Rapid industrialization in emerging economies, is the prime driving factor for the global air compressor market. The advent of energy efficient models of air compressors, which are also available in portable designs, has extensively been adopted by industries across the world. The recent technology promises substantial reduction in maintenance costs, which is why it is received by a large number of consumers, hailing from diverse industrial backgrounds. However, for those who are stuck with more conventional models are continuing to deal with noisy operations of oil-free compressors and lubrication concerns in oiled air compressors.
Global air compressor market has witnessed gradual growth in recent years, and is expected to witness phenomenal growth in the forecast period. An air compressor is a device that converts power generated through electric motor, diesel or gasoline engine into potential energy and stores in a form of pressurized air, i.e., compressed air. This conversion is achieved by compressing the air present within, which is released on quick bursts. Some of the most commonly used methods of air compressor are negative displacement, and positive displacement technologies.
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Various international and regional players have taken over the market and are implementing new technologies to stay ahead of each other. However, major strategists are mostly focusing on mergers and acquisitions for market expansion. Recently, Ohio Transmission Corporation has acquired Louisiana compressed air company which can be taken as exemplary.
Several companies are now influencing the market. The significant ones are Sullair, L.L.C. (U.S.), Atlas Copco AB (Sweden), Doosan Portable Power (U.S.), Gardner Denver (U.S.), Ingersoll Rand (U.S.), Rolair Systems. (U.S.), Kaeser Compressors SE (Germany), and others.
The air compressor market can be segmented by product, technology, lubrication, and end-user.
Product-wise segmentation comprises portable and stationary. The stationary type segment is expected to dominate the market as it is experiencing a growing demand from various industries and non-industrial sectors. Home appliances, automotive, and manufacturing sectors are capable of playing a pivotal role in the market growth.
Based on technology the market is segmented into rotary, reciprocating, and centrifugal. Rotary is estimated to dominate the market as it incurs low maintenance cost and is highly efficient. Centrifugal can also fetch in heavy demand in the coming years.
Lubrication-based segmentation includes oil free and oil filled. Rising awareness regarding various contamination is anticipated to trigger the sale of oil-free air compressors.
On the basis of end-user, the market can be segmented into home appliances, food & beverage industry, oil & gas industry, energy industry, semiconductors & electronics industry, manufacturing industry and the healthcare industry. Rapid urbanization has secured the market for home appliances where the air compressors can find utility in luxury items such as air conditioners, refrigerators, and others.
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Rising food safety and security grades due to infections, hazards, and food contamination will drive the oil free air compressor market demand in the forecast period. Based on end-use, the market is segmented into home appliances, food & beverage industry, oil & gas industry, energy industry, semiconductors & electronics industry, manufacturing industry and healthcare industry. Considering value, the home appliances segment holds a maximum share in the global air compressor market, and will grow at an exponential rate in the coming years. The product has the highest number of application in the air conditioners, refrigerators and tire inflation. Increasing demand for home appliances in developing countries will further boost the air compressor market.
The Asia Pacific region accounted for the largest share of the air compressor market in 2016, wherein China, India, Japan and other prominent emerging economies countries contributed major share. However, Europe is likely to emerge as one of the prominent markets for this technology due to the deployment of advanced air compressor in the newly built home appliances.
LIST OF FIGURES:-
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 MARKET DYNAMICS
FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS
FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS
FIGURE 6 PORTER’S FIVE FORCES ANALYSIS
FIGURE 7 VALUE CHAIN ANALYSIS
FIGURE 8 GLOBAL AIR COMPRESSOR MARKET SHARE, BY PRODUCT, 2016 (%)
FIGURE 9 GLOBAL AIR COMPRESSOR MARKET, BY PRODUCT, 2015-2023 (USD MILLION)
FIGURE 10 GLOBAL AIR COMPRESSOR MARKET SHARE, BY LUBRICATION,