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The air compressor market has been segmented into product outlook, technology outlook, lubrication outlook, application outlook and by end-user. Among the product outlook segment, the air compressor market is further segmented into stationary air compressor and portable air compressor, out of which, the stationary air compressor is expected to dominate the market in coming future. Further, the centrifugal technology segment under the segment for technology outlook is projected to register a CAGR of 3.8% over the forecast period and the market of reciprocating air compressor is expected to surpass USD 7.6 Billion by 2023. Rising demand for efficient air compressors owing to increasing infrastructure in industrial and non-industrial processes etc. is expected to augment the market growth for Air Compressor Market in near future.The global market for air compressor is estimated to expand at a CAGR of 4.1% over the period 2016-2023. Further, the global market of air compressor is projected to garner USD 36.2 Billion by 2021. This can be attributed to increasing adoption of cost-effective production methods to increase profitability.
In regional segment, Asia Pacific is estimated to dominate the overall market of air compressor in near future and is anticipated to flourish at a CAGR of 4.3% over the forecast period. The markets of North America and Europe are expected to remain uniform over the period 2016-2023. The saturation in various end-use industries in both the regions is likely to help air compressor demand marginally in near future.
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However, rapid growth in Middle-East countries and increasing urbanization in Latin America region are offering essential opportunities for end-use industries for expansion of business which will further drive the demand for air compressors in the region during the forecast period.
Growth of Market by Industrial Automation Industry
Instant growth in industrial automation and automobile industries, introduction of next-generation air compressors, availability of retrofitting air compressors, growing demand for replacement, emergence of power, oil and gas industries in growing economies are some of the major key factors that are anticipated to boost the demand for air compressors in near future. However, factors such as increasing cost of raw material, noise generation in heavy duty air compressors and air contamination in oil filled air compressors are hampering the growth of air compressor market globally.
The report titled “Air Compressor Market: Global Demand Analysis, Growth & Opportunity Outlook 2023” delivers detailed overview of the air compressor market in terms of market segmentation by product outlook, technology outlook, lubrication outlook, application outlook, by end-user and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the air compressor market which includes company profiling of Siemens, GE Energy, Ingersoll Rand, Doosan, ELGI, Kirloskar, KAESER and Atlas Copco.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the air compressor market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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