The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global oil free air compressors market size is expected to reach USD 15.56 billion by 2025, registering a CAGR of 4.8% over the forecast period, according to a study conducted by Grand View Research, Inc. Low maintenance costs, retrofitting of existing systems, efficient operation at lower costs, and rising adoption of variable-speed compressors are some of the key factors driving the market over the forecast period. The products find application in several industries, such as petroleum, electrical power, chemical, and manufacturing. A gradual shift from the traditional manufacturing techniques to economical methods is a major trend in these industries, which helps boost demand for such compressors for optimal energy distribution purposes.
For instance, the government of China has announced strict regulations for environment fortification, which have ultimately increased the demand for energy-efficient products in the country. Oil-free products provide reliability and ease of operation owing to enhanced product performance. Therefore, they are widely used in the construction and mining activities. High transport mobility offered by these products is also projected to spur their demand across several end-use industries, such as oil & gas. Furthermore, involvement of less degradable parts coupled with low maintenance costs will fuel the global demand over the forecast period.
Further Key findings from the study suggest:
- The portable compressors captured the major market share in 2018 and will maintain the dominance in future on account of their high durability and light weight
- Centrifugal products are expected to witness a rapid growth over the forecast period due to their ability to reduce carbon footprint by ensuring clean and uninterrupted air supply
- Increasing adoption of compressors with a 2 to 55 kW power rating in the end-use industries is a key factor that positively affecting the growth of the segment over the forecast period
- Manufacturing segment held more than 30% of the global share in 2018. However, the home appliances segment is anticipated to register the highest CAGR owing to higher product demand
- Asia Pacific is expected to emerge as the largest and fastest-growing segment over the forecast period due to rising need to increase the power generation capacities
- Key companies in the global oil free air compressors market include Gardner Denver, Atlas Copco, Ingersoll-Rand PLC, General Electric, and Bauer Group. Most of them are focusing on developing low-maintenance and eco-friendly products to maintain their industry position