The global rotary air compressor market segment is set to reach $15 billion by 2024 and hold a majority market share in the technology-based air compressor industry because of rising applications in various industries, such as metallurgy and mining, papermaking and printing, and medicine and health. According to the report 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 by Global Market Insights Inc., the global air compressor market share will likely surpass $40 billion by 2024. The market is expected to respond to rising industrial development in emerging nations, which uses air compressors in numerous end-user sectors such as the oil and gas, food and beverage, manufacturing, and electronics sectors. Specifically, the report indicates the Asia-Pacific Region should provide a boost to the market in the near future because of the region’s reputation as a manufacturing hub and its global industrial output from major automotive and machinery manufacturing companies, which have their production units there.
According to the report, rising demand for highly efficient and superior quality products in the industrial sector is driving the global air compressor market growth. Some factors that should impact market demand in this sector are requirements for oil-free air compressors to meet stringent environmental regulations in most industries and to respond to food contamination concerns in the food and beverage processing industry. One trend that may hold the market back is increasing demand for rental air compressors, which could result in lower product sales in the market. For more info and to purchase a copy of the report for $4,500, visit www.gminsights.com.