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Oil Filled Air Compressor Market | Industry Size, Trends, and Growth by 2024

Author : Rahul Varpe | Published Date : 2020-09-15 

With growing demand from the global industrial manufacturing sector, the oil filled air compressor market is projected to register a lucrative rate of growth over the forthcoming time period. The industrial manufacturing sector is considered the main growth sector for the worldwide economy with various organizations working throughout metal fabrication, furniture manufacturing, general manufacturing, silicone, rubber, and plastic manufacturing among others.

The usage of oil filled air compressors in these companies to make a continuous source of dependable, efficient, and durable pressurized air would boost the product demand in coming years.

Geographically, the APAC is one of the most prominent regions where industrial development is mainly led by the rise in various government and private initiatives. Citing an example, India’s Prime Minister launched initiatives like ‘Foreign Direct Investment’ and ‘Make in India’ to convert the country into a globally recognized manufacturing hub.

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As a result, in India, the manufacturing sector observed a 7.7% growth rate in 2017. The country’s manufacturing industry is likely to show appreciative growth in coming years, thereby encouraging the product adoption the region.

As per a research report oil filled air compressor market is projected to surpass $25 billion valuation by 2024.    

Growing usage of oil free air compressor in numerous sectors like semiconductor, medical, healthcare, food & beverage is likely to hamper the market for oil lubricated air compressor. Since the product is lighter in weight, making the machine easy to be carried around. As per the U.S. FDA, the air which is used in F&B industry needs to be completely free from water, oil as well as other contaminants. This in turn will expand the demand for oil free types, thereby limiting the market growth of oil lubricated air compressor.

The market is bifurcated in terms of product, technology, application, and regional landscape.

With respect to product, the oil filled air compressor market is classified into portable and stationary. Among these, the stationary type oil filled air compressors will likely generate approximately $15 billion in terms of revenue by 2024

In terms of technology, the overall oil filled air compressor market is categorized into reciprocating, centrifugal, and rotary. Among these, the centrifugal technology segment will represent nearly 35% of the total market size in terms of revenue by 2024. These are mainly utilized in industrial applications which require large discharge rates, continuous operations, and high capacity.

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With respect to application, the market is bifurcated into oil & gas, mining & quarrying, electrical & electronics, energy, home appliances, building & construction, manufacturing and others. Among these, the energy sector will generate a revenue of approximately $370 million, thereby growing at a significant rate over the forecast timeframe.

Moreover, installation activities related to new thermal power plants in APAC is likely to drive the market for oil filled air compressor as well. Citing an example, China and India are likely to install new power plants, wherein China would install nearly 160 and India would install more than 50, over the forecast time period, creating tremendous product demand.

Meanwhile, oil lubricated air compressor market in Brazil will likely generate a revenue of approximately $300 million over the forecast timeframe owing to a positive growth trend across its mining sector. In fact, the mining sector represents nearly 7% of the country’s GDP owing to the rising investments by mining groups as well as by the government.

All in all, apart from some restraints that restrict its adoption in industries such as F&B, the afore-mentioned factors are likely to offer a wide array of growth opportunities for oil filled air compressor market. The competitive spectrum of oil filled air compressor market includes companies like Hubei Teweite Power Technology Company Limited, Doosan Portable Power, Atlas Copco, Kaeser Kompressoren SE, Ingersoll-Rand plc, Gardner Denver, Inc., Sullivan-Palatek, Inc, and Sullair LLC among others.

 

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. [email protected] | https://twitter.com/varperahul

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