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Oil Filled Air Compressor Market Analysis by Latest Trends & Growth Factors to 2024 | Leading Players are Sullair LLC, Ingersoll-Rand, Atlas Copco, Gardner Denver, Doosan
Oil Filled Air Compressor Market
In a world where most industries largely depend on pneumatic operations, oil filled air compressor market has found immense scope for growth. This is essentially on account of the fact that air compressors have efficiently replaced all other massive and complex systems from which traditional air tools used to draw their power. Oil filled compressors however, have found a wider market because of their durability and usability in industries like oil and gas, mining, manufacturing and quarrying. Driven by the product benefits of durability, longer life span, capability to work in extreme environments, and better protection against interior rust, oil filled air compressor market size was pegged at USD 20 billion in 2017.
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Asia Pacific has been forecast to emerge as one of the most lucrative growth grounds for oil filled air compressor market. The growth can be primarily attributed to the expanding energy sector in the region that demand highly advanced compressor technology. Countries such as China and India are touted to majorly contribute toward APAC oil filled air compressor industry share, driven by the growing industrial and manufacturing sectors in the region and the rising number of initiatives that are being undertaken to promote innovative compressor technology.
As per estimates, Asia Pacific held more than 60% of the global oil filled air compressor market share in 2017 and will witness a remarkable growth rate over 2018-2024, powered by the rising installation of new thermal power plants in the region. Reliable statistics claim that India and China alone will be responsible for installing more than 50 and 160 thermal power plants respectively over the forthcoming six years.
Oil Filled Air Compressor Market by Application:
1. Home appliances
2. Mining & quarrying
3. Oil & gas
4. Energy
5. Electrical & electronics
6. Manufacturing
7. Building & construction
8. Others
As the energy and oil & gas sectors continue to flourish in Mexico, the demand for air compressors is expected to soar several notches higher. Recently in 2018, Mexico accrued an investment of almost USD 100 billion for Deepwater exploration. Powered by such a remunerative energy scenario, Mexico oil filled air compressor market size is expected to grow at a highly profitable growth rate over 2018-2024, having been pegged at USD 700 million in 2017.
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Despite a slight slump for quite a few years, Mexico’s oil & gas sector has remarkably surged in recent times, paving the way for the growth of the regional oil filled air compressor market. Oil apparently forms 50% of the country’s total energy usage, and estimates claim that the regional oil production may nearly double to 5 million bpd by 2030. Development costs in the oil business are pegged at USD 23 per barrel, while almost 60% of the country’s output comes from areas where development costs average between USD 10 - USD 20 per barrel, generating a plethora of shale opportunities in the nation.
The escalating costs of these compressors has made it difficult for some of the small and medium scale businesses to become regular end-users of oil filled air compressor market. This has, in consequence, led to SMBs renting the product instead of purchasing it. Renting has also resulted in the generation of another lucrative growth avenue for oil filled air compressor industry contenders such as Doosan Portable Power, Atlas Copco, Quincey Compressor, Sullivan-Palatek. It is essential to state that these giants have also been working towards upgrading air compressor technology for better performance and less upkeep. Driven by their efforts to modernize compression techniques, in conjunction with the widespread application spectrum of these products, oil filled air compressor market size is expected to cross USD 25 billion by 2024.
Related News: https://www.globenewswire.com/news-release/2018/05/08/1498274/0/en/Oil-Filled-Air-Compressor-Market-to-exceed-25bn-by-2024-Global-Market-Insights-Inc.html
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