According to Global Market Insight, a continuous supply of high pressure compressed plant and instrument air for automobile manufacturing and assembling activities will augment the market growth. In 2015, China, India, Japan, and South Korea accounted close to 40 percent of the global automotive sales, including both commercial as well as personal vehicles. Continuously rising GDP and living standards of the population coupled with the increasing number of people residing in the middle and high-income groups in Asia Pacific countries will drive the centrifugal air compressor demand in the automotive industry in the near future. Global Market Insights also found that Asia Pacific has been witnessing a robust industrial growth in the last two decades with the region accounting for almost 40 percent of the world output. Rapid industrial growth in Asia Pacific countries will propel the centrifugal air compressor market as the products are extensively used in various industries including food & beverage, oil & gas, energy, healthcare, manufacturing, etc. The mining and oil & gas exploration activities in North America and South Africa will also boost the centrifugal air compressors market size by 2024. Compressed air is the suitable option for power especially for the environment around oil & gas platforms as the spark and heat potential from the electricity does not blend well with these surroundings. Thus, compressed air provides a gainful and safe solution to drive controls, pumps, equipment in oil rigs, refineries, etc. In 2016, centrifugal air compressors having vertically split casing had revenue contribution nearly USD 3 billion. Continuously developing iron & steel sector along with a highly potential fertilizer industry will further augment the vertically split centrifugal air compressors demand in the forecast years. Rising lower pressure requirements in the manufacturing sector will drive the demand for horizontally split casing compressors, which will observe gains of 2.4 percent CAGR by 2024. Food & beverage manufacturing needs contamination-free and consistent compressed air for running their operations and employs centrifugal air compressors for a variety of production tasks. Rising demand for packaged food items around the globe will augment the centrifugal air compressor demand for use in food & beverage sector. Global centrifugal air compressors market generated USD840 million for food & beverage applications in 2016 and will observe significant growth over the forecast period. According to Grand View Research, key technologies prevalent in the industry include reciprocating, rotary and centrifugal. Rising demand for portable products mainly in mining & construction activities is expected to drive demand over the next seven years. The centrifugal technology segment is expected to grow at a CAGR of over 4.5 percent from 2015 to 2022. Various features of these systems include built-in thermal overload for additional motor protection, cooler running pump, cast iron cylinder and oil-lubricated pump. Reciprocating systems with dual cylinders and oil-free scroll offering improved productivity and performance is further projected to positively influence global air compressor industry growth. Technologically advanced receivers and dryers offer less system failure and also play a vital role reducing carbon footprints leading to the introduction of these products in varied industries. Portable products are mainly used in mining and construction activities. Portable air compressors and generators are a reliable power source for machines and tools in the construction industry as well as for various industrial applications due to their convenience in transporting the equipment. The ease in handling these products has driven adoption in low-duty applications. They also require low maintenance as they have few wearing parts. Industry segmentation on the basis of lubrication includes oil filled and oil free. Oiled products require a form of lubricant to cool, seal or lubricate internal components. Proper lubrication ensures less electrical energy consumption by maintaining optimum temperature. Lubrication requirements vary considerably based on the type of gas that is being compressed, compressor and the environment in which it is used. Atlas Copco, Ingersoll Rand, Chicago Pneumatic, GE Energy, Bauer Group and BelAire dominate global air compressor market share. The industry is expected to remain innovation-led, with frequent acquisitions and strategic alliances. Application development, price competition along with competent distribution channels will be vital for competitive advantage. Several vendors and manufacturers are concentrating on developing application specific systems, which are in sync with the requirements of the end users. Companies operating in the air compressor industry focus on establishing a wide distribution network and new product development initiatives. Strategic partnerships and acquisitions are also used for business expansion.

constructionHQ staff