Rapid Pace Of Industrialization In Developing Nations To Impel The Growth Of Air Compressor Market In Future, According To Research Nester
The global air compressor market is segmented into technology such as reciprocating, rotary and centrifugal. Among these segments, rotary air compressor segment is expected to occupy the top position in air compressor market. Increasing utilization of rotary air compressors in heavy industrial applications is anticipated to foster the growth of air compressor market. Further, recent developments of rotary air compressor with new features are expected to expand the growth of rotary air compressor market.
Global air compressor market is expected to flourish at a CAGR of 4.1% over the forecast period. Moreover, the market of air compressor is expected to garner USD 36.2 Billion by 2021. Factors such as continuous reduction in the average price of air compressor, development of portable air compressor and rapid growth in industrial automation are some of the key factors fuelling the demand for air compressor.
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Asia Pacific is expected to dominate the overall market of air compressor during the forecast period. Robust development and establishments of industries in the region is expected to be the key factor behind the growth of air compressor market. China and India are witnessing the augmented demand for air compressor owing to the rapid industrialization. Moreover, Europe region is also anticipated to witness moderate growth over the forecast period. Presence of major manufacturing companies in the region is anticipated to strengthen the market of air compressor.
Technological Advancement & Innovations
Technological advancement associated with air compressor such as high energy efficiency, reduced weight and portability is fuelling the growth of air compressor market. Further, price reduction due to technological advancement has triggered the demand for air compressors. Furthermore, remote sensing incorporated air compressor is gaining traction among industries owing to its reliability and energy efficiency features.
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Rising application of air compressor in manufacturing industries is anticipated to impel the growth of the air compressor market. Moreover, expansion and development of industries such as power, oil and gas industries in the developing economies is driving the growth of the air compressor market.
Although, volatility in the price of raw material, regular maintenance and replacements associated with air compressors and noise generation are some of the factors that are likely to inhibit the growth of the air compressor market in the near future.
The report titled “Air Compressor Market: Global Demand Analysis, Growth & Opportunity Outlook 2023” delivers detailed overview of the global air compressor market in terms of market segmentation by product outlook, by technology outlook, by lubrication outlook, by application outlook, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global air compressor market which includes company profiling of Siemens AG, GE Energy, Ingersoll Rand PLC, Doosan Interface Co. Ltd., Elgi Equipments Ltd., Mitsubishi Heavy Industries, Ltd., Kirloskar Pneumatics Co. Ltd., Hitachi Ltd., Kaeser Kompressoren and Atlas Copco AB. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global air compressor market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Source: EIN Presswire