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Asia Pacific Centrifugal Air Compressor Market is anticipated to generate significant revenues by 2024

Author : Rahul Varpe | Published Date : 2019-07-11 

Asia Pacific Centrifugal Air Compressor Market has 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.

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Europe Centrifugal Air Compressor market is experiencing a high demand for such machines owing to the growing adoption of automated technologies. Countries including Italy, Germany, and France are moving toward automation and adopting several smart industrial solutions for manufacturing processes. Moreover, labor shortage in the region is also a factor, which is driving the adoption of mechanized products in farms. These machines are performing several farm activities with maximum accuracy and productivity, thereby encouraging the farmers to implement the mechanized technologies in their agricultural processes. The market is anticipated to witness a high rise in the production capacity with competitors embracing advanced methods of manufacturing.

Rising number of manufacturing facilities and growing food & beverage, oil & gas, energy, and electronics sectors will positively influence the demand for centrifugal air compressor 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.

Oil & gas exploration, particularly in South Africa and North America, will further drive the centrifugal air compressor 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.

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Major players operating in Centrifugal Air Compressor market are:

  • AGCO Corporation
  • JCB
  • Kubota
  • Claas
  • Deere & Company (John Deere)
  • Bucher Industries
  • Dawn Equipment
  • CNH Industrial
  • CNH Industrial
  • Mahindra Tractors
  • Same Deutz-Fahr Deutschland GmbH
  • Force Motors Ltd.
  • Kverneland Group
  • International Tractors Ltd.
  • Kuhn Group
  • Iseki & Co. Ltd.
  • Escorts Group Tractors
  • Farm Equipment Ltd.

These market players are engaged in providing effective solutions, which will ease the difficult tasks performed by the farmers in their fields. The growing demand for smart technologies in automated machines is providing an opportunity for players to develop innovative products in the market.

 

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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