SELBYVILLE, Del., July 29, 2021 /PRNewswire/ -- The intelligent transportation systems market revenue is anticipated to record a valuation of USD 20 billion by 2027, according to the most recent study by Global Market Insights Inc. Increasing utility in home appliances, pharmaceutical, chemicals, textiles, oil & gas, electrical & electronics, automotive, as well as the food & beverage sectors is boosting the industry growth.
The surge in instances of product spoilage or recall and damages in production equipment has bolstered the growing need to curb air contamination. The rise in the number of various stringent quality standards enforced by numerous industries to offer safety to manufacturing processes and end customers will further complement the market growth.
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Here is a list of some prominent factors impacting the business space:
Ease of operations from portable oil-free air compressors
Demand for portable oil-free air compressors is pegged to record a CAGR of more than 2.5% through the forecasted timeline. The growth can be attributed to their increasing adoption given their quiet operations and flexibility. Furthermore, portable oil-free air compressors are extensively employed in sites, including road works, and construction. They are also highly preferred to fill the insufficiencies of stationary compressors.
Increasing application scope of reciprocating oil-free air compressors
The reciprocating technology-based oil-free air compressor market is expected to capture a substantial revenue share through 2027 due to elevating penetration across an umpteen number of end-users. The operations of reciprocating compressors depend on the piston, as it acts to produce pressure. Besides, these compressors offer high efficiency, flexibility, as well as suitability for intermittent tasks.
Thriving demand across the food & beverages sector
The oil-free air compressor industry share from the food & beverages sector is slated to grow exponentially in the forecasted time driven by the surge in the number of high health and food safety standards. Another prime market growth factor is that exposure to contaminated air can give rise to product spoilage whilst posing as a threat to the health of consumers and brand image. Given these trends, oil-free compressors are largely utilized in product handling, food filling machines, air knives for peeling and cutting, as well as transportation of food products.
Europe to record significant adoption
Europe is likely to amass over 15% of the oil-free air compressor industry share by 2027. This is mainly due to the higher need to alleviate the levels of energy consumption along with limiting the control of environmental emissions across the region. Furthermore, as compressed air is marking a broad presence across a wide range of sectors, it is estimated to be responsible for more than 10% of the overall industrial energy usage in Europe.
Strategic initiatives by key industry participants
Leading oil-free air compressor manufacturers are actively taking up inorganic marketing strategies such as acquisitions, partnerships, investments, and new product launches for expanding their business portfolio expansion and global presence. For instance, in September 2020, ELGi Compressors, introduced AB Always Better, its oil-free air compressor series for use in the food and beverage industry.
AireTex Compressors, Hitachi Industrial Equipment Systems Co., Ltd., Atlas Copco, Zen Air Tech Private Limited, Gardner Denver, Bauer Group, Oasis Manufacturing, Kaeser Compressors, Rolair Systems, Frank Technologies, Cook Compression, GE Energy, Tamturbo Oy, Ingersoll Rand, Boge Compressors, U.S.A MEDO, Kobelco, Sullair Corp, and Thomas Gardner Denver Inc., are other players in the business.
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Oil-free Air Compressor Market size to reach $20 BN by 2027
Oil-free Air Compressor Market size is forecast to exceed USD 20 billion by 2027, according to a new research report by Global Market Insights Inc.
SOURCE Global Market Insights Inc.