Air Compressor Market Product overview
Compressors are the device that works on mechanical principle of compressing gas. It increases the pressure of the gas by decreasing the volume. An air compressor is a machine which converts electrical energy into kinetic energy, specifically by utilizing compressed air. It is similar to pump both have the same role of compression. The Law on which compressor is based is Boyle’s Law. It is mainly of two types Gas Compressors and Air Compressors. An air compressor is a distinct type of gas compressor. It is a device that converts Power into Kinetic energy. The distinct types of Air Compressor are positive displacement compressor and Dynamic displacement compressor. They are used in process industries, which include sectors such as petroleum, power generation, chemicals, automotive, pharmaceuticals, mining, food & beverages, and others. These devices play an important role in improving the efficiency, safety, and profitability of the industries.
Market Size and Forecast
The CAGR of Air compressor market is expected to be 4% during the year 2018-2027. It is expected to achieve a market of around USD 26 Bn by 2027. Rapid industrialization especially in developing countries has significant emphasis on energy conversion which has led to advancements in compressed technology. Industrial air compressors are specially designed to compress extensive volume of air to high pressure and harness this air as a major potential energy source. Various applications of the end uses industrial air compressors are supply clean air to fill gas cylinders, drive pneumatic HVAC systems and drive Pneumatic tools.
The Asia-Pacific region is witnessing the rapid increase in sale of Air Compressors. The developing countries such as China and India are rapidly undergoing industrialization on the account of which the demand for air compressors is rapidly increasing. The countries are creating various investment opportunities for key market players to establish themselves.
The US air compressor market is likely to expand significantly owing to large base of automotive sector in the country. It is anticipated that automotive sales in the country will grow by 0.7%. It is currently the second largest market in the world. Huge investment in automobile sectors in North America is also a reason for the expansion of the market.
The Europe is the third largest market in this industry. The demand for the Reciprocating compressor is increasing amongst end user industries which are present in Europe (especially power generations and manufacturing companies) on the account of rapid industrialization in automotive industry. This is anticipated to foster the growth of the market of compressors in Europe. Germany is a major market in the Europe as the country has the significant number of companies in car manufacturing.
Our in-depth analysis segmented global air compressor market in the following segments:
By Lubrication Method
By Power Rating
By End-User Industry
Global air compressor market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The efficient design of models of air compressors which increases the efficiency of the compressor has been adopted by the industries around the world. The recent technology is of low cost which is received by large number of buyers hailing from different background. The new models are more conventional in nature providing less noisy and oil free lubrications concerned in the compressors. The market has witnessed an upsurge in energy efficient products. The remote sensing technology is anticipated to gain significant traction in the air compressor market.
The substantial increase in the energy efficient and cost effective products which has positive impact on the efficiency is expected to foster the market growth of air compressor market during the forecast period. The technological developments such as development of IoT (Internet of Things) and key industry initiative such as Industry 4.0 will propel the growth of air compressor market.
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