The global market for air compressors is expected to reach the amazing figure of US$37.18 billion by 2022, a recent report from Grand View Research, Inc. says. Increasing energy savings demand and industrialization have led to advancements in the technology used to manufacture compressors. The growth of this technology comes from energy-efficient compressors which will facilitate the gas transfer process in various industrial and non-industrial activities. Developing markets will increase their use of this technology as advancements in technology have reduced air contamination and noise generation in these devices.
The rotary equipment industry anticipates a growing replacement demand, which will be a substantial driver for this industry. Aged equipment will undergo retrofits, part replacements, overhaul and even complete substitution using improved technology. The air compressor market will get a driver from gas-based and non-oil projects in different industries such as desalination, infrastructure, mining & metal, petrochemicals and power. It is expected that requirements and regulation related to industrial processes and products that produce carbon dioxide emissions will increase over time. The next seven years will see also an increase in air compressor demand from emerging markets as they will buy an increasing number of home appliances.
These are another key findings that are found in this study:
– Portable and stationary products chiefly comprise the air compression market. Low-duty applications have witnessed an increase in the use of portable air compressors, as they are very easy to handle. Since they have few wearing parts, portable air compressors need not too much maintenance. Also, some Copeland compressor parts are extremely inexpensive. In 2014, stationery products represented over 55% of the total revenue share.
– The market, based on the principle of operation or technology, is divided into reciprocating, rotary and centrifugal compressors. The screw/rotary segment represented over 45% of the market globally in 2014. Sales are expected to slow down due to these products’ high operational cost. The centrifugal segment is expected to broaden its user base thanks to increasing demand for energy. Sales are expected to boost over time due to effective energy use, reduced cost of ownership and commercial needs focused on the conservation of the environment.
– The oil-free section represented over 30% of the total industry in 2014. This equipment has experienced an increased demand from the beverage and food industry in America. Since processes such as dehydration and packing require top-notch compressed air, this growth is said to come from these activities.
– The Asia-Pacific market is expected to grow a lot over the forecast period. Brazil has developed petrochemical plants and oil refineries due to her rising demand for diesel, gasoline, and other fuels.
– Chicago Pneumatic, GE Energy, Atlas Copco, Bauer Group and Belaire are important firms operating in the air compressor market. Vendors are focusing their efforts on energy-efficient environments and profiting from selling high-capacity products to sustain profits to many process industries.
The report focuses on many air compression regions such as North America, Europe, Asia-Pacific, Latin America and MEA.
About Grand View Research
Grand View Research is a reputable market research firm based in San Francisco, California, USA. The firm also provides consulting services.