SELBYVILLE, Del., June 17, 2019 /PRNewswire/ -- The portable air compressor market share is set to rise from $6bn in 2018 to USD 7 billion by 2024, according to a new Global Market Insights, Inc. report. Portable air compressors are used in many industrial applications such as operating tools, product finishing and painting, cutting and welding, etc. They are preferred in industries where the same equipment can be used at different locations for air supply. Technological advancements have enabled companies to manufacture portable air compressors which are more compact in shape, have larger flow capacity, are noise free, and more efficient than their counterparts. These advancements in design have increased product demand for more challenging operations where stationary types were largely preferred in the past. These trends will have a positive impact on the overall portable air compressor market.
Compressor usage is directly related to the manufacturing trends in a region. As such, fast-growing economies such as China, India, South Korea, Thailand, etc. have transformed into lucrative markets for portable air compressor manufacturers. Countries with mature manufacturing industries such as the U.S., Germany, Japan, France, etc. will also account for a significant share of the demand owing to their high manufacturing outputs.
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The market will undergo slow growth due to fluctuation in oil prices. The typical lifetime costs of air compressors are divided into its maintenance costs, equipment and installation, and energy costs; of which energy costs about 75%. This is due to the high demand for fuel to run the machines. Fluctuation in oil prices will lead to increased costs for operating the machines which in turn may hinder the portable air compressor market growth.
Based on technology, the industry is segmented into rotary and reciprocating; the former being further segmented into screw, scroll, and others. Reciprocating portable compressors are used for applications in the construction industry, automotive & aerospace sector, machine shops, and many other industries. This segment's market value is likely to be over USD 800 million by 2024.
Based on lubrication, the industry is bifurcated into oil free and oil filled. Oil filled portable air compressors are used for applications where the quality of air supplied is not of prime importance. They are used in mining, construction, manufacturing, and energy sectors. The market size of the segment is likely to exceed USD 5 billion by 2024.
Browse key industry insights spread across 210 pages with 266 market data tables & 29 figures & charts from the report, "Portable Air Compressor Market Size By Technology (Rotary [Screw, Scroll], Reciprocating), By Lubrication (Oil Free, Oil Filled), By Application (Building & Construction, Food & Beverage, Oil & Gas, Energy, Semiconductor & Electronics, Manufacturing, Healthcare [Medical, Dental], Mining & Construction, Municipal), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2024" in detail along with the table of contents:
Key application segments in the industry include home food and beverage, appliances, oil and gas, semiconductor and electronics, energy, healthcare, manufacturing, and mining and construction. The food and beverage application segment's market is likely to be close to USD 250 million in 2024. The product is used in food and beverage packaging, cleaning, and processing activities.
North America is a key regional portable air compressor market that is likely to gain by around 4% CAGR. The U.S. automotive and manufacturing sectors are the major end-users followed by oil & gas and construction industries. The presence of several manufacturers in North America has made the regional industry more competitive.
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Some of the key portable air compressor manufacturers include Atlas Copco, Sullair, Gardner Denver, Ingersoll-Rand, Kaeser Kompressoren, Doosan Portable Power, Rolair Systems, Sullivan-Palatek, etc. Mergers and acquisition strategies are common by industry participants to increase their competitive edge.
Browse Related Report:
1. Global Air Compressor Market Size By Product (Portable, Stationary), By Technology (Rotary [Screw, Scroll], Reciprocating, Centrifugal), By Lubrication (Oil Free, Oil Filled), By Application (Home Appliances, Food & Beverage, Oil & Gas, Energy, Semiconductors & Electronics, Manufacturing, Healthcare [Medical, Dental]), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
2. Stationary Air Compressor Market Size, By Technology (Rotary, Reciprocating, Centrifugal), By Lubrication (Oil Free, Oil Filled), By Application (Home Appliances, Food & Beverage, Oil & Gas, Energy, Semiconductor & Electronics, Manufacturing, Healthcare), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
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Portable Air Compressor Market size to exceed $7bn by 2024
Portable Air Compressor Market size will surpass USD 7 billion by 2024; according to a new research report by Global Market Insights, Inc.
Portable Air Compressor Market
Oil Filled Air Compressor Market
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SOURCE Global Market Insights Inc.