Air Compressor Market Overview
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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The growing development of energy-efficient air compressor units is likely to be the major driver for the global air compressor market over the forecast period. With many industrial players still using legacy air compressor systems that rank low in terms of energy efficiency and environmental viability, there is significant scope for energy-efficiency air compressor units that deliver comparable results at a lower energy footprint. This is likely to be a major trend in the global air compressor market over the forecast period.
The accelerated rate of industrialization in emerging economies is expected to spur the demand for the air compressor market. The need to attain a considerable decrease in maintenance expenses is anticipated to guide the market for air compressors around the world in the forecast period.
Prominent Players analyzed in the Air Compressor Market Report are:
- Sullair, L.L.C. (U.S.),
- Gardner Denver (U.S.),
- Kaeser compressors SE (Germany),
- Atlas Copco AB (Sweden),
- Ingersoll Rand (U.S.),
- Sullivan-Palatek, Inc. (U.S.),
- Rolair Systems. (U.S.),
- Bauer Compressors, Inc. (U.S.),
- Doosan Portable Power (U.S.),
- Elgi Equipments Ltd. (India),
- Emerson Electric Co. (U.S.), and
- Hitachi Industrial Equipment Systems Co., Ltd. (Japan).
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
The regional evaluation of the air compressor market covers regions such as Europe, APAC, North America and the rest of the world.
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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