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North America's air compressor market revenue will reach $8.9 billion by 2024 detailed in new research report

North America's air compressor market revenue will reach $8.9 billion by 2024 detailed in new research report

Applications of air compressors are observed in industries such as FMCG, oil & gas, manufacturing, automotive, due to energy efficiency, eco-friendliness, and portability of these machines. Additionally, the increased oil exploration activities in U.S.A. and Mexican territories are driving the usage of heavy-duty air compressors in the region.

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As per the report "North America Air Compressor Market By Type, (Portable, Stationary), By Technology, (Reciprocating, Rotary, Centrifugal), By Lubrication method, (Oiled, Oil-free), By Country, (U.S., Canada, Mexico), Estimation & forecast, 2016 - 2024."The North America air compressor market was valued at $5.4 billion in 2016 and is projected to reach $8.9 billion by 2024, growing at a CAGR of 6.6% from 2017 to 2024. In 2016, the stationary air compressor segment generated the highest revenue share in the North America air compressor market.

Among major countries, The U.S. market was the highest revenue generating market valued at $3.2 billion in 2016.

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With innovations in technology, air compressors would receive a higher adoption in construction activities, especially in North America.

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Compressed air is commonly accepted as a construction facility's fourth utility. A facility's air compressor system will likely reveal several opportunities for reducing the plant's energy draw, resulting in significant energy savings, lower operating costs and a minimized impact on the environment through a smaller carbon footprint.

Air compressors have found a great impact of the deal in the construction industry. The compressed air is utilized for fluidization of product, reverse jet filtration cleaning, shot blasting, concrete spraying and much more.

Contrary to the stationary air compressors, the portable air compressors have a wide scope in the construction industry.

A surge in the adoption of portable air compressors to be witnessed during the forecast period

The portable air compressor segment would witness a major growth in the North America air compressor market with a CAGR of 7.7%, during the forecast period. The advent of energy efficient air compressors, which are available in portable models, are largely being adopted across numerous industrial activities.

The rising oil & gas exploration activities and mining have usage of portable machineries as they need to be moved from one place to another. Such usage of portable machinery will drive the wheel mounted air compressors market in the coming years.

The United States has the largest market share for North America air compressor market, owing to mature automobile market

The U.S. led the North America air compressor market by holding more than half of the shares. It is expected to continue its dominance during the forecast period.

The U.S. has a mature automobile market owing to the huge number of vehicles already present in the country and will grow at a stable rate in the future. Automobile air compressors find applications in air breaks, vehicle air conditioning systems, engines,.

Growing popularity of automobiles and upward buying trends would in turn boost air compressor market as a whole.

NORTH AMERICA AIR COMPRESSOR MARKET BY TECHNOLOGY, 2016-2024

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However, Mexico market shows a startling growth in the North America air compressor market accounting for an impressive CAGR of 10.9%.

NORTH AMERICA AIR COMPRESSOR MARKET KEY FINDINGS

  • Stationary air compressor segment led the overall market by holding more than half of the total market share, in 2016.
    • The growing food & beverage industry in North America has boosted the demand for air compressors attributing to the growing need for high-quality compressed air in processes such as packing and dehydration.
    • During the forecast period, the centrifugal air compressor segment is expected to show an upward growth with a CAGR of 15.4%.
    • The U.S. led the North America air compressor market by holding more than half of the total share.

Some prominent market players profiled in this report are Atlas Copco, Ingersoll Rand, Sulzer Ltd., Mitsubishi Heavy Industries, and Sullair, Ebara Corp., Kobe steel, Ltd., VMAC, Campbell Hausfeld, and Porter-Cable. Tokyo-based Hitachi Ltd. has entered into an agreement to acquire Sullair Air Compressors from its parent company Accudyne Industries for $1.245 billion.

Hitachi’s goal through the acquisition is to gain access to Sullair’s global sales network, primarily in North America.

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