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Oil Free Air Compressor Market Size, Share Analysis And Trends By 2033
Oil Free Air Compressor Market Size
According to The Business Research Company's, The oil free air compressor market size has grown steadily in recent years. It will grow from $14.03 billion in 2023 to $14.67 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to increasing demand for oil-free compressed air in sensitive applications, stringent regulations regarding air quality and environmental protection, growth of industries requiring contamination-free compressed air, concerns about product purity and compliance with industry standards, expansion of healthcare and pharmaceutical sectors necessitating clean air, adoption in food and beverage processing for avoiding product contamination, rising awareness about the benefits of oil-free compressors in reducing maintenance costs.
The oil free air compressor market size is expected to see strong growth in the next few years. It will grow to $17.94 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to shift towards energy-efficient and sustainable compressed air solutions, expansion of manufacturing industries in emerging economies, adoption of oil-free compressors in automotive and electronics manufacturing, increasing investments in infrastructure development and construction, growing emphasis on operational efficiency and cost savings, focus on reducing carbon footprint and emissions in industrial processes. Major trends in the forecast period include the adoption of oil-free compressor technology, expansion of demand in industries, integration of advanced filtration systems, adoption of variable speed drive technology, integration of remote monitoring features, and increasing emphasis on compliance.
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Market Drivers and Trends:
The rising automotive industry is expected to propel the growth of the oil free air compressor market going forward. The automotive industry refers to the collective activities, organizations, and businesses involved in the design, development, manufacturing, marketing, and sale of motor vehicles. The automotive industry is on the rise due to increased demand for electric vehicles (EVs) and the introduction of autonomous driving features. Oil-free air compressors play an important role in ensuring the dependability, performance, and safety of numerous automotive applications, such as painting and surface finishing, brake testing, and tire inflation. For instance, in June 2023, according to reports shared by the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, sales of passenger cars in the UK rose 25.8% from 140,958 units in 2022 to 177,266 units in 2023. Therefore, the rising automotive industry is driving the growth of the oil free air compressor market.
Major companies operating in the oil-free air compressor market are focusing on developing advanced products, such as industrial oil-free rotary screw air compressors, to drive their revenues in the market. An industrial oil-free rotary screw air compressor is a device that compresses air without the use of oil for lubrication. It operates by using two intermeshing rotors that trap and compress air between them. For instance, in November 2023, Kaishan USA, a US-based industrial air compressor manufacturer, launched the KROF, a new series of industrial, oil-free rotary screw air compressors. The KROF is a two-stage oil-free rotary screw air compressor that produces high-quality ISO 8573-1 Class 0 oil-free compressed air. Using two successive compression stages, intercooling and aftercooling, customers will receive high-quality air that is ideal for sensitive applications where purity is vital.
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Major Key Players of the Market:
Mitsui Co. Ltd, Hitachi Industrial Equipment Systems Co. Ltd, Fusheng Precision Co. Ltd, Atlas Copco Group, General Electric Company, Ingersoll Rand plc, CIASONS Industrial Inc, Doosan Portable Power, Aerzener Maschinenfabrik, ELGI Equipments Ltd, Sullair LLC, Cook Compression, Sundyne Corp, Medo U.S.A Beverages Pvt. Ltd, Kaeser Kompressoren SE, BAUER Engineering India Pvt. Ltd, FS Elliott Co. LLC, Sullivan-Palatek Inc, Hanwha Techwin Co. Ltd, Tamturbo Oyj, Kobelco Construction Machinery Co. Ltd, AireTex Compressors LLC, Rolair Systems, Nanjing Compressor Co. Ltd, Zen Air Tech Private Limited, Frank Technologies Pvt. Ltd.
Oil Free Air Compressor Market 2024 Key Insights:
• The oil free air compressor market size is expected to see strong growth in the next few years. It will grow to $17.94 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Rising Automotive Industry Adoption Propels Oil-Free Air Compressor Market Growth
• Introducing Advanced Industrial Oil-Free Compressors To Transform The Market
• North America was the largest region in the oil free air compressor market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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