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Air Compressor Market is Projected to Reach at $26,850.35 Million by 2023 | CAGR 4.47%
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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 is expected to provide profitable opportunities to the manufacturers owing to their superior technology resulting in efficient continuous flow rate with variable compression capabilities.
The oil-free segment is expected to grow at the fastest CAGR of 4.77% owing to the 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 are also expected to generate attractive business opportunities during the forecast period (20172023).
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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 the rise in demand from end-user industries.
The key players profiled in the air compressor market include Atlas Copco AB, Kobe Steel Ltd., Elgi Equipments Limited, Ingersoll-Rand PLC, Kirloskar Pneumatic Company Limited, Mitsubishi Heavy Industries Ltd., Sulzer Ltd., Ebara Corporations, Porter Cable, and VMAC Global Technology Inc. Market players have adopted various strategies such as product launch, collaboration & partnership, and acquisition to expand their foothold in the market.
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