PORTLAND, Oregon, October 21, 2015 /PRNewswire/ --
According to a new report by Allied Market Research titled, "World Air Compressor Market Opportunities and Forecast, 2014-2020," it is estimated that the world air compressor market would garner revenue of $29.9 billion by 2020, registering a CAGR of 7.3% during 2015-2020. Stationary air compressors dominate the global air compressor market and would maintain their leading position until 2020. Based on technology, rotary air compressors would be the largest revenue-generating segment during the analysis period. Geographically, Asia-Pacific is the biggest market of air compressors in terms of value, followed by Europe.
To view the report, visit the website at https://www.alliedmarketresearch.com/industry-analysis-air-compressor-market
Low maintenance cost, better energy efficiency, easy portability, and eco-friendly operations are some of the key factors driving the growth of the global air compressor market. However, noise pollution, rising cost of raw materials, bulkiness, contaminated compressed air and others are some of the key factors limiting the market growth.
On the basis of lubrication type, the air compressor market is segmented into oil free and oiled compressors. Oiled air compressor was the highest revenue-generating segment in 2014 and would continue to lead the market throughout the analysis period. These air compressors have wide-scale applications in heavy duty industries, such as petroleum, mining, chemical and automobiles, which is a major driving factor for their market growth.
Based on the technology, the global air compressor market is categorized into three segments, viz. rotary, centrifugal and reciprocating air compressors. Rotary air compressor was the highest revenue-generating segment in 2014, constituting 48.8% of the total market by value. The segment would continue to maintain its dominance during the forecast period. The centrifugal air compressor segment is expected to exhibit a significant growth owing to its wide-scale applications in various industries namely automobile, power generation, mining and others. Other factors driving the centrifugal air compressor market are its capability of to deliver optimal and constant flow of air pressure and oil-free operations.
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Based on mobility, air compressor systems are segmented into stationary and portable. Stationary air compressors were the major revenue contributors in 2014, constituting around 59% of the total market revenue. These air compressors would continue to dominate the market until 2020, owing to their wide-scale applications in heavy duty industries. Portable air compressors are largely used in construction, laboratory, pharmaceutical and electronic industries. This segment is forecast to witness a relatively higher CAGR of 8.8% during the forecast period.
Key findings of the study:
- Rotary air compressors would continue to lead the market until 2020
- The share of centrifugal air compressors would gradually increase during the forecast period
- Asia-Pacific and Europe would be the potential revenue-generating regions; whereas, LAMEA would exhibit a prominent growth during the forecast period
- Increasing demand of energy-efficient and noise-and pollution-free power sources would drive the growth of the global air compressor market
Many air compressor vendors and manufacturers have focused on developing application-specific air compressors to cater to the demand of the end users. The key players profiled in this report, include Atlas Copco, Ingersoll Rand, Kobe Steel Ltd., Mitsubishi Heavy Industries Ltd., Kirloskar, Sulzer, Ebara, and ELGI. Product launch, acquisition and expansion are the prime growth strategies adopted by these companies. Atlas Copco, one of the leading air compressor manufacturers, has revamped and re - launched its SF series of oil-free scroll compressors. These air compressors are silent, reliable, oil-free and compact, which has increased their adoption among end users and OEMs. The high demand of diesel, gasoline and other fuels in Brazil has led to the establishment and expansion of petrochemical plants and oil refineries in this region. Kobe Steel Ltd. recently announced its expansion into the South American air compressor market to tap this lucrative opportunity. Air compressors are widely used for compressing and transporting gases in oil and gas processing plants. Ingersoll Rand had acquired Cameron's centrifugal compression division to widen its air compressor product and service portfolio, access its advance air compressor technology and strengthen its market position.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research