Air Compressor Market in North America: Growth Opportunity Analysis and Industry Forecast, 2017-2023
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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Healthy growth and exponential size of the manufacturing industry in the region is likely to boost the product demand over the forecast period. The major driving factor for the growth of manufacturing industry in the U.S. is advancement in the technology such as artificial intelligence and machine learning. The usage of these new technologies and innovations will help the country to cut down its labor and operational costs in the manufacturing sector, reaping benefits for the overall economy in the coming years.
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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The report features the competitive scenario of the North America air compressor market and provides comprehensive analysis of the significant growth strategies adopted by major players. The key players operating in North America air compressor market include Atlas Copco, Ingersoll Rand, Suzler Ltd., Mitsubishi Heavy Industries, Ebara Corp., Sullair, Kobe Steel, VMAC, Campbell Hausfeld, Porter Cable, and others.
Key Findings of the North America Air Compressor Market:
o The stationary segment dominated the North America air compressor market in 2016.
o The rotary and centrifugal segments are estimated to provide significant growth opportunities to the key market players.
o 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.
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