Oil Filled Air Compressor Market Size

Oil Filled Air Compressor Market Size

Oil Filled Air Compressor Market size was estimated over USD 20 billion in 2017 and the industry will grow by a CAGR more than 3% up to 2024.

Due to the growing population, the need of fossil fuel will increase as crude oil is regarded as an essential natural resource, despite innovations in alternative energy resources. North America has 14% of the world’s crude oil reserve and 6% of the global natural gas deposit, which will increase the oil & gas exploration activities and spur the product market. The U.S. oil & gas sector growth will be the leading driver for oil filled air compressor market in next six years. The development of abundant unconventional natural gas and tight oil creates immense break to oil lubricated air compressor market by the end of forecast timeframe These products, also known as oil lubricated air compressors, are installed in heavy duty equipment used in oil & gas, mining, quarrying, manufacturing industry for delivering the required pressure levels necessary during operations. These products are designed for most extreme climate and other ambient conditions. This will increase the demand of oil filled air compressor market by the end of 2024. Moreover, North America is the world’s second largest generator and supplier of solar, wind and hydropower, which will further increase the demand of oil lubricated air compressor in the region.

High cost and maintenance of oil lubricated air compressor compel the small and medium scale enterprise to rent the product rather than purchasing due to comparatively lesser compressed air demand during manufacturing end-product. Renting services also provide flexibility to switch to other air compressors according to the requirement. Rapid technological advancement will also support the rental services which reduces the risk associated with backdated technology compressors, such as tier 1 or tier 2.