Press release
Global Air compressor industry to cross $39bn by 2023 : Global Market Insights Inc
Growing demand for portable products across various industries due to low maintenance and user-friendly features will spur air compressor market size in the years ahead. In addition to this, strict government norms toward regulating energy consumption is anticipated to propel the air compressor demand vigorously. As per Global Market Insights, Inc., “Air compressor industry size is forecast to surpass USD 39 billion by 2023, growing at an annual rate of 3.6% over 2016-2023.” Air compressors are also witnessing a considerable demand across energy efficient construction sector, which is in turn expected to create a lucrative roadmap for the air compressor market over the years to come.Air compressors find most prominent use in oil & gas, home appliances, healthcare, food & beverages, semiconductors & electronics, energy, and manufacturing sectors. Manufacturing applications, which contributed over 35% of the global revenue in 2015, is expected to contribute significantly toward air compressor market expansion over the period of 2016-2023. Air compressor market share in oil & gas sector is forecast to witness a remarkable surge over the coming timeframe, owing to its ability to better the service life of oil & gas. Rising food safety & health concerns is expected to promote widespread use of air compressors in food & beverages sector.
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Based on lubrication trends, air compressor industry is classified into oil-free and oil-filled air compressors. Oil-free air compressor industry share, estimated at USD 10 billion in 2015, is slated to grow at a rate of 4% over the period of 2016-2023. Retrofit demand, operational efficiency, and low maintenance costs are projected to drive the revenue. Oil-filled air compressor market, which contributed over 60% of the global market size in 2015, is forecast to continue its dominance in the future. Centrifugal, reciprocating, and rotary are the various technologies used for air compression. Rotary air compressor market is slated to surpass USD 18 billion by 2023. Centrifugal air compressor market industry is forecast to record an annual growth of 4% during 2016 to 2023.
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Air compressors based on products are classified into portable and stationary air compressors. Portable air compressor market, which accounted for 40% of global air compressor market share in 2015, is projected to experience a striking growth over 2016-2023. The escalating need for excellent air quality and consistency is likely to drive the product demand.
Taking into consideration the regional trends, Asia Pacific air compressor market is projected to grow at a CAGR of 4.5% over the coming six years. India and China are expected to make significant contributions towards the regional income.
U.S. air compressor industry, valued at USD 5 billion in 2015, is forecast to register a CAGR of 3.2% during the period of 2016 to 2023. It is also expected to stimulate the North America market size at a steady pace.
Industry players are implementing key business strategies such as mergers & acquisitions, high R&D spending, and product innovations to increase their market share. Gardner Denver, AireTex Compressors, Chicago Pneumatic, Bauer Group, Hitachi Industrial Equipment Systems Company Limited, BelAire Compressors, Zen Air Tech Private Limited, General Electric Corporation, Kaeser Compressors, Atlas Copco, W.W. Grainger Incorporation, Vanair Incorporation, Ingersoll-Rand plc, Frank Technologies, Heynar, Sullair Corporation, and Rolair Systems are the key industry participants.
About Global Market Insights:
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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Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com
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