The new air compressors
market research from Technavio indicates Neutral & Inferior growth in the
short term as the business impact of COVID-19 spreads.
"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.
Regional Analysis
- 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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