The global oil free air compressors market is estimated to attain USD 15.56 billion, by the end of 2025, and is anticipated to grow at the CAGR of 4.8% from 2019 to 2025. Several key benefits such as reduced maintenance cost, easy retrofitting of the old/existing system, variable-speed capabilities are projected to surge the market growth. The air compressors are widely used across chemical, petroleum, manufacturing among other industries. Moreover, the rising shift from traditional manufacturing methods to economical techniques is gaining traction among industries. These products also provide optimal energy efficiency management.
In addition, supportive government initiatives regarding energy conservation are expected to augment the market growth. For example, the Chinese government have set stiff regulations concerning environmental fortification, which has escalated the growth of energy-efficient product. Oil-free compressors offer enhanced performance and greater reliability. These products are utilized in mining and construction activities. Furthermore, these air compressors provide higher transport mobility which is boosting the product demand from the oil and gas sector. In addition, the inclusion of lesser degradable elements is projected to fuel the market growth.
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Further key findings from the report suggest:
• In 2018, portable type compressors segment dominated the global market with largest market share.
• Based on technology, centrifugal type segment is anticipated to grow at the fastest CAGR during the forecasted period.
• Depending on power rating, 2kW to 55 kW power category is expected to contribute highest share in the oil free air compressor market.
• In 2018, manufacturing application segment accounted for share over 30.0% in the global market. Home appliances application segment is projected to grow at fastest rate owing to increasing power generation needs.
• Asia Pacific is anticipated to expand at highest CAGR from 2019 to 2025.
Impact of COVID-19
Communal spread of COVID-19 has drastically affected the oil free air compressors market. International travel ban, further the lockdown situation has hampered the production of air compressors, and disrupted supply chain in manufacturing process.
Product innovation is expected to play a vital role in post-pandemic market. For instance, Ingersoll Rand, the air compressor manufacturer offer screw compressors that are used in medical operations, and other pharmaceutical applications. Compressed air is necessary for oxidation, fermentation process in medical sector. Thus, the market is projected to grow steadily over the next few years.
Global Oil Free Air Compressors Market : Key Players
General Electric, Gardner Denver, Atlas Copco, Ingersoll Rand PLC, Bauer Group, and Sullair LLC.
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