The global air compressor market is expected to reach USD 37.18 billion by 2022, according to a new report by Grand View Research, Inc. Increasing industrialization and growing awareness on energy saving has led to advancements in compressor technology. Advent of energy efficient air compressors, facilitating the gas transfer process for various non-industrial and industrial activities is projected to drive growth over the forecast period. This advancement in technology would limit the noise generation and air contamination, thereby leading to higher adoption in construction activities in developing markets over the forecast period.
Growing replacement demand is anticipated to be a substantial driver for the rotary equipment industry, as aged equipment undergoes part replacements, retrofits, overhaul or complete substitution with improved technology.
Rising demand in non-oil and gas-based projects such as metal & mining, infrastructure, desalination, power and petrochemicals is expected to drive the overall air compressor market. Regulations and requirements related to carbon dioxide emissions from products and industrial processes are expected to increase gradually. Additionally, increasing home appliances demand in emerging regions is projected to drive the air compressor industry over the next seven years.
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Further key findings from the study suggest:
- The air compressor market primarily includes stationary and portable products. The convenience in handling portable air compressors has increased its adoption in low-duty applications. They also require low maintenance as they have few wearing parts. Stationary products accounted for over 55% of the overall revenue share in 2014.
- Based on technology or principle of operation, the market is categorized into centrifugal, rotary and reciprocating compressors. Rotary/screw segment accounted for over 45% of the global market in 2014. High operational cost of these products is expected to dampen sales over the forecast period. Escalating demand for energy has broadened the prospects for the centrifugal segment. Commercial requirements focused on the environment, need for decreased cost of ownership and effective energy use is expected to boost sales volume.
- The oil-free segment accounted for over 30% of the overall industry in 2014. Growing food & beverage industry in North America has boosted demand for this equipment. This growth is attributable to growing need for high-quality compressed air in processes such as packing and dehydration.
- Asia Pacific is expected to witness substantial growth over the forecast period. Rising demand for gasoline, diesel and other fuels has led to the establishment and development of oil refineries and petrochemical plants in Brazil.
- Notable companies operating in the air compressor market include Bauer Group, Chicago Pneumatic, Atlas Copco, GE Energy, and BelAire. Vendors are placing emphasis on energy efficient environment and aiming to sustain profits by offering high-capacity products to various process industries.
For the purpose of this study, Grand View Research has segmented the air compressor market on the basis of product, technology, lubrication method, application, and region:
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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