Growing adoption of energy-efficient and robust air compressors across various industries and technological advancements in air compression techniques fuel the growth of the global air compressor market.
Allied Market Research published a report, titled, Air Compressor Market by Type (Portable and Stationary), Technology (Reciprocating, Rotary, and Centrifugal), Lubrication Method (Oiled, and Oil-free), Power Rating (0-100 kW, 101-300 kW, 301-500 kW, and 501 kW & Above), and End-User Industry (Food & Beverage, Oil & Gas, Manufacturing, Power Generation, Medical, and Others) – Global Opportunity Analysis and Industry Forecast, 2014-2023. The report provides a detailed analysis of top winning strategies, market share & estimations, driving factors & opportunities, key segments, and competitive scenario. According to the report, the air compressor market generated $20.64 billion in 2017, and is expected to reach $26.85 billion by 2025, registering a CAGR of 4.5% from 2017 to 2023.
Growing adoption of energy-efficient and robust air compressors across various industries and technological advancements in air compression techniques drive the growth of the air compressor market. However, adoption of high technical expertise, R&D, and accessories for enhancing the efficiency of compression in the equipment leads to high installation and maintenance cost, thereby hindering the industry growth. On the other hand, increase in production activities in Asia-Pacific and LAMEA are likely to present lucrative opportunities for the market players.
Stationary segment to be lucrative through 2023
Among the types, the stationary segment was the largest market in 2017, capturing 57% of the total market share. The segment is also expected to maintain its lion’s share through 2023, growing at the highest CAGR of 4.7% from 2017 to 2023. This is because these models of air compressors are employed for heavy-duty applications in various industries such as automobile, mining, manufacturing, construction, and others. They possess higher capacity with large tank sizes, which enables them to operate with high-power motors. The portable segment would witness a steady growth through 2023.
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Oil-free segment to be lucrative through the forecast period
Among the lubrication methods, the oil-free segment held the largest market share of 56% in 2017 and is likely to maintain its lead through the study period. The same would register the fastest CAGR of 4.8% from 2017 to 2023. The oil-free air compressors are advantageous over oil-lubricated air compressors, owing to supply of oil-free air/gas. These air compressors are useful in numerous applications where adherence to quality & safety standards is mandatory. Medical & surgical operations, hospitals, analytical laboratories, food & beverages, pharmaceuticals, biotechnology, OEMs, consumer goods, and other industries utilize these compressors. The oiled segment would grow at a steady rate during the forecast period.
101KW-300KW to dominate, above 500KW to grow the fastest
Among the power ratings, the 101KW-300KW segment generated a market share of 27% in 2017 and would maintain its revenue lead through 2023. The air compressors available in these power ratings are durable, capable of efficient compressions, and preferred in medical, food & beverages, agriculture, aerospace, and military industries. However, the above 500KW segment is likely to grow at the fastest CAGR of 4.9% during the study period. These air compressors are used in serious heavy-duty applications such as oil & gas, petrochemical, laboratories, metals & mining, food & beverages, military, and aerospace end users. The other power rating ranges discussed in the report are 0KW-100KW and 301KW-500KW.
Manufacturing to dominate, power generation to exhibit the fastest growth
The manufacturing segment accounted for 32% of the total market share and is likely to maintain its revenue lead through 2023. This is because air compressors play a crucial role in reducing the emission during welding, molding, and cutting activities in manufacturing processes. However, the power generation segment would grow at the highest CAGR of 5.7% during the forecast period because it deploys heavy turbines and machineries, which are subjected to extreme mechanical forces such as heat, stress, vibrations, and radiation for power generation. The report also discusses end users such as food & beverage, oil & gas, medical, among others.
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Asia Pacific to retain top lead, LAMEA to grow the fastest
Among the regions, the market in Asia-Pacific was the largest in 2017, capturing 37% of the market share. The same would maintain its dominance through 2023, owing to the high adoption of air compressors in the region. However, LAMEA would grow at the fastest CAGR of 5.2% through 2023. Increase in investment in non-oil and gas applications is expected to contribute to increased adoption of air compressors. Centrifugal compressors are expected to gain increased adoption due to applications in oil refinery, steel plants, chemical, and fertilizer industries. The report also discusses the market in North America and Europe.
Leading industry players
Leading market players analyzed in the research are Atlas Copco AB, Kobe Steel Ltd., Elgi Equipments Limited, Ingersoll-Rand PLC, Kirloskar Pneumatic Company Limited, Mitsubishi Heavy Industries Ltd., Suzler Ltd., Ebara Corporations, Porter Cable, and VMAC Global Technology Inc. These market players have adopted different strategies such as collaborations, mergers & acquisitions, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.