Global Air Compressor Market to Exceed USD 40 Billion By 2024

May 08, 2020


According to the research report titled ‘Air Compressor Market Size By Product, By Technology , By Lubrication, By Application Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, global air compressor market is predicted to cross USD 40 billion by the year 2024.
 

Rising oil & gas exploration activities in Middle East and North America is also fueling the air compressor market growth. Rapid industrialization in Asia-Pacific and rising adoption of air compressors across numerous industry verticals are major factors driving the product demand. Factors such as high proximity to potential markets, easily available raw material and low labor costs have compelled Europe and North America based companies to focus on expanding in Asia-Pacific.
 

However, high investment, operational as well as maintenance costs of air compressors may act as a restraining factor to the overall market growth. Strict regulations pertaining to noise pollution may further inhibit the air compressor market expansion.
 

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In terms of technology, rotary air compressor market segment is expected to register a growth rate of 3% through 2024. Easy maintenance, less wear & tear and high efficiency associated with rotary air compressors are boosting the product penetration.
 

As per lubrication type, oil free air compressor segment is predicted to expand with a CAGR of 3.5% during 2018-2024. Strict contamination regulations have compelled electronics, food & beverage and healthcare sectors to adopt oil free compressors. Moreover, rising concerns regarding harmful effects of oil filled air compressors are fueling the growth of the segment.
 

Global air compressor market share from manufacturing application is estimated to experience lucrative growth in the ensuing years. Compressed air is widely used across manufacturing sector for various operations such as supplying plant air for sand blasting, coating and paint spraying. Furthermore, increasing utilization of portable air compressors owing to flexibility in supplying compressed air is favoring the market outlook.
 

Considering the geographical landscape, Asia-Pacific air compressor industry is poised to generate noticeable returns in the subsequent years. Swift industrialization, increasing construction activities, high concentration of medium size compressor manufacturers and availability of the equipment at lower costs are promoting the business scenario in Asia-Pacific.
 

The eminent companies in air compressor market are Quincy Compressor, Ingersoll-Rand, Ciasons Industrial, AireTex Compressors, Sullivan-Palatek, Belaire Compressors, Hitachi Industrial Equipment Systems, VMAC Co., Vanair and Atlas Copco among others.