorable growth owing to rising product demand from the food & beverage and healthcare industries.
The use of portable types in industries including oil & gas, mining, etc. where compressed air is required at multiple locations rather than a single point will enhance this segments growth. A similar trend is also observed in other countries of the region like India, Korea, Japan, Indonesia etc. This industrial development will boost manufacturing activities in the region which is likely to propel the air compressor demand during the forecast timeframe.
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The major players in this industry include Ingersoll Rand, Hitachi, Gardner Denver, Atlas Copco, Frank Technologies, Quincy, Sullair, Elgi, Hubei Teweite Power Technology, Ciasons, Bauer, Kaeser Kompressoren, Aerzener, Mat Holdings and others.
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