The global air compressor market is projected to be worth USD 41 billion by 2024 with a CAGR of above 4.5% during the forecast period (from 2016 to 2024). The air compressors act as trustworthy power sources for tools and machines in the building & construction industry as well as for several other industrial applications. The rising costs if raw materials are likely to impact the market price trend directly.
Rising power efficiency measures are also estimated to boost the global market and propel the product development initiatives. Various advantages like low maintenance and ease of handling are likely to positively impact the market for portable air compressors. The global market is divided into technologies, products, lubrications, applications, and regions.
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The technology sector includes centrifugal, rotary (screw), and reciprocating. The rotary air compressor sector occupied over 45 % of the total market revenue in 2015. The centrifugal air compressor sector is anticipated to grow at a CAGR of over 4 % during the estimated years. The reciprocating air compressor sector is expected to exceed USD 8 billion by 2024.
The product sector comprises stationary and portable air compressors. The portable air compressors held more than 40 % of the overall market share in 2015. The sector is further anticipated to experience huge growth in the near future. The rising demands for better air quality and reliability are estimated to boost the growth.
The lubrication sector encompasses oil-filled and oil-free lubrications. The oil-free lubricant sector exceeded USD 10 billion in 2015. Various factors such as cost-efficient operation, reduced maintenance, etc. are likely to drive the growth. The oil filled lubricant sector is said to remain the dominant sector over the coming years.
These devices have a wide range of applications including manufacturing, food & beverage, home appliances, oil & gas, semiconductors & electronics, energy, and healthcare. The manufacturing sector is estimated to continue being a leader over the forecast period.
The Asia-Pacific region is expected to grow at CAGR of over 5 % over the estimated years. The rising demands in the Europe and North America regions are projected to remain stable during the forecast period.
The major companies in this market are Ingersoll-Rand Inc.; Bauer Group; Atlas Copco Group; and General Electric Co.