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Air Compressor Market Showing 3.6%CAGR Growth to 2023: Company Profiles & Trends Analysis
For overview analysis, Market size forecasters introduces Air Compressor Market basic information including definition, classification, application, industry chain structure, industry overview, policy analysis, and news analysis, etc.Growing popularity of portable products is also forecast to drive the air compressor market. Ease in handling this equipment has increased adoption in low-duty applications. Fewer wearing parts also ensure low maintenance requirements and cost, which is predicted to drive consumption. Portable oil-free air compressor market finds application in manufacturing activities.
Air compressor market size is poised to exceed USD 39 billion by 2023; as per a new research report by Global Market Insights, Inc.
Industries have shifted from traditional methods of production to cost-effective manufacturing techniques. This has driven energy-efficient air compressor market size, thereby helping industries to maintain cost-effective operations.
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Availability of quality raw material is crucial for manufacturers to meet performance regulations. Volatile raw material prices may thus negatively impact growth in the coming years.
Companies are focused on mergers and acquisitions and also invest significantly in R&D activities to introduce new products. In addition to high capital investment, market entry aspirants need to possess high degree of technical expertise as well as product differentiation. Superior maintenance and post sales services also play a crucial role in establishing industry presence.
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U.S. air compressor market size was approximately USD 5 billion as of 2015, with 3.2% CAGR expectations from 2016 to 2023.
High demand from the manufacturing sector is set to be favorable for medium and small compressors. However, demand for large compressors will most likely be stagnant.
The food and beverage industry is anticipated to be driven by mandates on food safety and health requirements.
Oil free products are likely to witness growth at more than 4% CAGR during the forecast period. Oil filled air compressor market will continue dominating demand with more than 60% of the global share in 2015.
Screw air compressors market size is poised to exceed USD 18 billion by 2023. Centrifugal equipment should see more than 4% growth from 2016 to 2023. Reciprocating air compressor market size is forecast to see revenue of over USD 8 billion.
Air compressor market share consists of companies including Ingersoll-Rand, General Electric, Atlas Copco, BelAire, Chicago Pneumatic, Bauer Group, etc.
Although most manufacturers focus on only one aspect of the value chain, a few other players undertake vertical integration at design and production levels to a large degree. There exists significant interdependence between equipment manufacturers and end-users owing to the critical nature of compressors to customer application processes.
The industry is characterized by rapid technological developments; customers mainly target criteria such as high productivity and lower costs when choosing a manufacturer or supplier.
MarketSizeForecasters.com, a Skyline Market Research LLP brand, is an online aggregator of market research reports. MarketSizeForecasters.com offers a comprehensive collection of full length reports on global and regional markets in 100+ industry verticals. We have partnered with some of the leading business and market research publishing houses and regularly update our online library to offer wide range of reports to our customers.
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