Stationary Air Compressor Market Will Grow at 3% CAGR to Hit $30bn by 2024: GMI
Global Market Insights, Inc. has recently added a new report on "Stationary Air Compressor Market Through 2019-2024 with Statistics By Lubrication (Oil Free, Oil Filled), Technology (Rotary, Reciprocating, Centrifugal), Application (Home Appliances, Food & Beverage, Oil & Gas, Energy, Semiconductor & Electronics, Manufacturing, Healthcare)" which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of air compressor industry.
SELBYVILLE, Del., December 6, 2019 (Newswire.com) - The oil-filled stationary air compressor market share is estimated to surpass USD 14 billion in terms of revenues by 2024, according to a research report by Global Market Insights, Inc. The growth in the market is mainly driven by surging demand for household electronic appliances such as air conditioner and refrigerators. The demand for household appliances has been particularly high in emerging countries of Asia Pacific and Latin America. This can be majorly attributed to rising disposable incomes of consumers and evolving living standards. In fact, consumer appliance sales in Asia Pacific constituted more than 40% of the global share in terms of volume during 2016, led by India, Vietnam, and Indonesia.
There are several other factors responsible for this robust demand, with rapid urbanization and growing population being the least surprising ones. Increased focus on development of electricity infrastructure and rise in property ownership are fueling the regional demand. Stationary air compressors are extensively used in a wide range of household appliances such as ACs and refrigerators which will boost the product adoption in the coming years.
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Some of the major industry growth drivers are:
1. Technological advancement in the industry
2. Upsurge in the household appliances market
Rotary-type stationary air compressors find widespread use in the manufacturing sector on account of numerous advantages offered in terms of efficiency and reliability. Rotary stationary air compressor industry segment is projected to record substantial growth over the next few years, accounting for nearly two-third of the global share by 2024. A booming automotive sector is anticipated to positively impact stationary air compressor industry outlook over the forecast timeframe.
There has been a rapid surge in automotive production and sales in the Asia Pacific region led by China, India and Vietnam, among others. As a matter of fact, the region accounted for 50% of the global automotive production during 2016. The product is prominently used and forms an essential part of air conditioners installed in cars. Another prominent application of stationary air compressors is in air brakes of heavy-duty and commercial vehicles.
Browse key industry insights spread across 350 pages with 432 market data tables & 27 figures & charts from the report, “Stationary Air Compressor Market 2019 – 2024” in detail along with the table of contents:
Oil-filled stationary air compressors are extensively deployed across several end-use industries such as oil & gas, mining, and power plants, among many others. The product offers exceptional operational benefits such as superior efficiency and excellent capacity making it best-suited for distinct use-cases. In addition, the product significantly minimizes maintenance and repair costs, further boosting the application scope of oil-filled compressors. Oil-filled stationary air compressor market share is estimated to surpass USD 14 billion in terms of revenues over 2018-2024.
These products are majorly used in the food & beverage sector. This can be attributed to the fact that oil-free compressors greatly minimize the chances and risk of food contamination. Global stationary air compressor market size from food & beverage application is projected to record a CAGR of about 3% during the analysis period.
There have been an increasing number of off-shore and on-shore oil & gas exploration activities in North America. Regional demand is also expected to be driven by rapid expansion of the manufacturing sector in the U.S. North America stationary air compressor market share was valued at around USD 2.5 billion in 2017 and is anticipated to register a stable growth rate up to 2024.
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Browse more related reports:
1. Air Compressor Market Size By Product (Portable, Stationary), By Technology (Rotary [Screw, Scroll], Reciprocating, Centrifugal), By Lubrication (Oil Free, Oil Filled), By Application (Home Appliances, Food & Beverage, Oil & Gas, Energy, Semiconductors & Electronics, Manufacturing, Healthcare [Medical, Dental]), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024, says the worldwide market will exceed USD 40 billion by 2024.
2. Portable Air Compressor Market Size By Technology (Rotary [Screw, Scroll], Reciprocating), By Lubrication (Oil Free, Oil Filled), By Application (Building & Construction, Food & Beverage, Oil & Gas, Energy, Semiconductor & Electronics, Manufacturing, Healthcare [Medical, Dental], Mining & Construction, Municipal), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2024, says the market valuation will cross USD 09 billion by 2024.
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Categories: Production and Manufacturing