Global Air Compressor Market is Projected to be Worth USD 41 Billion by 2024: Report by Hexa Research
The Global Air Compressor Marketis expected to grow at a CAGR of above 4.5% over the forecast period of 2016 to 2024. Air compressor is a device that converts electrical power into potential energy stored in pressurized air (compressed air) form. It is a universal product having multiple applications across numerous industries segmented according to technology, application, lubrication and regional outlook.
On the basis of product, market is segmented into stationary and portable compressors. Low duty applications, low maintenance and convenience in handling have boosted demand for portable air compressor. However, stationary air compressor still has a high market share compared to portable compressors.
On the basis of lubrication, oil-free compressors are witnessing increased adoption across industries such as pharmaceuticals, food & beverages and electronic assembling. Oil-lube model should be utilized for the application of air tools. Maintenance is a major hurdle for dampened growth of oil-lube compressors.
On the basis of region, Asia pacific is expected to grow at over 4.5% driven by growth prospects in countries such as India where foreign direct investment (FDI) and relaxation in clearance for company establishment is expected to boost the market. Demand in North America and Europe is expected to be steady owing to volatile market conditions.
Vendors are working on variable speed technology for controlling compressor operation based on user requirement. Continuous and real-time nature of compressors which would provide superlative energy efficiency and substantial decrease in emission levels is expected to drive the market further over forecasted period.