The global air & gas compressor market is estimated to witness substantial growth over the forecast period owing to surging demand for air & gas compressor across various sectors including air blast circuits, pharmaceutical, automobiles, chemical plants, food & beverages, oil extraction and transport industry.
Increasing automation in plants or facilities is expected to positively impact market development. Additionally, development of energy-efficient portable compressors is expected to be largely adopted across numerous industrial activities, which is also estimated to favorably impact market growth over the coming years.
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Technological advancements resulting in reduced fuel consumption and maintenance cost may fuel market expansion; however, air contamination due to noisy operations of oil-free compressors coupled with oil lubrication may hamper market growth over the next few years.
Additionally, stringent government regulations regarding the manufacture of air & gas compressor are also expected to challenge the market augmentation. Further, fluctuating raw material prices may also hinder market growth over the forecast period. The rising need to produce compressed air, which is largely used as a utility after natural gas, water and electricity, may also spur market development extensively. Compressed air plays a vital role in most of the modern manufacturing activities, and is also referred to as the fourth utility.
The market is poised for growth owing to growing adoption of compressors in the construction industry, especially in developing countries. Additionally, several benefits offered by air & gas compressors such as ability to deliver variation in supplied pressure, eco-friendly operations and portability are also anticipated to drive the air & gas compressor market growth over the next few years. The air & gas compressor market can be classified into centrifugal compressors and positive displacement. Centrifugal compressor segment is estimated to hold majority market share in the global air & gas compressor market over the coming years.
This can be attributed to centrifugal compressorÂs oil-free operations, capability to deliver high and constant flow of air pressure and wide scale application. Key market participants include Wuxi Compressor, VMAC, Thomas Industries Inc., Sulzer, Siemens, Shanghai Screw Compressor, Shanghai Feihe Industrial Group, Mitsubishi Heavy Industries, Kobe Steel, Kirloskar, Kaishan, Kaeser Compressors, Hongwuhuan, Hitachi, Hanbell, GE, Ingersoll Rand, Gardner Denver, Fusheng, ELGI Equipment Ltd., Ebara, Dresser-Rand, Doosan, BOGE, Atlas Copco, Yujin Machinery and Accudyne Industries.
Information Source: Grand View Research