Air Compressor Market to Reach $26,850.35 Mn by 2023 - Prominent Manufacturers Profiled such as Elgi Equipments Limited, Ingersoll-Rand PLC, Kirloskar Pneumatic Company Limited, Mitsubishi Heavy Industries Ltd.

The global air compressor market was valued at $19,798.56 million in 2016 and is projected to reach $26,850.35 million by 2023, growing at a CAGR of 4.47% from 2014 to 2023. Asia-Pacific is expected to be the leading contributor to the global air compressor market, followed by Europe and North America.

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The increase in the adoption of energy efficient and robust air compressors across different industry verticals is expected to drive the demand for the air compressor market during the forecast period. Also, the increase in demand from the end-user industries such as food & beverage, oil & gas, manufacturing, and power generation is also expected to drive the market growth in the coming years. However, the utilization of high technical expertise, R&D, and accessories for enhancing the efficiency of compression in the equipment results in high installation and maintenance cost, which is expected to hinder the growth of the market.

In 2016, the rotary-based air compressors, accounted for the maximum revenue share in the overall air compressor market by technology owing to their lower cost of operations and large production capabilities. However, the centrifugal-based air compressors are expected to provide profitable opportunities to the manufacturers owing to their superior technology resulting in efficient continuous flow rate with variable compression capabilities.

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Oil-free Air Compressor Market -

The oil-free segment is expected to grow at the fastest CAGR of 4.77% owing to an increase in demand for reducing the cost of operation by eliminating lubrication. Moreover, the medical and power generation end users in the air compressor market is also expected to generate attractive business opportunities during the forecast period (2017-2023).

Asia-Pacific accounted for the major share of the global air compressor market in 2016 owing to the increase in demand from food & beverage, manufacturing, and oil & gas industries. However, Asia-Pacific is estimated to grow at the highest rate followed by Europe due to rise in demand from end-user industries.

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