Making swift headways in the HVAC and construction industry, the reciprocating air compressor market has continued to garner enormous popularity across several business verticals. The escalating mining and oil exploration activities, increasing demand for automobiles, rising disposable incomes which have enhanced the requirement of home appliances, and the recent developments in power generation sector have had a significant influence on the growth prospects of reciprocating air compressor industry. In fact, as per a research report compiled by Global Market Insights, Inc., the remuneration portfolio of reciprocating air compressor market stood at a robust USD 5 billion in the year 2017.
Europe Reciprocating Air Compressor Market Size, by Application, 2013 – 2024 (USD Million)
Elaborating further, the application segment of this business sphere is anticipated to be led by the home appliances sector by 2024. Owing to the massive utilization of air compressors in air conditioners and refrigerators in the households, the reciprocating air compressor industry has witnessed a drastic jump in its recognition across the global home appliances domain. As per reliable estimates, the home appliances segment would apportion over 70 percent of the volume share of the overall application spectrum of reciprocating air compressor market in the ensuing seven years of time span.
A brief outline of how acquisitions and facility expansion plans would steer the growth trajectory of reciprocating air compressor market
Apart from the rising number of takeovers being witnessed across this business sphere, the chief reciprocating air compressor market participants have been focusing on enlarging their manufacturing scope in geographical terms. For instance, Gardner Denver had announced in 2016 that it has decided to expand its Princeton facility by a humongous 27,000 square feet.
The latest expansion effort can be termed as a crucial development for the firm, as this is the first time the renowned manufacturer of oil filters, air compressors, and other spare parts has expanded with a new complex in the United States in the last 18 years. Reportedly, the management of the firm decided to expand the Princeton facility toward the east given the fact that the existing plant has been performing exceptionally well with the number of shipments swelling each year.
The rather encouraging and proactive initiatives that are being under taken by the established market contenders to expand their sphere of influence across the world would augur well for the overall reciprocating air compressor industry space. With the growing acceptance of air compressors across numerous business verticals such as energy, food & beverages, healthcare, manufacturing, semiconductor & electronics, oil & gas, and home appliances, the commercialization graph of reciprocating air compressor market is overt to witness massive surge in the coming years. The global share is estimated to surpass USD 6 billion by 2024.