Worldwide, air compressor market has been studied into lubrication type such as oil filled compressor and oil free compressor. Among these segments, oil free compressor is expected to be the fastest growing market owing to cost-effectiveness, less noise generation and high efficiency and accuracy of oil free air compressors.
The global air compressor market is estimated to reach USD 36.2 Billion by 2021. Further, the market is projected to register a CAGR of 4.1% over the forecast period i.e. 2016-2023, globally. The market is majorly driven by availability of low cost and several air compressors with different specifications in developing and developed markets at present.
In Asia-Pacific region, the market of air compressor is anticipated to register a CAGR of 4.3% over the forecast period i.e. 2016-2023. Rapid expansion in power generation and oil & gas industries are further projected to escalate the demand in the region. Further, rising adoption of advanced air compressor and presence of growing economies in region are some of the factors which would exhibit a positive impact on the growth of air compressor market in near future.
Advanced Air Compressor: Cost-effective Technology
Various industries such as pharmaceuticals and food and beverages are adopting advanced air compressors in order to cut down the cost of expensive industrial and non-industrial processes to increase profitability. Introduction of advanced energy efficient and low maintenance air compressor are gaining traction among numerous end-use industries and hike the demand in many growing and developed nation across the globe.
Rapid Growth in End-use Industries: Supplementary Dynamic
Rapid expansion of power and energy sector due to rapid pace in urbanization across the globe in developing region, growth in major economies such as China, U.S. and growing demand in developing nations such as India, Brazil owing to increasing demand of fuel and power, technological advancement in semiconductor industries are also hike the demand for air compressor on account of adopting cost-effective production technique are some of the key elements which are likely to bolster the demand for air compressor in near future.
However, noise generation in heavy air compressors, saturation of end-use industries in developed nations, less adoption in undeveloped regions, growing cost of raw material due to high demand and high air contamination in oil filled air compressors are some of the vital factors hampering the growth of air compressor market in near future.
The report titled “Global Air Compressor Market Outlook 2023” delivers detailed overview of the Global Air Compressor Market in terms of market segmentation by Product, by Technology, by Lubrication, by Application, and by End-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key manufacturers of the Global Air Compressor Market which includes company profiling of Siemens, GE Energy, Ingersoll Rand, Doosan, and ELGI, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global Air Compressor Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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