A new report shows just how vast the air compressor market has become, and just how vital air compressors are.
Last year, the global air compressors market was valued at $30.86 billion. Now, a new report predicts that by 2022 that figure will have grown to almost $39 billion. To put that in perspective, $39 billion is greater than the GDP of Morocco.
What’s driving the growth? Happily, the report by Zion Market Research and snappily titled “Air Compressors Market by Technology (Reciprocating, Rotary and Centrifugal) by Lubrication (Oil Filled and Oil Free) Market for Food & Beverage, Healthcare, Home Appliances, Energy, Oil & Gas, Electronics, Manufacturing and Others Application: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022” has some answers.
The sheer flexibility of air compressor equipment is what leads them to occupy a pivotal role in so many workspaces. The fact that a report into the market needs 43 words to describe itself gives just some indication of the range and variety of roles air compressors are playing across industry.
Until now, the report notes that rotary-type technology has dominated the air compressor market, but the survey suggests a shift towards centrifugal technology over the next few years. To find out more about why that may be, check our post on the advantages of centrifugal air compressors.
The report also looked at trends in compressor lubrication, where it discovered (unsurprisingly) that oil-free air compressors are the natural choice for industries such as electronic assembling, food & beverage, and pharmaceuticals, where products need protection from contamination. Yet the oil-based air compressor market shows no signs of slowing and by the end of the reporting period in 2020 oil-based should still dominate the market.
Finally, the report explores sectors, with the largest growth areas for compressed air equipment to date having come from manufacturing – especially in boom territories such as Asia-Pacific and Latin America. For the future, the report suggests food & beverages will be the major compressed air growth segment, driven by a global move to improve food safety and health standards.