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.
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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.
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.
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.
- 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.
- In May 2019, Doosan expanded its small air compressor product lineup with the introduction of the high-pressure XP185.
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