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Screw Air End Market Size, Share, Demand And Trends By 2033
Screw Air End Market Size
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According to The Business Research Company's, The screw air end market size has grown strongly in recent years. It will grow from $3.99 billion in 2023 to $4.19 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to industrial growth, energy efficiency needs, reliability and durability, end-user industries, replacement market.
The screw air end market size is expected to see strong growth in the next few years. It will grow to $5.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to industry 4.0 integration, sustainability focus, digitalization and iot, rising energy costs, aftermarket services, market expansion. Major trends in the forecast period include collaborations and partnerships, emission regulations, compact and portable designs, sustainability drive.
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Market Drivers and Trends:
Rising investment in industrial automation is expected to propel the growth of the screw-air end market forward. Industrial automation refers to the use of autonomous systems, such as robotics and computer software, to control machinery and processes used in a variety of industries to increase accuracy and flexibility. The fast industrialization and urbanization of developing nations such as China, India, and South Africa are necessary to support these nations' developing industrial infrastructure. For instance, in December 2022, according to Gartner, Inc., a US-based management consulting company, the global market for low-code development technologies is expected to reach $26.9 billion in 2023, a 19.6% increase from 2022. Through 2026, the adoption of low-code technologies will be accelerated by an increase in business technologists, a rise in enterprise-wide hyper-automation, and an increase in composable business initiatives. Therefore, rising investment in industrial automation is driving the growth of the screw-air end market.
Product innovations are a key trend gaining popularity in the screw air end market. Major companies operating in the market are focused on innovating new products to strengthen their market position. For instance, in November 2021, ELGi, an India-based air compressor manufacturer, introduced its innovative range of air compressors, the ELGi AB 11-22 kW, with additional features to the series of oil-free screw air compressors. This AB series provides energy savings, effective moisture separation, a smart cooling system, and optimal capacity control, resulting in immediate power consumption savings. The product is designed to provide various air compression solutions that are used in various industrial sectors, such as manufacturing, food and beverage, pharmaceuticals, and dairy.
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Major Key Players of the Market:
Atlas Copco Group, Ingersoll Rand Inc., Hitachi Ltd., Kaeser Compressors Inc., Elgi Equipments Ltd., Howden UK Limited, Kobelco Construction Machinery America LLC, IHI Rotating Machinery Engineering Co. Ltd., Anest Iwata Corporation, Fu Sheng Industrial Co. Ltd., Eaton Compressor & Fabrication Inc., Rotorcomp Verdichter GmbH, MAN Energy Solutions SE, Bauer Kompressoren GmbH, Boge Kompressoren Otto Boge GmbH & Co. KG, Baker Hughes a GE company, Siemens AG, KAESER Kompressoren SE, Aerzener Maschinenfabrik GmbH, Sullivan-Palatek Inc., VMAC Global Technology Inc., Rogers Machinery Company Inc., Gardner Denver Holdings Inc., Quincy Compressor LLC, Sullair LLC, Mattei Compressors Inc., Mitsui Seiki (U.S.A.) Inc., Hanbell Precise Machinery Co. Ltd., GHH RAND GmbH, Ceccato Aria Compressa S.r.l., Mark Compressors S.p.A., Hertz Kompressoren GmbH, Airpol Inc., ABAC S.p.A., Worthington Creyssensac S.A., Alup Kompressoren GmbH, Bolaite (Beijing) Compressor Co. Ltd., Fuda Air Compressor Co. Ltd., Kaishan Compressor Co. Ltd., Denair Compressor Co. Ltd.
Screw Air End Market 2024 Key Insights:
• The screw air end market size is expected to see strong growth in the next few years. It will grow to $5.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Soaring Demand For Air Compressors Ignites Screw Air End Market Growth
• Elgi's Breakthrough Innovations Set New Standards In Screw Air End Market
• Asia-Pacific was the largest region in the screw air end market in 2023
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