Oil-Free Air Compressor Market : Huge demand from some of the end use industries which primarily include food &beverage, healthcare, oil and gas, manufacturing, and textiles is allowing the market to attain a global popularity.
Oil free air compressor market is gaining an edge with the continuous modernization of air compressed machines or tools, and introduction of specific productive processes that require exclusively air and not oil. Huge demand from some of the end use industries which primarily include food &beverage, healthcare, oil and gas, manufacturing, and textiles is allowing the market to attain a global popularity. These aforementioned sectors cannot afford to take the risk of oil contamination in their processes, therefore the preference inclination is on compressed air that is 100% oil free. Outstanding reliability, user amenability, portability, and minimal maintenance requirement make oil free air compressor a lucrative investment for the market players.
Another factor which is playing a crucial role in oil free air compressor industry’s rapid expansion is its low operational cost. Especially manufacturing units are day by day implementing cost-effective techniques to fuel the profitability. A report by Global Market Insights, Inc. depicts that Oil free air compressor market will record an upswing in the growth chart at a CAGR of 4.2% over 2016-2023, collecting a massive revenue of USD 13.9 billion by 2023.
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Transitioning to oil free air compressor system in a production facility may at first hand seem a sizeable investment but its return of investment is huge when considered its superior productivity and energy efficiency. Regular maintenance of normal air compressed systems is critical as it has a chance of oil adulteration, whereas in the case of oil free air compressor downstream filtration requirements are comparatively minimal, which directly translates to energy saving. In this context, Government of developing nations is also complementing the growth prospects. For instance, government of China has mandated several regulations for environment protection, which in a way is catering oil free air compressor market demand.
Out of all the technologies that are being implemented in oil free air compressor industry, reciprocating commonly called piston technology is gaining a traction in the overall market. As per estimation, in 2015, it was valued USD 2.2 billion. Size flexibility is one of the major attributes of this type of oil-free compressors, as they available in a wide range (from < 1 hp to >600 hp). This technology based oil free air compressor market is projected to grow substantially at an annual rate of 3.8% over 2016-2023, with an estimated revenue collection of USD 2.9 billion by the end of 2023. The second type compressor that is witnessing a strong foothold in oil free air compressor market is oil free rotary screw air compressor. Comparatively lower initial cost, compactness, as well as easy maintenance makes it quite popular across wide end industries. High transportation mobility by these products further augments their market value in construction sites. Rotary oil free air compressor industry is expected to experience an upswing in growth curve with a projected CAGR of 4 % over the period of 2016-2023.
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Asia-Pacific, being the major hub of end use industries pertaining to oil free air compressor market is foreseen to record the highest annual growth rate over the coming six years. India and China are expected to contribute significantly toward the regional industry share. The two major industries that observe a heavy deployment of the product are petrochemical plants and oil refineries. Globally Oil and gas applications accounted for one-fifth of oil free air compressor industry in 2015. The significant coverage of this application segment can be credited to its ability to operate older equipment without hassle. Oil free air compressor market from oil and gas sector is slated to grow strikingly at an annual rate of 3.9 % over 2016-2023.
Portable oil free air compressor market trend is experiencing a substantial global attention. Spreading awareness along with various state and central level mandatory roll outs on energy conservation is acting in favor of its market demand. Superior reliability, eco-friendliness, low maintenance cost is some of the driving factors that is highly influencing portable oil free air compressor industry to widen its consumer base. It is projected to grow at a lucrative annual rate of 4.5 % in the coming six years, with an estimated revenue collection of more than USD 5.5 billion by 2023. Manufacturing units, and construction industries are the major revenue contributors of this product based market. Global oil free air compressor industry share from manufacturing application is expected to record USD 4.62 billion in the coming timeframe. Healthcare sector will also actively partake in the market, with a tremendous CAGR projection of 5.1 % over the period of 2016-2023. Considering the positive outlook toward portable ecofriendly product, U.S oil free air compressor market will also attain a significant position on the global landscape in the years ahead.
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The continuous rise in the raw material price trends of oil free air compressors may somehow act as a hindrance in the growth path of the market. However, with rigorous effort of the industry participants to come up with cost-effective solution will change the scenario soon. Some of the key players actively participating in oil free air compressor market include Atlas Copco, Bauer Group, Chicago Pneumatic, General Electric, and Ingersoll Rand.
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