Global Air Compressor Market:
Scenario
The
global air compressor market is expected to exhibit a strong 7.5% CAGR over the
forecast period from 2018 to 2023, according to the latest research report from
Market Research Future (MRFR). The global air compressor market is mainly
driven by the growing demand for air compressors in home appliances and
industrial refrigeration units, according to the report.
The
air compressor is a device used to convert power into potential energy which is
stored in compressed air. It uses an electric motor, diesel or a gasoline
engine to convert such power into potential energy. The air can be compressed
using various methods, one of which includes forcing more air into the storage
tank, hence increasing the pressure. The compressed air energy can be used for
multiple applications in pneumatic tools like jackhammers, filling of tires,
oxidation of petroleum coking, and cement plant bag house purge systems.
Industry
Highlights
Air
compressors are a vital industrial tool and are used in a wide variety of end
uses for refrigeration and other air-related purposes. The growing industrial
sector worldwide has been the major driver for the global air compressor market
and is likely to remain the key driver for the market over the forecast period,
as the demand for industrial refrigeration is likely to grow over the forecast
period. The increasing demand for cold storage units in the industrial sector
is likely to be a major driver for the global air compressor market over the
forecast period. Cold storage has become a key part of several industries in
the last few years, leading to a growing demand from the air compressor market.
One
of the prime factors contributing to such growth is the prospering
industrialization in many developing economies around the globe. Further, rapid
growth in awareness towards energy efficient modules and rise in the adoption
of environment-friendly lifestyle by end consumers is also predicted to drive
the air compressor market. Rise in the development of energy efficient air
compressing devices is anticipated to burgeon the market growth globally.
Moreover, reduced maintenance costs are also expected to drive significant
demand for air compressors in various industrial sectors. Rising population
across the globe, increasing disposable income and hence, the growing
affordability of comfort goods and home appliances are projected to push the
global air compressor market exponentially.
Regional Analysis
Region-wise
segmentation of the global air compressor
market includes North America,
Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). The Asia Pacific is
currently accounting for a substantial market share for air compressors and is
also estimated to witness the fastest growth rate owing to a surge in the
urbanization and appreciation in industries across various sectors. China,
India, and Japan are expected to drive significant growth in the air
compressors market in the Asia Pacific.
North
America is expected to witness notable growth during the forecast period owing
to an increasing number of industrial infrastructural projects and rising
investments in sectors like process and oil & gas industries. Europe is
expected to follow the Asia Pacific’s lead with a productive industrial sector
which also generates demand for air compressors.
Competitive
Analysis:
Leading
players in the global air compressor market include Hitachi Industrial
Equipment Systems Co. Ltd., Emerson Electric Co., Bauer Compressors Inc., Elgi
Equipments Ltd., Sullivan-Palatek Inc., Doosan Portable Power, Rolair Systems,
Ingersoll Rand, Kaeser Compressors SE, Gardner Denver, Sullair LLC, and Atlas
Copco AB.
Air Compressor
Market Segmentation:
The
global air compressor market is segmented on the basis of product, technology,
lubrication type, end use, and region.
By
product, the global air compressor market is bifurcated into portable and
stationary.
By
technology, the global air compressor market is segmented into rotary,
reciprocating, and centrifugal.
By
lubrication, the global air compressor market is segmented into oil-free and
oil-filled.
By
end use, the global air compressor market is segmented into home appliances,
food and beverage, oil and gas, energy, semiconductors and electronics,
manufacturing, and healthcare.
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