Rapid growth in automobile industry, increasing adoption of energy saving equipment for various operations, technological advancements in power generation sectors, rising demand for efficient air compressors owing to increasing infrastructure in industrial and non-industrial processes etc. are some of the key factors expected to augment the market growth for air compressor market in near future.
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“Air Compressor Market: Global Demand Analysis, Growth & Opportunity Outlook 2023”
Air compressors are used in numerous industrial and non-industrial processes across the globe. It enables the supply and control of air and gas by compressing the gas inside the cylinders with the help of a piston.
Air-compressor along with check-valves regulates the flow of gas according to the requirements in different industrial processes. Increasing utilization of rotary air compressors in heavy industrial applications is anticipated to foster the growth of air compressor market.
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Further, recent developments of rotary air compressor with new features are expected to expand the growth of rotary air compressor market.
The global air compressor pump market is estimated to expand at a CAGR of 4.1% over the forecast period i.e. 2016-2023. Further, the global market of air compressor is projected to garner USD 36.2 Billion by 2021 on account of increasing adoption of cost-effective production methods to increase profitability.
Asia Pacific is expected to dominate the overall market of air compressor during the forecast period. Robust development and establishments of industries in the region is expected to be the key factor behind the growth of air compressor market.
China and India are witnessing the augmented demand for air compressor owing to the rapid industrialization. Moreover, Europe region is also anticipated to witness moderate growth over the forecast period.
Presence of major manufacturing companies in the region is anticipated to strengthen the market of air compressor.
Technological Advancement & Innovations
Technological advancement associated with air compressor such as high energy efficiency, reduced weight and portability is fuelling the growth of air compressor market. Further, price reduction due to technological advancement has triggered the demand for air compressors.
Furthermore, remote sensing incorporated air compressor is gaining traction among industries owing to its reliability and energy efficiency features.
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Rising application of air compressor in manufacturing industries is anticipated to impel the growth of the air compressor market. Moreover, expansion and development of industries such as power, oil and gas industries in the developing economies is driving the growth of the air compressor market.
Apart from this, the market is majorly driven by the continuous dip in the average price rising adoption of energy efficient air compressors and availability of portable, advanced and high accuracy air compressors in the market are projected to help the air compressor pump market in the global marketplace. Furthermore, availability of less degradable parts and replacement of conventional air compressors by the advanced ones is likely to hike global demand for air compressors in near future.
The report titled “Air Compressor Market: Global Demand Analysis, Growth & Opportunity Outlook 2023” delivers detailed overview of the global air compressor market in terms of market segmentation by product outlook, by technology outlook, by lubrication outlook, by application outlook, by end user and by region.
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.
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This report also provides the existing competitive scenario of some of the key players of the global air compressor market which includes company profiling of Siemens AG, GE Energy, Ingersoll Rand PLC, Doosan Interface Co. Ltd., Elgi Equipments Ltd., Mitsubishi Heavy Industries, Ltd., Kirloskar Pneumatics Co. Ltd., Hitachi Ltd., Kaeser Kompressoren and Atlas Copco AB. 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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