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Centrifugal Air Compressor Market - Growth Outlook & Future Scope by 2024

Author : Rahul Varpe | Published Date : 2019-12-02 

The latest report on Centrifugal Air Compressor Market collated by Global Market Insights delivers facts and numbers regarding the market size, geographical landscape and profit forecast of the Centrifugal Air Compressor Industry. In addition, the report focuses on major obstacles and the latest growth plans adopted by leading companies in this business.        

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 of centrifugal air compressor market 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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In 2016, the global centrifugal air compressor 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.

Oil & gas exploration, particularly in South Africa and North America, will 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.

Centrifugal Air Compressor Market by Product analysis:

  1. Portable
  2. Stationary

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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.

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.

Significant industry participants in centrifugal air compressor market are:

  1. Atlas Copco
  2. HATCO company
  3. Hitachi Ltd.
  4. Kirloskar Pneumatic Co. Ltd.
  5. Kobelco Compressors Inc.
  6. Dresser-Rand

centrifugal air compressor 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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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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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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