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Air Compressor Market worth USD 39 billion will grow at over 3.5%+ CAGR from 2016 – 2023: Fractovia.Org
Companies are further seen investing heavily in R&D activities to innovate products as customers seek efficiency coupled with lower price from the manufacturers. The global air compressor industry is likely to witness several mergers & acquisitions in the coming years underling its competitive landscape. Ingersoll-Rand, Chicago Pneumatic, General Electric, and Bauer Group are some of the renowned names in global air compressor market.
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Earlier air compressors were much heavy in weight; however, technological advancements have brought light-weight and portable compressors. These novel versions of product designs gained considerable traction in residential and non-commercial applications. In 2015, the portable air compressor market accounted for more than 40% of the overall industry share.
The conventional piston compressors needed much more maintenance and thus had a crucial impact on the overall market penetration. However, the development of latest air compressors including screw compressor, oil free air compressor, and reciprocating air compressor have propelled the overall market size.
Technological advancements have made these compressors to be capable of working on high load & low capacity, require less maintenance, and exhibit higher productivity than their predecessors. The oil free air compressor market gained massive profits, owing to its low maintenance and low-cost properties. In 2015, these compressors gained a market valuation of over USD 10 billion.
The oil & gas and the manufacturing industries are the major end-use sectors of air compressor industry. Accounting for more than 35% of the overall industry share, the manufacturing sector is projected to be the one of the leading segments over coming six years. The rotary, reciprocating, and the centrifugal air compressors have secured significant share in the global air compressor industry. As per the estimates, reciprocating air compressor market is anticipated to generate revenue over USD 8 billion by 2023, while the centrifugal technology is expected to record a growth of 4% over 2016-2023.
High degree of technical expertise have prompted the air compressor market players to design eco-friendly compressors. Stringent regulations in the US and Europe toward GHG emissions have also significantly driven the concept of designing environment-friendly products. U.S. is amongst the prominent region, which is witnessing healthy demand for eco-friendly and portable air compressors. In 2015, U.S. air compressor market was pegged at USD 5 billion and is further projected to record a CAGR of 3.2% over 2016-2023.
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This market is highly characterized by technological advancements emphasizing on energy efficiency, reliability, and cost effectiveness of air compressors, that has in turn favorably impacted the global industry trends. As per a report by Global Market Insights, Inc., air compressor market is estimated to surpass USD 39 billion by 2023 at an annual growth rate of 3.6% over 2016-2023. Companies operating in this industry are also vigorously focusing on designing application-specific equipment to meet key consumer requirements, which in turn will benefit the players to exploit the untapped market potential.
To access sample pages or view this report in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/industry-analysis/air-compressor-market
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