Growing Oil and Gas Industry to Drive Industrial Air Compressors Market
The global industrial air compressors market is expected to exhibit a strong 5.63% CAGR over the forecast period till 2023, according to the latest research report from Market Research Future (MRFR). The report provides a thorough analysis of the global industrial air compressors market’s movement over the forecast period by analyzing the global industrial air compressors market’s historical growth trajectory and present conditions. Using this information, accurate forecasts for the market’s movement over the forecast period are made in the report. The report provides a comprehensive overview of the global industrial air compressors market’s movement over the forecast period. All aspects of the global industrial air compressors market are analyzed in the report in order to provide a comprehensive market overview. Leading players in the global industrial air compressors market are profiled in the report. The impact of the COVID-19 pandemic on the global industrial air compressors market is also analyzed in the report.
Industrial air compressors are devices that store compressed air to be used as energy. Industrial air compressors are usually used in areas where fire hazards restrict the use of other forms of energy. Factors such as the high energy efficiency of air compressors and their easy maintenance are the major drivers for the global industrial air compressors market. The growing manufacturing sector has been a major driver for the global industrial air compressors market over the last few years. Manufacturing entities often use industrial air compressors as a form of backup power for machine tools, material handling, spray painting, and separation equipment. The growing demand for machine tools has thus been a major driver for the global industrial air compressors market over the last few years. The growing manufacturing sector in emerging economies in Asia Pacific and Latin America is likely to remain a major driver for the global industrial air compressor market over the forecast period.
The growing oil and gas industry is also likely to be a major driver for the global industrial air compressors market over the forecast period. The oil and gas industry uses industrial air compressors in high volume due to the growing need for power in offshore and remote locations. The locations of oil and gas exploration sites are often in remote areas where conventional power sources may not be easily available. This necessitates industrial air compressors for energy generation. The growing offshore oil and gas exploration and drilling is likely to be a major driver for the global industrial air compressors market over the forecast period.
Competitive Leaderboard:
Leading players in the global industrial air compressors market include Mitsubishi Heavy Industries Ltd., Howden Group Ltd., Kobe Steel Ltd., Sulzer AG, Kirloskar Pneumatics Co. Ltd., Elloitt Group Ltd., Gardner Denver, Sullair LLC, Hitachi Ltd., GE Oil and Gas, Ingersoll-Rand PLC, Danfoss, and Atlas Copco.
Segmentation:
The global industrial air compressors market is segmented on the basis of type, seal, pressure, end use, and region.
By type, the global industrial air compressors market is segmented into dynamic and positive displacement. The positive displacement segment is likely to dominate the global industrial air compressors market over the forecast period.
By seal type, the global industrial air compressors market is segmented into oil-lubricated and oil-free. The oil-free segment is likely to dominate the global industrial air compressors market over the forecast period.
By pressure, the global industrial air compressors market is segmented into up to 20 bar, 20-100 bar, and more than 100 bar.
By end use, the global industrial air compressors market is segmented into oil and gas, chemicals and petrochemicals, manufacturing, and others.
Regional Analysis:
Asia Pacific is likely to be the major regional segment of the global industrial air compressors market over the forecast period due to the growing oil and gas industry in China, Indonesia, Malaysia, and Australia. The Middle East and Africa is expected to grow at the highest growth rate over the forecast period due to the growing demand for industrial air compressors in the oil and gas and manufacturing industries in the region.
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