The global air compressors market was valued at around $30 billion in 2016 and is set to grow by a third by 2022 according to a report newly published by Zion Market Research.
But what types of air compressors are fuelling this growth which, if it maintains the predicted compound annual growth rate of close to 4%, could see the market hit $40 billion in or soon after 2022?
Centrifugal and rotary screw compressors
Rotary screw compressors were a dominant force in 2016 thanks to their suitability for heavy industrial applications, which perhaps also helps rotary screw compressors to an even higher market share in terms of value rather than quantity of units shipped.
At the same time, centrifugal air compressors are gaining traction, with benefits ranging from cool-running pumps, to oil lubrication (more on that below), cast iron construction and built-in thermal overload that protects their running motors.
Oil lubricated or oil-free compressors?
Oil lubricated air compressors dominated the market in 2016 and are predicted to continue to do so throughout the report period; however, oil-free compressors are one of the most important types of air compressor technology in certain market segments.
For example, thanks to their clean air output, oil-free air compressors have applications in high-value critical segments, ranging from pharmaceuticals and healthcare, to food and drink, to electronics assembly.
Energy efficient and environmentally aware
A common theme across all of the different types of air compressor technology is the demand for more energy efficient and environmentally friendly air compressors.
Because of this, new air compressor technologies are a key factor in the market, as well as energy efficient air compressors that are already commercially available.
“The constant advent of a new product, with innovative technology by the manufacturer, are some of the factors estimated to propel the growth of the air compressor market,” the report states.
“Next-generation compressed air systems with low maintenance and an eco-friendly feature are foreseen to support a shift in demand from traditional equipment to modern technology.”
Demand from the construction industry, oil and gas, and the home appliances segment, are all predicted to play a part in driving the total market value higher in the years to come, allowing the air compressors sector to thrive into the next decade.