According to the latest research report, the global centrifugal air compressor market is expected to record 2.7% CAGR during the forecast period 2017-2024.
Selbyville, DE -- (SBWIRE) -- 06/30/2020 -- Rising number of manufacturing facilities and growing food & beverage, oil & gas, energy, and electronics sectors will positively influence the demand for centrifugal air compressors market in coming years. Asia Pacific has consistently been the most substantial automotive market involving both production and consumption. In addition, robust growth in the manufacturing sector, particularly in Asia Pacific, indicates a strong potential for centrifugal air compressors market by 2024. For instance, over the last 20 years, Asia Pacific region has been contributing about 40% of the manufacturing sector. Centrifugal Air Compressor Market will surpass USD 7 billion by 2024.
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Oil & gas exploration, particularly in South Africa and North America, will further drive the centrifugal air compressors market over the forecast period. Rising number of offshore oil rigs along with increasing chemical processing in developing countries will drive the market development during the forecast timeframe. Portable centrifugal air compressors are widely used in the oil & gas sector for the production of crude oil and in the energy sector, where the compressed air is required at multiple locations.
Compressors that meet the noise requirements without using a complete sound enclosure are generally preferred by the manufacturers. This is due to the high cost associated with sound enclosures. Another reason is that sound enclosures make access to the compressors difficult for maintenance. This can be a limiting factor in the centrifugal air compressor market growth as government agencies of various countries have formulated regulations regarding the level of noise emitted from air compressors.
In 2016, the global centrifugal air compressors market for food & beverage applications contributed over USD 840 million to the revenue. Increasing demand for packaged food across the globe is estimated to enlarge the demand for centrifugal air compressors. The food & beverage industry involves the product usage for consistent compressed air supply in a range of production & packaging tasks.
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Asia Pacific centrifugal air compressor generated over USD 3 billion revenue in 2016. The region held the largest share in 2016 and is projected to observe a parallel growth trend by 2024. The region's massive share will be accredited to the enormously growing manufacturing sector in China, Korea, India, Southeast Asian nations, etc. Centrifugal air compressors have been expansively used in various power, hydroelectric, nuclear, thermal, and power plants and diesel-engine generators. The region is likely to witness a substantial demand for centrifugal air compressors, especially in energy sector related applications in the near future. For example, India and China together will setup over 190 thermal power plants over the forecast timespan.
Significant industry participants are Atlas Copco, HATCO company, Hitachi Ltd., Kirloskar Pneumatic Co., Ltd., Kobelco Compressors, Inc., Dresser-Rand, etc. The market players have been focusing on expansion through strategic acquisitions to attain the competitive superiority. For example, Sullair LLC was acquired by Hitachi in the second quarter of 2017. The company achieved significant synergies from this acquisition including the strong sales network of Sullair LLC in North America.
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