Centrifugal Air Compressor Market Size By Product (Portable, Stationary), By Casing (Horizontally Split, Vertically Split), By End-user (Food & Beverages, Oil & Gas, Energy, Semiconductor & Electronics, Manufacturing, Healthcare), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: Nov 2017 | 220 Pages | Report ID: GMI2185 | Authors: Kiran Pulidindi, Soumalya Chakraborty Report Format: PDF
Centrifugal Air Compressor Market size was more than USD 5.5 billion in 2016 and will witness 2.7% CAGR during the projected timespan.
U.S. centrifugal air compressor market size, by end-user, 2013 - 2024 (USD Million)
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The global centrifugal air compressor market will be driven by the rising production of automobiles in Asia Pacific by 2024, as the product finds huge applications in the manufacturing process of the automotive industry. The overall vehicle sales for Asia Pacific and the Middle East regions rose from 35.2 million units in 2010 to 43.4 million units in 2015. This trend is likely to continue in the coming years and will boost the centrifugal air compressor demand in automobiles. The outsourcing of manufacturing facilities to Asia Pacific by various European and American automotive companies will also contribute to the automotive industry growth in this region. Volkswagen, BMW, and Mercedes are some of the companies that have shifted their manufacturing operations to China and India in the recent years due to the availability of low-cost labor and proximity to high potential markets.
The industry growth will also be augmented by the developments in the U.S. oil & gas sector. Rapid industrial development in the emerging countries of Asia Pacific and Latin America will also boost the product demand during the forecast time frame. Increasing manufacturing activities in China, Brazil, India, and other developing countries will further contribute toward the centrifugal air compressor market growth during the forecast period.
The rising trend of portable centrifugal air compressor rental services might restrain the market growth in the forecast period. Small and medium-scale enterprises prefer renting these air compressors rather than buying, for the higher maintenance costs involved.
Centrifugal Air Compressor Market, By Product
Stationary centrifugal air compressors are projected to grow with 2.8% CAGR by 2024. Centrifugal air compressors are mostly large capacity machines with a high floor area requirement and act as a continuous source of compressed air at high pressure. This makes the stationary design more suitable for the application, making this segment a popular choice among end-users across the globe. The incessant requirement of compressed air for a prolonged period would advocate the use of stationary units with permanent designated floor area in the coming years.
Portable centrifugal air compressors are mostly skid mounted which can be transported inside the industrial facility using utility vehicles or trucks. These are generally smaller in size and have lesser free air delivery capacity and discharge pressure compared to the stationary models providing the ease of transport. Portable centrifugal air compressors contributed to revenue over USD 700 million in 2016 and will observe significant growth over the forecast timeframe.
Centrifugal Air Compressor Market, By Casing
Casings are the pressure containing part of the centrifugal air compressors and houses the internal components and rotors. Centrifugal air compressors with vertically split casing generated revenue close to USD 3 billion in 2016 and are probable to observe significant demand from energy, oil & gas, heavy manufacturing, and chemical industries by 2024. These are usually applicable for higher capacity and discharge pressure and hence are costlier.
Centrifugal air compressors with horizontally split casing will rise with 2.4% CAGR over the forecast timeframe. These are used where the discharge pressure required is relatively lower, such as in general manufacturing purposes, refineries, food & beverage sector, etc. They are more popularly used owing to higher demand for lower pressure applications in the manufacturing sector, which is the foremost end-user segment.
Centrifugal Air Compressor Market, By End-user
With a large number of manufacturing industries around the globe, ranging from large scale automotive and aerospace manufacturers to component manufacturers to metal fabricators such as iron & steel, aluminum, etc., manufacturing will hold sway in centrifugal air compressors market throughout the forecast period. Manufacturing applications had generated revenue close to USD 2.5 billion in the global market and will have significant growth by 2024.
Centrifugal air compressors find several electrical component manufacturing applications in the semiconductor & electronics industry, making it another important end-user segment. Semiconductor & electronics will be the fastest growing segment in the overall industry by 2024, with gains of 3.3% CAGR. Prevalence of a large number of electronics industry in China, Japan, and South Korea will escalate the Asia Pacific centrifugal air compressor market in coming years.
Centrifugal Air Compressor Market, By Region
In 2016, Asia Pacific led the global market with a revenue over USD 3 billion. The region is likely to follow similar trend throughout the forecast span owing to the huge number of medium and large-scale manufacturing facilities in China. The development of the manufacturing sector in India, Korea, and the Southeast Asian countries will further boost the market growth in this region in the next seven years.
North America and Europe centrifugal air compressor market will witness slower growth with respective gains of 2.3% and 1.5% by 2024. The sluggish growth will be attributed to the market maturity in the regions. However, the discovery of shale gas and increasing oil & gas exploration activities in North America will augment the regional market in coming years. The U.S. has a large number of refrigerated warehouses and packaged food industries, which will drive the food & beverage application segment of the region. The mega food factories will augment the demand for high pressure compressed air for their operations, thereby propelling the regional centrifugal air compressor demand in the near future.
Competitive Market Share
The global centrifugal air compressor market is highly fragmented with a large number of manufacturers spread across all regions of the world. Few players including: Atlas Copco, Hitachi Industrial Equipment Systems Co Ltd, General Electric, Kirloskar Pneumatic Company Limited, Gardner Denver, Inc., Ingersoll-Rand plc held substantial industry share in 2016.
Centrifugal air compressor manufacturers have been engaged in mergers & acquisition activities to gain the competitive edge. For instance, in August 2017, Atlas Copco acquired Glauber Equipment Corporation’s compressor-related business. Glauber Equipment is now Atlas Copco’s compressed air distributor and service provider located in the U.S. In August 2016, Atlas Copco had acquired Schneider Druckluft GmbH, a German designer and producer of professional compressed air solutions with a large network of retailers and specialist shops. The latter company is a renowned brand in piston compressors and extends its offer with a wide range of related products and services.
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Centrifugal air compressors are widely used in most of the industrial applications to power pneumatic tools & equipment for supplying compressed air for cleaning purposes, transportation, etc. They are generally large and work at constant pressures unlike displacement compressors, hence finding profitable applications where a constant supply of compressed air is required at a high discharge pressure. However, these compressors are affected by external stimuli such as temperature and pressure, thus limiting its usage in controlled environments.
Large scale facilities, especially in manufacturing and oil & gas, often employ these compressors for a continuous supply of compressed air at high pressure. Moreover, absence of gearbox and the resultant lubrication system offers the supply of 100% oil-free compressed air, suitable for various critical applications such as food & beverages, electronics, and pharmaceutical manufacturing industries. Rising number of manufacturing facilities and the developing food & beverage, oil & gas, energy, and electronic sectors will positively influence the demand for centrifugal air compressors market in coming years.
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