Press release
Centrifugal Air Compressor Market Soaring at 2.7% CAGR During the Period 2017-2024
High growth in the Asia Pacific automotive industry will drive the Centrifugal Air Compressor Market by 2024. Asia Pacific has been the most significant automotive market with high production as well as consumption. A continuous supply of high pressure compressed plant and instrument air for automobile manufacturing and assembling activities will augment the market growth. Global centrifugal air compressor market will surpass USD 7 billion by 2024, according to this new research report.
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In 2015, China, India, Japan, and South Korea accounted close to 40% of the global automotive sales, including both commercial as well as personal vehicles. Continuously rising GDP and living standards of the population coupled with the increasing number of people residing in the middle and high-income groups in Asia Pacific countries will drive the centrifugal air compressor demand in the automotive industry in the near future.
Asia Pacific has been witnessing a robust industrial growth in the last two decades with the region accounting for almost 40% of the world output. Rapid industrial growth in Asia Pacific countries will propel the centrifugal air compressor market as the products are extensively used in various industries including food & beverage, oil & gas, energy, healthcare, manufacturing, etc.
The mining and oil & gas exploration activities in North America and South Africa will also boost the centrifugal air compressors market by 2024.
Compressed air is the suitable option for power especially for the environment around oil & gas platforms as the spark and heat potential from the electricity does not blend well with these surroundings. Thus, compressed air provides a gainful and safe solution to drive controls, pumps, equipment in oil rigs, refineries, etc.In 2016, centrifugal air compressors having vertically split casing had revenue contribution nearly USD 3 billion. Continuously developing iron & steel sector along with a highly potential fertilizer industry will further augment the vertically split centrifugal air compressors demand in the forecast years. Rising lower pressure requirements in the manufacturing sector will drive the demand for horizontally split casing compressors, which will observe gains of 2.4% CAGR by 2024.
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Food & beverage manufacturing needs contamination-free and consistent compressed air for running their operations and employs centrifugal air compressors for a variety of production tasks. Rising demand for packaged food items around the globe will augment the centrifugal air compressor demand for use in food & beverage sector. Global centrifugal air compressors market generated USD 840 million for food & beverage applications in 2016 and will observe significant growth over the forecast period.
Asia Pacific held the highest share in global centrifugal air compressor market in 2016 and contributed USD 3 billion revenue. The region will observe significant demand for centrifugal air compressor for energy applications by 2024. Centrifugal air compressors are extensively used in all types of power plants including thermal, hydroelectric, nuclear power plants and even in diesel-engine generators. China and India are poised to install more than 160 and 50 new thermal power plants respectively in the forecast timeframe, which presents a positive outlook for the centrifugal air compressor market in the region.
Key market players are: Hitachi Industrial Equipment Systems Co Ltd, Atlas Copco, Kobelco Compressors America, Inc., Kirloskar Pneumatic Company Limited, Dresser-Rand, HATCO company, etc. The industry participants are striving to increase their share in the fragmented centrifugal air compressor market through strategic partnerships and acquisitions. For instance, in April 2017, Hitachi acquired Sullair LLC, a significant manufacturer of air compressors. Through this acquisition, Hitachi gained access to Sullair’s global sales network in the North American region.
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