Sellbyville, DE -- (SBWire) -- 05/29/2019 --Global Market Insights recently introduced new report on global Air Compressor market with an in-depth study providing complete analysis of the industry size, share and statistics for the period 2019 to 2023. It also provides complete overview of Air Compressor industry considering all the major industry trends, market dynamics and competitive scenario.
Air compressors form an integral part of various sectors including home appliances, oil & gas, manufacturing, food & beverage, energy, semiconductors & electronics, and healthcare. Amongst these, the manufacturing sector held a major chunk of air compressor market and accounted for USD 9 billion in 2016.
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Considering in terms of volume, home appliances segment held a major air compressor industry share and is expected to grow at an exponential rate in the ensuing years. Speaking of the home appliances, air compressors form the essential parts of refrigerators, air conditioners, ventilators, and other appliances. Industry experts estimate air compressor market size from this application to surpass USD 5 billion by 2024, given the extensive demand for home appliances & electronics in Asia Pacific.
One of the most remarkable factors contributing toward air compressor market growth is the high energy efficiency quotient associated with these compressors. Technological advancements in this industry have resulted into revolutionary air compressors that are much lighter in weight and are highly energy efficient. The latest trend witnessed in this industry is the escalating manufacturing of compressors that are designed to reduce over 50% of energy consumption, owing to its vertical design and variable speed drive that enable the large energy savings.
Defining the strategic landscape, the global air compressor market is highly characterized by technological product advancements with regards to the design, energy efficiency, portability, size, weight, reliability, and cost. High demand for sustainable products & strict regulations in this industry have further prompted market players to design eco-friendly compressors. U.S. is among one such regions witnessing prominent demand for eco-friendly and portable air compressors.
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Asia Pacific is a powerhouse of investments and rapid industrialization rates in the region is consecutively driving the growth of home appliances, manufacturing, energy, and electronics sectors. Statistics chronicled Asia Pacific to be the major air compressor market growth avenue, having had contributed to more than 50% of the overall share in 2016. Apart from the home appliance segment, Asia Pacific is also witnessing robust growth in the automobile industry.
Several European automobile manufacturers have shifted their manufacturing units in this region, subject to cheap labor and ample raw material availability- a trend which has profoundly boosted the growth of automobile sector in the region. Figures supporting the fact include - Asia Pacific's automotive sales surged by 7.6% since 2015 and recorded noteworthy sales of over 51.5 million units in 2016. As automobile air compressors find extensive usage in engines, vehicle air conditioning systems, and air breaks, the expanding automotive sector is slated to have a perpetual impact on air compressor industry outlook.
The Air Compressor market report offers detailed competitive landscape of the global market. It includes companies, industry statistics, market share analysis and product portfolio of the major industry participants. The report provides detailed segmentation of the Air Compressor market based on product, technology, end user and region.
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Several companies are investing heavily in R&D activities to develop their product portfolio and achieve greater efficiency, as environmental protection norms have imposed stringent regulations on energy usage. Furthermore, the global air compressor market is also likely to witness several mergers & acquisitions, given the robust demand for low price and energy efficient compressors. These M&A strategies have aided the industry players in upgrading their production capacities and expanding their global reach over other market players. Listing a few, Chicago Pneumatic, Ingersoll-Rand, Bauer Group, General Electric, Atlas Copco, and Kaeser Kompressoren, are some of the most prominent companies accumulating significant share of the air compressor industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Air Compressor Market Insights Report 2019–2024, Key Players: Gardner Denver, Rolair Systems, Atlas Copco, Sullair
Air compressors form an integral part of various sectors including home appliances, oil & gas, manufacturing, food & beverage, energy, semiconductors & electronics, and healthcare.