The thriving global market for air compressors is set for growth throughout the coming five years, with energy efficient air compressors in particular pushing demand higher, according to a newly published report.
Zion Market Research have published their analysis of the global air compressors market from 2016 to 2022, and report a worldwide market value of just over $30 billion in 2016. By 2022, this is forecasted to increase to nearly $39 billion, at a compound annual growth rate of 3.9%. The report notes the appeal of energy efficient air compressors that are able to reduce running costs, as well as ways to reduce on the demands of maintenance and initial purchase. For all of these reasons, energy efficient air compressors and centrifugal compressors are among the areas of greatest demand at present, and are predicted to remain so in the coming years.
Rotary screw compressors remain popular for heavy industrial uses, making the technology dominant in 2016, and this particular area of demand is likely to remain.
However, centrifugal compressors are also finding favour for other applications thanks to their features like oil lubrication, cool running pumps and integral thermal overload to protect the motor. A number of specific industries remain important contributors to global demand, including oil and gas, not only a sizeable market for air compressors, but one of the largest sectors on the planet in its own right.
Home appliances that use air compressors are also making a significant contribution, according to the report, while the construction industry is forecasted to “open up alluring opportunities” for the global air compressor market between now and 2022.
Oil-filled air compressors formed a major part of the market in 2016 based on lubrication type; however, there is also growing demand for oil-free air compressors capable of producing extremely clean compressed air output.
Oil-free air compressors therefore have applications in some of the more sensitive industries and sectors, for example healthcare, food and beverage manufacture, and assembly of electronic components.
With sustained demand in the established segments and continued growth in the modern and emerging air compressor technologies, choice of equipment is increasing all the time, and the industry seems set for a prosperous five years.