Global Oil-free Air Compressor Market to cross USD 13.9 billion by 2023: Global Market Insights Inc
Rising preference for exceptional air quality and reliability is projected to further boost oil-free air compressor industry potential over the next few years. Growing focus of established players to manufacture eco-friendly products to augment their consumer base will create lucrative prospects for the business expansion.
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Oil-free air compressors find wide applications across manufacturing, semiconductor & electronics, food & beverages, healthcare, home appliances, and oil & gas sectors. Manufacturing application is anticipated to be evaluated at USD 4.6 billion by 2023. Oil & gas sector, which shared over 20% of oil-free air compressor market demand in 2015, is slated to register a CAGR of 3.9% over the period of 2016-2023. High product preference to encourage efficient functioning of older equipment along with greater need for avoiding oil contamination will drive the business expansion.
Healthcare sector, worth USD 910 million in 2015, is set to grow at a rate of 5.1% during the period from 2016 to 2023. It is expected to contribute significantly towards oil-free air compressor industry share, owing to the equipment ability to successfully handle issues related to tablet safety and aseptic applications. High device application in food cooling & packaging is forecast to considerably boost oil-free air compressor market size in food & beverage sector.
Portable and Stationary are the main types of oil-free air compressors. Portable oil-free air compressor market is set to hit USD 5.5 billion by 2023, registering substantial gains of 4.5% over the period of 2016-2023. The development can be attributed to strict norms towards reducing energy usage along with leap in consumer awareness about energy preservation.
Oil-free air compressors makes use of centrifugal, rotary, and reciprocating technologies. Rotary oil-free air compressor industry is forecast to record a cumulative growth of 4% annually over the coming six years. Burgeoning use of the technology across various sectors can be credited to its beneficial features such as compact size, low mass, less initial cost, and user convenience.
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Reciprocating oil-free air compressor market size, worth USD 2.22 billion in 2015, is foreseen to hit USD 2.9 billion by 2023. It is anticipated to grow at a rate of 3.8% over the coming timeframe.
Considering the geographical trends, North America oil-free air compressor industry, which accrued a revenue of USD 2.1 billion in 2015, is predicted to expand notably in future. Increasing credibility of environment-friendly portable equipment will augment the regional development. The U.S., whose revenue was assessed at USD 1.68 billion in 2015, is likely to be a major regional revenue contributor.
Europe oil-free air compressor market is predicted to grow at a CAGR of 3.1% over the span of next few years, owing to its heavy use in offshore, production, processing, and refining activities. Oil-free air compressor industry in Asia Pacific is projected to display a sharp growth over the years ahead, driven by large-scale presence of petrochemical firms and oil refineries across the region. China and India are predicted to be the key regional revenue drivers.
Market players are emphasizing more on product development and product differentiation to acquire competitive advantage. Atlas Copco, Bauer Group, General Electric Corporation, Ingersoll Rand Plc, Elgi Equipments Limited, BelAire Compressors, Chicago Pneumatic, and Kaishan Group are the major participants of oil-free compressor industry.
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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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