The new air compressors market research from Technavio indicates Neutral & Inferior growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Air Compressors Market 2020-2024 (Graphic: Business Wire)
"One of the primary growth drivers for this market is the Shift to Energy-efficient Compressors," says a senior analyst for Industrials at Technavio. The shift to more energy-efficient compressors will be one of the significant factors that will drive market growth. Climate change and global warming have increased the need to focus on energy efficiency and reduction in emissions in the oil and gas industry. The regional governments in Europe and North America have taken initiatives to ensure that the various equipment used in industries, such as compressors, motors, and pumps, comply with the respective regional regulations. Lower electricity consumption is another crucial reason for the adoption of new air compressors in the end-user industries. To raise the overall energy efficiency, the industrial end-users need to adopt compressors fitted with efficient and reliable controls. This has also compelled the oil and gas industry to lower its power consumption by substituting its old air compressors with new energy-efficient air compressors. As the markets recover Technavio expects the air compressors market size to grow by USD 7.22 billion during the period 2020-2024.
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Air Compressors Segment Highlights for 2020
The air compressors market is expected to post a year-over-year growth rate of 3.20%.
Stationary air compressors dominated the market in 2019.
Stationary air compressors have higher capacities and store a greater volume of compressed air than their portable counterparts and, hence, they usually serve as a better source of power.
Stationary air compressors are used at sites that require uninterrupted supply and more cubic meters of compressed air.
The primary industries using stationary air compressors include manufacturing and oil and gas, as these industries need high power output to operate their equipment, machinery, and other accessories.
51% of the growth will originate from the APAC region.
Increasing investments in the oil and gas industry in China, India, and a few other countries of Southeast Asia will significantly drive air compressors market growth in this region over the forecast period.
China and Japan are the key markets for air compressors in APAC.
Market growth in this region will be faster than the growth of the market in Europe and North America.
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The air compressors market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
The air compressors market is segmented by product (stationary air compressor and portable air compressor) and geography (APAC, Europe, MEA, North America, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Atlas Copco AB, Deere & Co., Doosan Infracore Co. Ltd., General Electric Co., Hitachi Ltd., Ingersoll Rand Inc., KAESER KOMPRESSOREN SE, Kobe Steel Ltd., Mitsubishi Heavy Industries Ltd., and Siemens AG.
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