SELBYVILLE, Del., Nov. 15, 2018 /PRNewswire-PRWeb/ -- The report by GMI predicts APAC air compressor market will surpass US$ 5 billion by the end of the forecast period due to increasing home appliances and electronics demand in the Asia Pacific region along with its increasing usage in refrigeration systems, air conditioners, and other appliances, the worldwide air compressor market is set to cross USD 40 billion by 2024.
Increasing industrial activities will propel the air compressors market owing to their extensive use in various end-user industries which include manufacturing, oil & gas, electronics, food & beverages, and others. Automotive and manufacturing industry is witnessing sharp growth owing to abundance of raw material and easy availability of labor. Increasing use of various machines for manufacturing purposes will fuel air compressor market demand in this region.
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Major key players mentioned in the air compressor market include Ingersoll-Rand, Kaeser Kompressoren, Atlas Copco, Vanair, VMAC Company, Zen Air, AireTex Compressors, Belaire Compressors, Ciasons Industrial, Quincy Compressor, Sullivan-Palatek, Oasis Manufacturing, and Hitachi Industrial Equipment Systems to name a few.
With a major share, stationary air compressor market is said to surpass USD 30 billion by 2024 while the portable products segment will cross USD 9 billion by 2024 at 3.5%+ CAGR.
Centrifugal will surpass USD 35 billion by the end of 2024 to capture close to 40% of the entire industry share. They have extensive industrial applications which need high capacity and larger discharge rates. With long run compatibility, the product needs very low maintenance.
Reciprocating air compressor market size is expected to reach USD 6.4 billion by 2024 as they are extensively used in refrigeration and air-conditioning systems. Alongside, the rotary scroll segment is forecast to cross $2bn by 2024.
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According to one another report by GMI, oil-free air compressor market size will hit USD 14 billion in 2024. Increasing security regulations and lowering the contamination levels in food will propel the market in the forecast period. The product also finds extensive application in healthcare industry for respiratory support systems and air ventilators. The segment will foresee exponential growth in the North American region owing to strict food regulations.
Another type oil filled air compressor market share will surpass USD 25 billion revenue by 2024. Industrial manufacturing is the major growth sector for global economy with diverse companies across general manufacturing, furniture manufacturing, plastic, silicone and rubber manufacturing, and metal fabrication, to name some.
Air compressors market is on a continuous technological development as machineries are gradually being developed with superior qualities to perform better. For the usage of up-to-date technology in products, these machineries are being preferred on rental basis other than their purchase. This factor will act as a restraint for the air compressor market as it can result in lowering sales of the product industry.
Browse key Air Compressor Market insights from the report along with the table of contents:
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