Air Compressor Market Growth, Size, Analysis, Outlook by 2026 - Trends, Opportunities and Forecast
Posted: Nov 17, 2018
Air compressors are used to power a variety of equipment in diverse applications such as automated tools, spray painting equipment, material handling and separation equipment. There has been an increasing demand of energy efficient air compressor over the years. Use of energy efficient air compressors helps in conserving electricity and reducing costs. Thus, launch of energy efficient air compressors by leading players in the market would provide growth opportunities in the market.
The Air Compressor market is anticipated to reach over USD 45.6 billion by 2026 and is anticipated to grow at a CAGR of 4.5% during the forecast period. In 2017, the stationary air compressor segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:-
Mitsubishi Heavy Industries Ltd.
Ingersoll Rand Inc.
Hitachi Industrial Equipment Systems Co., Ltd.
The increasing applications of air compressors in industries such as healthcare, construction, mining, automotive, and oil & gas among others are expected to support the growth of this market. Other driving factors include high energy efficiency, low maintenance cost, environmentally friendliness, portability, ability to deliver variation in supplied pressure. The increasing awareness regarding use of energy efficient compressors would boost the market growth during the forecast period. However, rising cost of raw material, noise pollution, and contaminated compressed air hamper the growth of the market. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.
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Turbocor and thermoacoustic are some emerging technologies in the air compressor segment. Compressors based on turbocor technology offer an oil free design with comparatively lesser moving parts, and deliver high performance and reliability. Thermoacoustic compressors utilize a thermoacoustic engine and a positive displacement reciprocating compressor. These upcoming technologies along with research and development would provide new opportunities in the air compressor market.
Asia-Pacific generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The presence of emerging industries such as healthcare, agriculture, construction, and automotive, substantial initiatives in research and development, and favorable government policies drive the market growth. Rapid industrialization and growth of manufacturing industry further support market growth in the region.
The different types of air compressors include stationary, and portable. In 2017, the stationary segment accounted for the highest market share. The stationary air compressors have higher capacity with large tank sizes, enabling them to operate with high-power motors. These air compressors are suitable for heavy industrial applications. They are widely used in industries such as automobile, mining, manufacturing, construction, and others. Oil lubricated air compressors, which support the heavy-duty applications, are commonly used for stationary air compressors.
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Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.