Future Market Insights
Global Industrial Air Compressor Market: Overview
The global industrial air compressor market is anticipated to witness a strong demand during the forecast period from 2017 to 2027, owing to rise in demand for a potential source of energy. Growing demand for a sustainable source of energy owing to increase in emission of smoke after combustion of fossils fuels is anticipated to favor market growth. Industrial air compressor converts large volume of air into potential air source, which is then used to power various machineries present in a factory. Rapid progression in air compression techniques has significant influence over the compression capabilities of the device. This is likely to attract demand in the global industrial air compressor market going forward. Apart from these, profound demand for energy efficient equipment is predicted to lift the market growth.
Aggressive growth in the automobile industry is considered to be one of the main drivers of the global industrial air compressor market. Noble innovations such as self-driving technology and electric cars are anticipated to foster the market growth. Most of the players in the automobile industry such as Audi, Mercedes, Fiat, and BMW have made vehicles which have the ability to self-park and self-drive. In order to manufacture these type of vehicles assembling of numerous parts are required at a same time frame. This have propelled vehicle manufacturers to adopt air compression technology. As the self-driving cars are attracting huge crowd, it is predicted that automotive industry to become the biggest end-user segment for the market. Although, high cost required for installation and maintenance for the equipment is expected to hamper growth of the global industrial air compressor market.
Rapidly growing industrialization, particularly in developing nations, and significant emphasis on energy conservation has led to noteworthy advancements in compressor technology. Industrial air compressors are designed to compress large volumes of air to a high pressure and harness this as a potential energy source. Compressed air finds a large field of applications in various end use industries, such as power generation, automobile, food & beverage, chemical, oil & gas and other manufacturing. Various applications or end uses of industrial air compressors include supplying clean air to fill gas cylinders, drive pneumatic HVAC systems, and drive pneumatic tools. Industrial air compressors are generally positive displacement compressors or dynamic compressors. The positive displacement type compressor is expected to hold a relatively high market share in the overall industrial air compressor market. Reciprocating and rotary screw air compressors are common types of positive displacement compressors and find applications in various end use industries. Rotary compressor, is mainly classified into centrifugal and axial flow air compressors. Over the past few years, remote sensing technology has gained significant attraction in the industrial compressor market, as it is highly reliable and energy efficient. Flexibility, low operational cost, low maintenance cost, high safety and reduced weight remain the prime focus of key manufacturers in the market.
Global Industrial Air Compressor Market: Market Dynamics
Technological innovation remains one of the prominent driving market forces in the global industrial air compressor market, which results in significant replacement demand for the industrial air compressor. Moreover, over the past few years, the market has witnessed a considerable upsurge in demand for energy efficient products. Rapid industrialization of developing countries in Asia Pacific, such as China and India, and countries in Middle East & Africa, such as South Africa, is expected to fuel the market growth over the forecast period. Furthermore, upcoming investments are expected in new oil and gas projects, which in turn will create demand for industrial air compressors.
On the other hand, factors such as noise pollution from industrial compressors pose a challenge to market growth. Performance of various end use industries will also significantly affect the growth of the global industrial air compressor market over the forecast period.
Global Industrial Air Compressor Market: Market Segmentation
On the basis of product type, the industrial air compressor market can be segmented into:
On the basis of seal type, the industrial air compressor market can be segmented into:
On the basis of power range, the industrial air compressor market can be segmented into:
On the basis of end use industry, the industrial air compressor market can be segmented into:
Global Industrial Air Compressor Market: Region-wise Outlook
By region, the performance of the industrial air compressor market in North America is anticipated to remain weak owing to the sluggish performance of some of the major end use industries. The market is expected to witness moderate growth in Europe, due to existing economic uncertainty in some of the countries, which are prominent markets for industrial air compressors. Asia pacific is expected to witness fast CAGR growth over the forecast period. The major driver of the market growth in Asia Pacific is the robust ongoing industrialization in developing countries, particularly India and China. The market in Middle East & Africa is also expected to witness moderate growth, GCC countries and South Africa are anticipated to remain major contributors to the growth of the market in the region.
Global Industrial Air Compressor Market: Market Participants
Examples of some of the market participants identified in the global industrial air compressor market are:
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