Global Market Insights has recently added a report on Centrifugal Air Compressor Market Share 2019-2024 which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.
Automotive is one of the most significant industries driving considerable global centrifugal air compressor market share. These compressors are widely used in automobiles for ventilation and to supply compressed air to automobile parts. With growing number of manufacturing companies across the globe, ranging from large scale aerospace and automotive manufacturers to metal fabricators, the centrifugal air compressor market is certain to witness higher product demand in the coming years. According to reports, the robust expansion of the automotive industry in Asia Pacific has been the most significant factor stimulating regional centrifugal air compressor industry share. Estimates claim the overall vehicle sales for Asia Pacific and the Middle East regions have rose to 43.4 million units in 2015 from 35.2 million units in 2010.
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Moreover, taking into account the global automotive sales, in 2015, India, China, South Korea, and Japan accounted for over 40% of the total sales – a factor which validates the rapid expansion of automotive industry in APAC. Considering these facts, analysts predict the remarkable growth of the automotive industry to have a rendering impact on the regional centrifugal air compressor market, given the continuous supply of high pressure compressed and instrument air for automobiles and manufacturing activities.
Centrifugal air compressor market, of late, has been witnessing tremendous growth prospects, the reason for which can be attributed to the plethora of innovations and product advancements across this business space. The role of compact and portable compressors in automotive, healthcare, food & beverage, and oil & gas industries has increased to quiet a commendable extent, owing to which several centrifugal air compressor industry players are launching application specific products with easy installation and usage. An instance hot off the press is of Atlas Copco, launching light weight mobile compressors especially designed for utility vehicles and other OEM applications.
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This advanced compressor is a multi-function machine which can deliver both air and power when equipped with optional generator. Industry analysts are further expecting these compact and portable air compressors to fit into more vehicle types and applications including highway works, which in turn is stimulating the commercialization potential and profitability landscape of the global centrifugal air compressor market. If reports are to be believed, the overall centrifugal air compressor market size was worth over USD 5.5 billion in 2016.
Apart from automotive, rapid industrialization trends in oil & gas, healthcare, energy, manufacturing, and food & beverage sectors have also left a noticeable impact on the regional centrifugal air compressor industry trends. Taking into account the significant deployment of centrifugal air compressor in several types of power plants including hydroelectric, thermal, diesel-engine generators, and nuclear, it is expected that the regional centrifugal air compressor industry will witness remarkable growth prospects.
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According to reports, India and China are projected to establish over 50 and 160 new projects of thermal power units respectively in the forthcoming years which is overtly expected to have a perpetual impact on the growth of centrifugal air compressor industry. Based on these grounds, the industry analysts quoted Asia Pacific to be one of the most lucrative hubs for expansion of centrifugal air compressor industry having held the highest share in the year 2016 by generating over USD 3 billion in revenue.
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