Advancements in product innovations and high demand for energy-efficient and cost-effective air compressors in chemical, oil & gas, and manufacturing sectors provide robust investment opportunities for North American vendors. Furthermore, increase in number of industrial infrastructure projects, penetration of IoT, initiatives such as Industry 4.0, and technological advancements related to new product development is driving the growth of air compressor market.
Portland, OR -- (SBWIRE) -- 06/29/2018 -- North America Air Compressor Market by Type, Technology, Lubrication Method, And Country: Opportunity Analysis and Industry Forecast, 2016-2023, the North America Air Compressor market was valued at $4,475 million in 2016, and is projected to reach at $5,754 million by 2023, growing at a CAGR of 3.68% from 2017 to 2023. Stationary and rotary segments possess the maximum growth potential and are expected to create lucrative opportunities for industry players.
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At present, air compressors witness an increased adoption in North America, owing to technological innovations in product offerings, and proliferation of energy-efficient and cost-effective air compressors, and increase in application areas among end users. Furthermore, rapid urbanization has resulted in a surge in infrastructural and manufacturing activities; this is turn, has facilitated the growth of North America air compressor market. However, inconsistent demand patterns restraint the North America air compressor market growth.
The stationary segment dominated the air compressor market in 2016, with around 62% revenue share and it is anticipated to exhibit fastest growth rate. This growth is attributed to the increase in demand from end-use industries and rise in investment across all the process industries.
Rotary air compressors generated the maximum revenue in technology segment. It represented around 46% share of the total North America air compressor market size in 2016. Furthermore, by 2023, the segment is expected to dominate the market, with a CAGR of 3.66%., owing to widespread adoption of advanced solutions and increased IoT spending.
The U.S. was the highest revenue contributor in 2016, accounting for around 53% share. Canada is projected to grow at the highest CAGR of 4.04% during the forecast period.
The report features the competitive scenario of the North America air compressor market and provides comprehensive analysis of the significant growth strategies adopted by major players. The key players operating in North America air compressor market include Atlas Copco, Ingersoll Rand, Suzler Ltd., Mitsubishi Heavy Industries, Ebara Corp., Sullair, Kobe Steel, VMAC, Campbell Hausfeld, Porter Cable, and others.
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Key Findings of the North America Air Compressor Market
*The stationary segment dominated the North America air compressor market in 2016.
*The rotary and centrifugal segments are estimated to provide significant growth opportunities to the key market players.
*The U.S. market is expected to be dominant, in terms of market size. However, Canada is estimated to possess the highest CAGR during the forecast period.