Global portable air compressor market is presumed to exceed USD 7 billion by the year 2024, 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 2019-2024.
Recent times have witnessed evolution of manufacturing industries wherein many operations are powered by energy from portable air compressor, which in turn, has boosted the product market. The product is used in production processes such as control air tools, metal finishing process, conveyor systems, production line operations, and welding process among others. Many emerging economies including India, China, and Indonesia have observed spike in manufacturing activities promoting significant regional growth for portable air compressor market in the Asia Pacific.
Growing usage of the product in the food and beverage industry across bakeries, vending machines, ozone generators, and packaging machines has bolstered the demand for portable air compressor as it provides clean air along with less maintenance cost. However, the product also creates unavoidable noise pollution and offers limited efficiency, which in turn will limit the growth of portable air compressor market over the forecast timeframe.
The portable air compressors with reciprocating technology are predicted to attain revenue of US $800 million by 2024 owing to high affordability. The product compresses the air in the cylinder using the crankshaft-driven piston technology and is suitable for medium and small sized industries owing to low maintenance needs and high efficiency.
The segment of portable air compressor based on oil-free lubrication is estimated to generate a CAGR of 4.5% during the forecast period owing to its light weight along with the ability to supply high-quality air. Industries like hospitals, pharmaceuticals, food & beverage, etc. require supply of uncontaminated air hence driving the demand for the product. Other factors favouring the market growth include reliability, cost-effectiveness, lower harmful emissions, and low energy cost.
As cited in the report, the food & beverage application segment is slated to amass a market valuation of US $250 million in the portable air compressor market by 2024. The prime factor attributed to the growth of this segment is the high need for uncontaminated air for processes such as filling equipment, closing & checking devices, nitrogen generation, product packaging, and mixing & movement devices. Moreover, owing to its capability to provide continuous air flow along with low maintenance cost, the product is being adopted increasingly by the mining & construction industry, further fuelling the market growth.
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In terms of regional contribution, North America portable air compressor market is anticipated to witness a growth rate of 4% during 2019 – 2024, owing to the strong presence of manufacturing industries in the region. The expansion of oil & gas exploration industry will further boost the market growth.
The major contenders of portable air compressor market profiled in the report comprise of Gardner Denver, Atlas Copco, Ingersoll-Rand, Hubei Teweite Power Technology Company, Ciasons Industries, and KaeserKompressoren, among others.