North America Air Compressor Market Growth Prospects over Coming Years Till 2023
At present, air compressors witness an increased adoption in North America, owing to technological innovations in product offerings, and proliferation of energy-efficient and cost-effective air compressors, and increase in application areas among end users.
Furthermore, rapid urbanization has resulted in a surge in infrastructural and manufacturing activities; this is turn, has facilitated the growth of North America air compressor market. However, inconsistent demand patterns restraint the North America air compressor market growth.
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Key Findings of the North America Air Compressor Market:
•The stationary segment dominated the North America air compressor market in 2016.
•The rotary and centrifugal segments are estimated to provide significant growth opportunities to the key market players.
•The U.S. market is expected to be dominant, in terms of market size. However, Canada is estimated to possess the highest CAGR during the forecast period.
The stationary segment dominated the air compressor market in 2016, with around 62% revenue share and it is anticipated to exhibit fastest growth rate. This growth is attributed to the increase in demand from end-use industries and rise in investment across all the process industries.
Rotary air compressors generated the maximum revenue in technology segment. It represented around 46% share of the total North America air compressor market size in 2016.
Furthermore, by 2023, the segment is expected to dominate the market, with a CAGR of 3.66%., owing to widespread adoption of advanced solutions and increased IoT spending.The U.S. was the highest revenue contributor in 2016, accounting for around 53% share. Canada is projected to grow at the highest CAGR of 4.04% during the forecast period.
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North America Air Compressor Market Key Segments:
By Lubrication Method
•Mitsubishi Heavy Industries
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