Oil-Free Air Compressor Market size is forecast to hit USD 13.9 billion by 2023

Oil-Free Air Compressor Market size is forecast to hit USD 13.9 billion by 2023; as per a new research report by Global Market Insights, Inc.

Escalating portable air compressor market size accompanied by rising energy efficient device demand is forecast to drive growth. Portable products are mainly used in mining and construction activities. Oil-free compressors offer substantial reliability and convenience owing to superior performance.

High transport mobility offer by these products may fuel demand in numerous applications such as construction. The ease of handling is also forecast to aid in low-duty applications. Low maintenance cost and involvement of less degradable parts is predicted to hike global oil-free air compressor market growth.

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A VSD (variable speed drive) controlled device offers effective energy saving. It involves an AC drive that controls the speed of the unit, and thus avoids additional energy consumption when compared to a fixed speed equivalent. It reduces motor service requirements, supports leakage detection and extends motor life cycle. As of December 2012, only about 5% products were controlled by VSD across the globe.

Industries such as manufacturing are adopting cost-effective production techniques in order to drive profitability. Rising demand for these systems from effective energy distribution application owing to cost optimizing features is also a veritable driver.

Global oil-free air compressor market share is characterized by a large number of players offering low-cost solutions. Key raw materials involved in manufacturing include copper, steel, and aluminum. Continuous hike in raw material prices is forecast to have negative impact the market growth through the next seven years. The demand for copper, aluminum, and other raw materials is likely to increase over the years due to escalating usage of these materials in various applications and products.

Growth in retrofitting activities, efficient operation, favorable oil-free air compressor price trend, and rising adoption of variable-speed products will present attractive growth opportunities.

Key insights from the report include:

Portable oil-free air compressor market share is forecast to grow with 4.5% CAGR from 2016 to 2023. Growth in this segment can be attributed to stringent government norms coupled with rising customer consciousness regarding energy conservation.

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Rotary or screw air compressor market will grow at 4% CAGR estimations from 2016 to 2023. The segment has gained significant popularity owing to its deployment across numerous industries. This can be attributed to features such as weight, low starting cost, ease of maintenance, as well as compact size. Reciprocating or piston segment was valued at USD 2.22 billion in 2015.

Manufacturing application is forecast to be valued at USD 4.62 billion by 2023. Healthcare sector is predicted to reach USD 1.36 billion by 2023, growing at 5.1% from 2016 to 2023. It successfully deals with product safety issues such as tablet protection to aseptic applications.

U.S. oil-free air compressor market size was valued at USD 1.68 billion in 2015. Rising awareness regarding eco-friendly portable devices is likely to drive regional growth over the forecast timeframe.

Asia Pacific oil-free air compressor market share is expected to record the highest growth rates over the forecast period. Increasing demand across end-use industries and growing number petrochemical plants and oil refineries will fuel revenue.

Major companies operating in the industry include Ingersoll Rand, Chicago Pneumatic, Bauer Group, General Electric, Atlas Copco, ELGi Equipments, etc. Players enter into strategic agreements as well as product portfolio expansion in order to maintain profitability.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.