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Air Compressor Market overview with segment analysis and industry share in world economy
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The air compressor market was valued at $19,798.56 million in 2016, and is projected to reach at $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.
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 a fastest CAGR of 4.77% owing to 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 (20172023).
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