Reciprocating Air Compressor Market size to exceed $40 Bn by 2027
Published Date: June 29, 2021 Authors: Kiran Pulidindi, Soumalya Chakraborty
Reciprocating Air Compressor Market size is slated to exceed USD 40 billion by 2027, according to a new research report by Global Market Insights, Inc.
The growing demand for home appliances, electronic products, and automotive is expected to positively impact the reciprocating air compressors industry growth. These are extensively used in refrigerators, air conditioners, and also utilized in the health care sector that requires uncontaminated stream of air. The growing number of manufacturing units mainly in various emerging economies of China, India, Brazil, and Vietnam is supporting the industry growth. The continuous supply of compressed air in various industrial activities is anticipated to drive the revenue generation.
The rapidly growing healthcare sector is compelling various governments around the world to increase investments in the healthcare industry. The need for clean and pure air with no foreign particle is paramount for operations in the healthcare sector. The growing demand from various end-user industries is expected to drive reciprocating air compressor market revenue.
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The COVID-19 pandemic is expected to have negative impacts on the industry owing to the shortage of workforce and sudden shutdown of various plants across the world. With the reduction of COVID-19 cases in major economies and rapid vaccination, the economic prospective is looking positive, which will supplement the reciprocating air compressors market growth.
Browse key industry insights spread across 320 pages with 355 market data tables & 21 figures & charts from the report, “Reciprocating Air Compressor Market Size By Product (Portable, Stationary), By Technology (Single-acting, Double-acting), By Lubrication (Oil Free, Oil Filled), By Application (Home Appliances, Food & Beverage, Oil & Gas, Energy, Semiconductor & Electronics, Manufacturing, Healthcare), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Landscape & Forecast, 2021 – 2027” in detail along with the table of contents:
The portable reciprocating air compressor market is set to witness around 4% CAGR through 2027. Utility-mounted, wheel-mounted, and hand-carried compressors are termed as portable air compressors. These types of compressors are mainly used in households and in industries where compressed air is primarily required at multiple locations. Growing oil & gas and mining activities and increasing number of offshore oil rigs coupled with rising construction activities in many emerging economies will propel the portable segment penetration over the projected time period.
The double acting segment holds around 35% of the reciprocating air compressors market share in 2020. There are many heavy-duty actions that are performed during the production of vehicles and other heavy industrial equipment, which require air pressure of more than 100 psi that is provided by double acting type. Growing manufacturing activities and rising demand for automotive are anticipated to drive the industry growth.
The oil-filled segment is likely to showcase 3.4% CAGR till 2027. Rapid growth in the manufacturing sector is expected to have a positive impact on oil filled product owing to their rough handling and low cost when compared with oil free type. These are primarily used in power plants including hydroelectric, nuclear, thermal, and also in diesel-engine generators.
Europe to bank upon product penetration in various industrial activities
Europe reciprocating air compressor market size is poised to observe strong growth with its application in manufacturing and industrial activities. Compressed air is primarily used in operating tools on manufacturing lines, monitoring equipment, welding equipment, ejecting pieces from molds along with other operating automatic machinery. Automotive production and heavy machinery production in Europe are expected to drive the industry growth over the projected time period.
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