Centrifugal Air Compressor Market Growth Outlook with Industry Review and Forecasts 2019-2024

Automotive is one of the most significant industries driving considerable global centrifugal air compressor market share. These compressors are widely used in automobiles for ventilation and to supply compressed air to automobile parts. With growing number of manufacturing companies across the globe, ranging from large scale aerospace and automotive manufacturers to metal fabricators, the centrifugal air compressor market is certain to witness higher product demand in the coming years. According to reports, the robust expansion of the automotive industry in Asia Pacific has been the most significant factor stimulating regional centrifugal air compressor industry share. 

Given the massive deployment of centrifugal air compressor across myriad applications, the global centrifugal air compressor industry stands to gain rewardable proceeds in the coming years. Industry analysts further anticipate strategic collaborations and M&As to improve the profitability landscape and consumer base of this business sphere. Global Market Insights, Inc., forecasts centrifugal air compressor market to exceed a valuation of USD 7 billion by 2024.

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Centrifugal air compressor market, of late, has been witnessing tremendous growth prospects, the reason for which can be attributed to the plethora of innovations and product advancements across this business space. The role of compact and portable compressors in automotive, healthcare, food & beverage, and oil & gas industries has increased to quiet a commendable extent, owing to which several centrifugal air compressor industry players are launching application specific products with easy installation and usage. 

Apart from automotive, rapid industrialization trends in oil & gas, healthcare, energy, manufacturing, and food & beverage sectors have also left a noticeable impact on the regional centrifugal air compressor industry trends. Taking into account the significant deployment of centrifugal air compressor in several types of power plants including hydroelectric, thermal, diesel-engine generators, and nuclear, it is expected that the regional centrifugal air compressor industry will witness remarkable growth prospects.  

According to reports, India and China are projected to establish over 50 and 160 new projects of thermal power units respectively in the forthcoming years which is overtly expected to have a perpetual impact on the growth of centrifugal air compressor industry. Based on these grounds, the industry analysts quoted Asia Pacific to be one of the most lucrative hubs for expansion of centrifugal air compressor industry having held the highest share in the year 2016 by generating over USD 3 billion in revenue.

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Estimates claim the overall vehicle sales for Asia Pacific and the Middle East regions have rose to 43.4 million units in 2015 from 35.2 million units in 2010. Moreover, taking into account the global automotive sales, in 2015, India, China, South Korea, and Japan accounted for over 40% of the total sales – a factor which validates the rapid expansion of automotive industry in APAC. Considering these facts, analysts predict the remarkable growth of the automotive industry to have a rendering impact on the regional centrifugal air compressor market, given the continuous supply of high pressure compressed and instrument air for automobiles and manufacturing activities.

Significant industry participants are Atlas Copco, HATCO company, Hitachi Ltd., Kirloskar Pneumatic Co., Ltd., Kobelco Compressors, Inc., Dresser-Rand, etc.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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