Home appliances application is projected to cover almost 70% of reciprocating air compressor market share in terms of volume by 2024
Reciprocating air compressor market has observed a rapid incline in its commercialization matrix over the recent years, with the expanding automotive & manufacturing sectors holding a major growth credit. Also dubbed as piston air compressors, the product of late, has become an integral component in automobile air conditioners, vehicular air brakes, turbochargers, and superchargers, by virtue of which the profitability potential of the business space is burgeoning massively.
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Manufacturers are already concentrating on bringing products with extra sound proofing materials to be in compliance with the mandatory roll outs. In fact, the disruptive trend has already made its presence felt in global reciprocating air compressor industry. All in all, with a series of product developments in pipeline in tandem with a rich application portfolio spanning manufacturing, health, home appliances domains etc, the global reciprocating air compressor market size is forecast to cross USD 6 billion by 2024.
Germany can be cited as one of the chief regional pockets for the reciprocating air compressor market growth. In 2017, Germany accounted for almost 21% of the Europe reciprocating air compressor industry share with the anticipated portfolio likely to widen in the years ahead. The foremost factor that has played its cards in proliferating the regional industry trends is the country’s unprecedented pace of advancements in the automotive sector. Nearly 5.6 million vehicles were produced in Germany in 2017. Not to mention, Germany is amongst one of the four largest car manufacturing countries across the world – another vital statement validating its stance as a lucrative investment spot for reciprocating air compressor market players.
China is also forecast to emerge as a major beneficiary of the expanding automotive & manufacturing sector. The regional reciprocating air compressor industry share is forecast to surpass USD 2 billion by 2024. It is prudent to mention that China’s extensive production of home appliances has also played a pivotal role in augmenting the regional industry trends.
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It has been reported that approximately 90% of all the manufacturing companies use some form of air compressors in their production facilities. Amidst the backdrop of this dynamically charged landscape, the reciprocating air compressors industry players are striving hard to gain a competitive edge. In extension to this scenario, strategic collaborations and partnerships have emerged as the top-notch sustainability strategy. An apt instance to testify the statement would be Ingersoll Rand’s acquisition of MB Air Systems Limited.
Despite these plethora of lucrative opportunities, the industry space is still characterized by a string of constraints, stringent regulatory measures with regards to noise pollution being at the pinnacle. Say for instance, noise emission standardization in U.S. strictly mandates deployment of portable air compressors of 250 cubic feet capacity/ minute that have the sound production of not more than 76 db. The supremacy of the regulatory framework however, cannot be considered as a deterring factor restraining the growth of reciprocating air compressor market as it solely grounds on environmental safety and wellness.
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Elaborating further, Ingersoll-Rand plc, a formidable player in reciprocating air compressor market signed an acquisition agreement with MB Air Systems Limited toward the mid of last year. Reportedly, the acquisition enhanced Ingersoll Rand’s service capabilities and comprehensive supply along with strengthening its market position in UK. For the record, MB Air Systems Limited has been involved with Ingersoll-Rand for quite some time as one of the company’s largest industrial distributors within Europe. Through this takeover, the Dublin headquartered manufacturing giant implemented its strategy of tapping MB Air Systems’ extensive customer base and expertise in Europe reciprocating air compressor market.
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Industrial Air Compressor Market: https://www.globenewswire.com/news-release/2019/12/19/1962540/0/en/Industrial-Air-Compressor-Market-revenue-to-surpass-USD-24-Bn-by-2026-Global-Market-Insights-Inc.html