The demand for cost-effective and energy-efficient equipment across numerous end-use industries will drive oil free air compressor market. These compressors are relatively easy to maintain, they cost less, and they possess a cast iron cylinder that helps increase shelf life and reduces the wear and tear of the product. Additionally, they have a built-in thermal overload that provides additional motor protection, which will help fuel oil free air compressor market.
With an aim to preserve the environment and introduce energy saving equipment, organizations across the globe have been implementing numerous legislations. Subject to this factor, oil free air compressor market share is anticipated to witness a sizable growth.
As per Global Market Insights, Inc., “Oil free air compressor market, having had a revenue of USD 10 billion in 2015, will exhibit an annual growth rate of 4.2% over the period of 2016 to 2023.”
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Home appliances, manufacturing, oil & gas, food & beverage, and semiconductor & electronics are the applications of oil-free compressor market. Oil & gas application segment covered more than 20% of the overall oil free air compressor market in 2015 and is slated to witness a CAGR of 3.9% over the coming six years. The product is primarily used to avoid potential shutdowns and also helps to prevent oil contamination, subject to which it is widely used in the oil & gas sector.
The technological trends bifurcate oil free air compressor industry into centrifugal, reciprocating, and rotary technologies. Rotary technology segment will record a CAGR of 4% over the coming six years, primarily driven by the benefits of the product such as compact size, low weight, less cost, and easy maintenance. Reciprocating technology segment was worth USD 2.2 billion in 2015 and will collect a revenue of USD 2.9 billion by 2023 with an annual growth rate of 3.8% over the period of 2016 to 2023.
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Regionally, North America oil free air compressor market share will collect a revenue of USD 2.1 billion in 2015 and will exhibit a substantial growth rate over the years ahead. The growth can be attributed to increasing awareness regarding the usage of eco-friendly products. U.S. is touted to be the prominent revenue contributor.
Asia Pacific oil free air compressor industry is anticipated to witness a considerable growth rate over the coming timeframe. Surging product requirement across numerous end-use industries will augment the industry growth. In addition, the presence of a vast number of oil refineries and petrochemical plants will also influence APAC oil free air compressor market share considerably.
Europe oil free air compressor market is projected to record an annual growth rate of 3.1% over the coming years of 2016 to 2023, owing to the increasing usage of the product in refineries for oil exploration, production, and processing.
The key players in oil free air compressor market are Ingersoll Rand Inc., Atlas Copco, Bauer Group, Kaishan Group, GE, BelAire Compressors, ELGi Equipments, and Chicago Pneumatic.
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Browse Related report:
Air Compressor Market Size By Technology (Screw/Rotary, Reciprocating, Centrifugal), By Product (Portable, Stationary), By Lubrication (Oil Free, Oil Filled), By Application (Home Appliances, Food & Beverage, Oil & Gas, Energy, Semiconductors & Electronics, Manufacturing, Healthcare), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023
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