Environmental awareness, low maintenance costs, technological innovations, rapid industrialization, and expanding manufacturing sector drives oil-free air compressor market growth.
Oil-free air compressors have gained significance owing to governments’ growing consciousness about environmental security, which has resulted in regulating and improving air quality. This aspect also has fueled the growth of the global oil-free air compressor market.
Global oil-free air compressor market size was evaluated at $10 billion in 2015 and predicted to register a compound annual growth rate (CAGR) of 4.2% during forecast period. The growth can be credited to factors like technological breakthroughs, low maintenance costs, and expanded production. Rapid growth and industrialization across the food-processing sector, semiconductor-manufacturing sector, and medical-research field have fueled the demand and growth of the industry. However, increasing raw material prices can hamper the expansion of the industry.
Oil-free air compressors have gained significance owing to a growing consciousness about environmental security displayed by various governments, which has resulted in regulating and improving air quality. This aspect has also fueled the growth of the global oil-free air compressor market.
The global oil-free air compressor industry's applications segment includes food and beverages, textiles, manufacturing, oil and gas, transport and logistics, electronics and semiconductor, home appliances, and pharmaceuticals that require oil-free air compressors to prevent oil contamination.
Oil and gas dominated the global industry by contributing greater than 20% of the total revenue for 2015 and is predicted to register CAGR of 3.9% during the forecast period. Factors credited to growth include the products' ability to prevent shutdowns and avoid costly replacement of nitrogen blankets in liquefied natural gas tankers and transfer stations. Further, they also stop oil contamination of old devices and promotes trouble-free functioning.
Manufacturing is predicted to touch $4.6 billion by the end of the forecast timeframe. Growing acceptance in the food-processing industry is predicted to fuel future demand and growth.
Products of the global oil-free air compressor industry include stationery and portable. The stationary product segment is predicted to register a CAGR of 4% during the forecast period while portable is projected to record 4.5% CAGR.
The portable product segment is predicted to cross the $5.5 billion margin by the end of forecast timeframe. The factors credited to growth include growing product consciousness among consumers and favorable government policies on power storage.
The technology segment of the global oil-free air compressor market includes reciprocating, rotary, and centrifugal. Reciprocating technology was evaluated at $2.2 billion in 2015 with total revenue predicted to touch the $2.9 billion margin by the end of the forecast period, with CAGR of 3.8%. Growth can be attributed to the fact that this technology is available in different sizes, ranging from less than 1 hp to more than 600 hp.
Rotary is predicted to register CAGR of 4% during the forecast period due to its low deployment cost, compact size, low mass, and low maintenance cost.
Global oil-free air compressor market is broken into key geographical regions that include North America, Asia-Pacific (APAC), Europe, Latin America, and Middle East-Africa (MEA).
APAC is predicted to grow rapidly due to a growing presence of petrochemical plants and oil refineries in the region.
Europe's oil-free air compressor market is predicted to display good growth due to the rising application of these compressors in the processing sector, refining industry, manufacturing sector, and discovery of gas and crude oil products. It is forecast to register a CAGR of 3.1% during the forecast timeframe.
North America, led by the U.S. oil-free air compressor market share, was evaluated at about $2.1 billion for 2015. Growth in the region can be attributed to growing consciousness about environmentally friendly portable products and their applications.
Key industry players contributing to the growth of the global oil-free air compressor market include:
- Ingersoll Rand
- Gardner Denver
- BelAire Compressors
- Atlas Copco
- GE Oil & Gas
- Thomas Gardner Denver Inc.
- MEDO U.S.A
- Boge Compressors
- Sullivan Pllatek
- Bauer Group
- Rolair Systems
- Shanghai Feihe Industrial Group Corp.
- Hitachi Industrial Equipment Systems Co. Ltd.
- Kaishan Group
- AireTex Compressors
- ELGI Equipments Ltd.
- Cook Compression
- Frank Technologies
- GE Energy
- Kaeser Compressors
- Oasis Manufacturing
- Sullair Corp.
- Tamturbo Oy
- Zen Air Tech Private Ltd.
- Kirloskar Pneumatic Co. Ltd.
- Chicago Pneumatic
- Shanghai Hanbell Precise Machinery
- Wuxi Compressor Ltd.
-This article originally appeared on Global Market Insights. Global Market Insights is a CFE Media content partner.