Global Market Insights provides a detailed overview of Air Compressor Market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.
Air compressors form an integral part of various sectors including home appliances, oil & gas, manufacturing, food & beverage, energy, semiconductors & electronics, and healthcare. Amongst these, the manufacturing sector held a major chunk of air compressor industry and accounted for USD 9 billion in 2016. Considering in terms of volume, home appliances segment held a major air compressor industry share and is expected to grow at an exponential rate in the ensuing years. Speaking of the home appliances, air compressors form the essential parts of refrigerators, air conditioners, ventilators, and other appliances. Industry experts estimate air compressor market size from this application to surpass USD 5 billion by 2024, given the extensive demand for home appliances & electronics in Asia Pacific.
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Several European automobile manufacturers have shifted their manufacturing units in this region, subject to cheap labor and ample raw material availability- a trend which has profoundly boosted the growth of automobile sector in the region. Figures supporting the fact include – Asia Pacific’s automotive sales surged by 7.6% since 2015 and recorded noteworthy sales of over 51.5 million units in 2016. As automobile air compressors find extensive usage in engines, vehicle air conditioning systems, and air breaks, the expanding automotive sector is slated to have a perpetual impact on air compressor market outlook.
Defining the strategic landscape, the global air compressor market is highly characterized by technological product advancements with regards to the design, energy efficiency, portability, size, weight, reliability, and cost. High demand for sustainable products & strict regulations in this industry have further prompted air compressor industry players to design eco-friendly compressors. U.S. is among one such regions witnessing prominent demand for eco-friendly and portable air compressors. In fact, these investments in designing green air compressors are benefiting the companies in terms of growing competitiveness. For instance, manufacturing eco-friendly compressors have taken Atlas Copco to 18th position on the sustainability list. Such trends have not only abetted the industry players to seize the untapped market potential but have also augmented the probability landscape of air compressor market. Global Market Insights, Inc., depicts the overall air compressor industry to attain a valuation of USD 40 billion by 2024 with a CAGR of 3% over 2017-2024.
Air Compressor Market by Lubrication:
- Oil free
- Oil filled
Air Compressor Market by Product:
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Asia Pacific is a powerhouse of investments and rapid industrialization rates in the region is consecutively driving the growth of home appliances, manufacturing, energy, and electronics sectors. Statistics chronicled Asia Pacific to be the major Air Compressor Market growth avenue, having had contributed to more than 50% of the overall share in 2016. Apart from the home appliance segment, Asia Pacific is also witnessing robust growth in the automobile industry.
Further speaking of the competitive landscape, several companies are investing heavily in R&D activities to develop their product portfolio and achieve greater efficiency, as environmental protection norms have imposed stringent regulations on energy usage. Furthermore, the global air compressor industry is also likely to witness several mergers & acquisitions, given the robust demand for low price and energy efficient compressors. These M&A strategies have aided the industry players in upgrading their production capacities and expanding their global reach over other market players. Listing a few, Chicago Pneumatic, Ingersoll-Rand, Bauer Group, General Electric, Atlas Copco, and Kaeser Kompressoren, are some of the most prominent companies accumulating significant share of the air compressor market.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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