Air Compressor Market Size By Product (Portable, Stationary), By Technology (Rotary [Screw, Scroll], Reciprocating, Centrifugal), By Lubrication (Oil Free, Oil Filled), By Application (Home Appliances, Food & Beverage, Oil & Gas, Energy, Semiconductors & Electronics, Manufacturing, Healthcare [Medical, Dental]), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024
Air Compressor Market will likely surpass USD 40 billion by 2024; according to a new research report.
Rapid industrial development in the Asia Pacific region will be the key growth enabler for the air compressor market. This growth can be attributed to the increasing usage of compressed air in various end-use industries. Countries including China, India, Japan, Indonesia, South Korea, etc., have witnessed a high industrial growth in the last two decades. North America and Europe based companies are shifting their production bases to these countries for lower labor costs, easy availability of raw materials, and proximity to high potential markets. Increasing oil & gas exploration in North America and the Middle East will also fuel the demand for compressed air as it is extensively employed for drilling. These factors will significantly influence the industry growth over the forecast time frame.
The high initial purchase, operational, and maintenance costs associated with air compressor may hamper the market growth over the forecast period. For an instance, portable air compressors cannot be disassembled in the field for maintenance and are relatively expensive as compared to other compressors such as screws, pistons, etc., restricting the industry growth in coming years. This will further hamper the entire market growth in future. Stringent regulations associated with the noise pollution of the air compressor will also a key restraining factor for industry growth by 2024.
Air compressors are based on rotary, reciprocating, and centrifugal technologies, where rotary products are available in form of screw, scroll and others such as lobe, vane, etc. In terms of volume, the rotary air compressor segment will show more than 3% CAGR from 2018 to 2024. The product is gaining popularity over reciprocating types owing to various properties including higher efficiency, lesser wear and tear, and easier maintenance.
Air compressor lubrication is carried out using air or oil, depending on the application area. Oil free portable compressors are employed in areas where oil contamination can’t be tolerated. Healthcare, food & beverage, and electronics industries majorly rely on oil free compressors due to stringent contamination parameters. The segment will show the substantial growth with more than 3.5% CAGR in coming years. The presence of oil in the compressed air in these application areas may have severe repercussions such as health hazards, equipment damage, and other occupational hazards.
Manufacturing sector will be the most important application sector for portable air compressor market as they can be easily carried to different plant locations to supply compressed air. Compressed air is used for various activities in this sector, including supplying plant air for paint spraying, coating, and sand blasting, process and instrument air for operating pneumatic machines and equipment, as well as providing breathing air to operators, etc.
High degree of industrialization and construction activities in Asia Pacific countries will boost the regional air compressor demand over the forecast period. The region is also dominated by a large number of small and medium scale compressor manufacturers, especially in China. Availability of the machines at significantly lower rental/usage costs along with a high demand for compressed air across various end-user industries will positively influence the market.
The key players in the market are Atlas Copco, Vanair, VMAC Company, Hitachi Industrial Equipment Systems, Belaire Compressors, Sullivan-Palatek, AireTex Compressors, Ciasons Industrial, Zen Air, Ingersoll-Rand, Quincy Compressor to name a few.
Air compressor market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2013 to 2024, for the following segments:
Air Compressor Market by Product
Air Compressor Market by Technology
Air Compressor Market by Lubrication
Air Compressor Market by Application
Food & beverages
Oil & gas
Semiconductor & electronics
The above information is provided on a regional and country basis for the following: