Worldwide air compressor market is predicted to accumulate around US $45.6 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
In general, air compressors are used for powering a range of equipment in various applications including spray painting equipment, automated tools, and material handling & separation equipment. According to the latest report, there has been a significant rise in the demand for energy efficient air compressors over the last few years as they help is conserving electricity and reducing costs. Hence, the introduction of energy efficient compressors by industry behemoths will offer newfangled growth opportunities to the global air compressor market.
On the basis of the technology gamut, the global air compressor market is bifurcated into rotary, centrifugal, and reciprocating. The thermoacoustic and turbocor are the evolving technologies in the air compressor market. The turbocor compressors offer an oil-free design, with relatively lesser moving parts, along with reliability and high performance. With ongoing research & development, these imminent technologies are likely to offer new growth prospects to the air compressor market in the coming years.
The burgeoning applications of air compressors in an array of end-use industries such as manufacturing, healthcare, oil & gas, construction, automotive, and mining, are anticipated to supplement market growth. The escalating demand from the developing economies, coupled with technological enhancements, is likely to endow the global market with enormous growth prospects in the following years. However, noise pollution, contaminated compressed air, as well as increasing costs of raw materials pose a threat to market growth.
The types of air compressors include portable and stationary. Based on the findings of the report, the stationary air compressor segment led the global air compressor market in 2017, in terms of revenue. These compressors are ideal for heavy industrial applications, and are extensively deployed in the mining, construction, automobile, manufacturing, and other industries.
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The geographical segments of the air compressor market include North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Reportedly, the Asia Pacific region yielded the highest revenue in the global market in the year 2017 and is projected to become the leading revenue contributor over the predicted timeframe. Market development in the region is fueled by the presence of emerging industries, favorable government policies, significant research & development initiatives, rapid industrialization, and the manufacturing industry growth.
The latest report entails an exhaustive analysis of the global air compressor market drivers, challenges, and opportunities, in addition to the current market scenario & future trends. A brief overview of the prevailing industry trends, Porter's five forces, PEST analysis, value chain, regional landscape, competitive ranking analysis, and competitive vistas has also been included in the report.
The global air compressor market witnesses a highly competitive market situation, which involves leading market players such as Mitsubishi Heavy Industries Ltd., Hitachi Industrial Equipment Systems Co., Rolair Systems, Atlas Copco, Sullair LLC, Bauer Group, VMAC Company, Kobe Steel, Oasis Manufacturing, Kaeser Compressors, GE Energy, and Ingersoll Rand Inc. These companies are focusing on innovation and collaborating with other leading market players, in a bid to introduce new products and cater to the amplifying needs of consumers.