Press release
Air Compressor Market expected to generate revenue USD 40.8 Billion by 2023
Air Compressor Market
Rapid growth in automobile industry, increasing adoption of energy saving equipment for various operations, technological advancements in power generation sectors, rising demand for efficient air compressors owing to increasing infrastructure in industrial and non-industrial processes etc. are some of the key factors expected to augment the market growth for air compressor market in near future.Furthermore, wide-scale applications of air compressors in various industries such as automotive, pharmaceuticals, oil and gas, manufacturing industry, rising need of air compressors in food and beverage owing to obligations on food safety and health necessities etc. are projected to swell the demand for air compressor pumps in various industries across the globe.
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In addition to that, emergence of pharmaceutical industries, huge investment in healthcare sector and rising concern towards quality product are projected to escalate the demand for air compressor pumps in near future.
Demand Analysis By Market Segmentation
Our in-depth analysis segmented the global air compressor market in the following segments:
By Product Outlook
Stationary air compressor
Portable air compressor
By Technology Outlook
Reciprocating
Rotatory
Centrifugal
By Lubrication Outlook
Oil Filled
Oil Free
By Application Outlook
Semiconductors & Electronics
Food & Beverage
Healthcare
Home Appliances
Manufacturing
Oil & Gas
By End-User
Automotive
Fabrication
Power
Oil & Gas Industry
Pipe mills
Healthcare Industry
By Region
Global air compressor market is further classified on the basis of region as follows:
North America (United States /U.S. & Canada)
Latin America (Brazil, Mexico, Rest of Latin America)
Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia)
Middle East and North Africa (MENA)
Rest of World
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Growth Drivers and challenges
Rapid growth in industrial automation and automobile industries, introduction of next-generation air compressors, availability of retrofitting air compressors, growing demand of replacement, emergence of power, oil and gas industries in growing economies are some of the major key factors anticipated to boost the demand for air compressor in near future.
Features of air compressor such as cost-effectiveness as compared to other conventional substitutes, low maintenance and low cost operations, wide-scale applications in numerous industrial & non-industrial processes, convenience in handing portable air compressors, are expected to fuel the demand for air compressor in countless end-use industries over the forecast period i.e. 2016-2023.
Apart from this, the market is majorly driven by the continuous dip in the average price, rising adoption of energy efficient air compressors and availability of portable, advanced and high accuracy air compressors in the market are projected to help the air compressor pump market in the global marketplace. Furthermore, availability of less degradable parts and replacement of conventional air compressors by the advanced ones is likely to hike global demand for air compressors in near future.
However, noise generation in heavy duty air compressors, air contamination in oil filled air compressors, increasing cost of raw material & periodic maintenance and replacement of air compressor parts in order to maintain efficiency are some of the factors hampering the growth of air compressor market globally.
Market size and forecast
The global air compressor pump market is estimated to expand at a CAGR of 4.1% over the forecast period i.e. 2016-2023. Further, the global market of air compressor is projected to garner USD 36.2 Billion by 2021 on account of increasing adoption of cost-effective production methods to increase profitability.
Likewise, under the market of air compressor, centrifugal technology segment is projected to register a CAGR of 3.8% over the forecast period and the market of reciprocating air compressor is expected to surpass USD 7.6 Billion by 2023.
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The air compressor market of Asia-Pacific is estimated to dominate the overall market of air compressor in near future. Moreover, the market is anticipated to flourish at a CAGR of 4.3% over the forecast period i.e. 2016-2023 across the Asia-Pacific region. Riding on the back of intensification of power generation, extraction of oil & gas, up-surged demand from refineries etc. are projected to open new avenues for the suppliers in Asia-Pacific region. On the other hand, North America and Europe market is expected to remain uniform over the forecast period i.e. 2016-2023. The saturation in various end-use industries in both the regions is likely to help air compressor demand marginally in near future.
However, noise generation in heavy duty air compressors, air contamination in oil filled air compressors, increasing cost of raw material & periodic maintenance and replacement of air compressor parts in order to maintain efficiency are some of the factors hampering the growth of air compressor market globally
Research Nester is a global market research and consulting firm helping organizations, private entities, governments undertaking, non-legislative associations and non-profit organizations. With our decades of experience in the market research, we help our clients to gain a competitive edge over other players. Thus, helping them making strategic yet dynamic decisions for the future investments.
Ajay Daniel
Email: ajay.daniel@researchnester.com
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