Pune, India, Feb. 22, 2021 (GLOBE NEWSWIRE) --
The global air compressor market size is predicted to record substantial growth rate during the forecast period. Air compressors are extensively utilized in a wide range of environments for a wide variety of applications today. The food & beverage, automotive, energy, healthcare, oil & gas, mining, and home appliances industries are among the major end-users of these systems.
Rapid expansion of oil & gas exploration and mining activities across the globe have created a strong demand for air compressor systems. Ongoing developments in the automotive, energy, and healthcare sectors are further fueling this demand. A notable uptick in people’s household income levels and growing adoption of smart home appliances is likely to create favorable opportunities for manufacturers in near future.
Expansion of key end-use industries in the U.S.
Future trends in North America air compressor market will be mainly led by the U.S., which is the world’s fourth largest exporter of refrigerators and holds 7% of the global market share. The region is experiencing a robust demand for portable air compressors in painting, domestic workshops, and numerous other household activities.
The U.S. is also home to a large number of food processing, packaged food, and refrigerated warehouses. Expansion of the food & beverage sector and increasing shale gas exploration activities will positively influence the regional outlook in the future. In addition, a well-established automotive sector will provide local air compressor manufacturers with promising opportunities.
The U.S. government has been investing substantially in development of the country’s healthcare and pharmaceutical sectors. The country has a large number of healthcare facilities and is poised to witness growing number of hospitals and diagnostic centers in the forthcoming years. These trends, along with growth of the semiconductor & electronics sector will complement the regional deployment of air compressors.
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Rapid growth of manufacturing sector in Europe
The demand for air compressors in European countries will be largely influenced by expansion of the manufacturing sector. These systems are extensively used in a wide range of industrial and manufacturing operations. Compressed air is required for cutting and welding equipment, air tools, monitoring equipment, and operating automatic machinery on production lines.
The flourishing automotive sector, mainly in Germany, and robust technological developments in the industry will certainly boost the product demand across the region. However, the home appliances sector, which accounted for more than 25% revenue share of Europe air compressor market in 2019, is likely to emerge as a key application segment by 2026.
European countries are expected to actively invest in expansion of the thermal and nuclear power plants in the region. Air compressor systems are prominently used in all types of power plants including nuclear, thermal, hydroelectric, and diesel engine generators. The need for reliable power supply will undeniably propel the technology adoption in the future.
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Increasing automotive and healthcare expenditure in Europe
An increasing occurrence of various chronic diseases across Europe has resulted in increased government investments in the healthcare sector. Regional healthcare and biotech firms are making R&D efforts to design better diagnostic and medical equipment. Air compressors are crucial components in the manufacturing of medical devices and will witness a strong demand.
Meanwhile, the automotive sector will continue to offer lucrative opportunities to regional manufacturers. Europe has witnessed an exponential rise in automotive sales, especially in the passenger vehicles segment. Air compressors find extensive application in automotive air conditioners and air brakes to control the intake of air in supercharger and turbocharger engines.
Air compressor demand across the Europe’s construction sector is slated to witness a 7% CAGR through 2026. This can be attributed to growing construction and infrastructure development activities in Eastern Europe, where rapid urbanization and industrial development has created a massive need for affordable housing solutions and commercial spaces.
Growing penetration of portable air compressors in APAC
Stationary air compressors dominated Asia Pacific air compressor market in 2019 with over 97% revenue share and their demand is slated to grow at a healthy 6% CAGR through 2026. These systems are widely used in air conditioners, refrigeration systems, automotive systems, industrial facilities, workshops, and warehouses.
On the other hand, portable air compressors are increasingly gaining traction and will experience a notable demand in the coming years. These include wheel-mounted, offshore, hand-carried, and utility-mounted air compressors. They are mainly used in household applications such as tire inflation and painting, and industrial applications like mining, oil exploration, and construction.
The demand for portable air compressors is likely to rise considerably in Asia Pacific over the next few years, with rapid infrastructure development and oil exploration projects. These compressors are generally preferred due to convenience and ease-of-use. Their deployment across Asia Pacific’s growing manufacturing sector is also likely to grow significantly.
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Robust demand for oil-filled air compressors in APAC
Lubrication of air compressors can be done using oil or air. Oil filled air compressors are widely used in heavy-duty applications in the automotive, manufacturing, and oil & gas sectors on account of benefits including high durability, greater performance, and lower costs. Their demand across the Asia Pacific region is expected to grow steadily over the next few years.
Oil-filled air compressors, also known as oil-lubricated air compressors, have been experiencing growing adoption across APAC’s food & beverage sector. Their widespread utilization in food processing sector can be linked with advantages such as compact size, lighter weight, and their ability to deliver uncontaminated compressed air.
Contaminated air may lead to various occupational hazards in food & beverage, healthcare, and electronics sectors, which should propel the product adoption in the future. Constant technological innovations in the electronics sector driven by increasing consumer demand and expectations will bolster overall Asia Pacific air compressor market outlook.
Air compressors systems are among the most pivotal and widely used HVAC components and will continue to experience widespread adoption in near future, worldwide. Manufacturers are constantly focusing on product improvements in terms of reliability, efficiency, and performance. The presence of leading industry participants along with the emergence of new entrants will certainly augment the market forecast.
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