The global air compressor market has projected continued growth in the last few years and is estimated to witness remarkable CAGR of 7.5% during the assessment period. One of the prime factors contributing to such growth is the prospering industrialization in many developing economies around the globe.
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. A detailed analysis report
of COVID-19
impact on Air Compressor Market is provided with the report.
Leading Players Analyzed in
the Air Compressor Market Report are:
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.
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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.
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.
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.
Segmental Analysis
The
air compressor
market is segmented on the basis of product, lubrication, end use, and
technology by Market Research Future.
By
product, the market is segmented into stationery and portable. The stationery
segment is estimated to garner dominating growth during the forecast period due
to a rapid rise in its adoption by various industrial and non-industrial
sectors.
By
lubrication, the market is segmented into oil free and oil filled. An upsurge
in the awareness regarding contamination is estimated to augment the oil-free
segment.
On
the basis of technology, the air compressor market is segmented into rotary,
reciprocating, and centrifugal. The rotary segment is anticipated to dictate the
air compressor market due to its low maintenance and higher efficiency.
By
end user, the air compressor market is segmented into home appliances, food
& beverage industry, oil & gas industry, energy industry,
semiconductors & electronics industry, manufacturing industry, and
healthcare industry. The home appliances sector is expected to witness a major
push due to rapid urbanization.
Regional Analysis:
Asia
Pacific is the largest regional market for air compressors and is likely to
hold on to this position over the forecast period due to the growing demand for
home appliances in developing countries such as India, China, South Korea, and
the Philippines. The growing demand for refrigeration and HVAC units in Asia
Pacific is likely to be the major driver for the air compressor market in the
region over the forecast period, as the rising disposable income of consumers
in the region has driven the demand for advanced home appliances.
Europe
and North America are also likely to emerge as major regional markets for air
compressors over the forecast period due to the increasing demand for advanced,
energy-efficient home appliances and the growing demand for energy-efficient
air compressor units in the industrial sector.
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Industry Update
March
2019: VMAC released DTM70, a new generation direct-transmission mounted PTO
driven air compressor which produces up to 70 CFM at 100 and is popular in
various industries like commercial tire services, utility servicing, heavy
equipment repair, and oil & gas mobile mechanics.
February
2019: Elgi launches Direct Drive Piston compressor which is a direct drive
reciprocating air compressor. The third-generation direct drive piston offers
various benefits such as longer piston life due to lower piston speed, precise
tolerance, as well as, effective transmission.
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