Published on September 4th, 2015 | by Guest0
Air Compressor Market Size to Reach $37.18 Billion by 2022
According to a new study published by Grand View Research, the air compressor market is blowing up, so to speak. The industry is expected to haul in an impressive $37.18 billion in revenue by 2022 — quite the jump from the $10 billion in revenue the market brought in last year.
So why exactly is the air compressor market proverbially on fire?
The reason’s quite simple: In addition to the multitude of ways they can be used around the house, air compressors have many industry-specific applications. These applications include mining operations, railroad construction, metal fabrication, ventilating tunnels, manufacturing satellite components and a whole lot more.
There are also tons of uses for air compressors in the oil business. What’s more, the thriving food and beverage industry in North America is also demanding air compressor technology with much more frequency.
Image by Life Of Pix
What Is an Air Compressor Anyway?
First things first: An air compressor converts power — electricity, diesel fuel or gasoline — into potential energy that exists in the form of, you guessed it, compressed air.
Generally speaking, there are two types of air compressors: positive displacement machines and roto-dynamic compressors. While the former relies on pistons or screws and vanes, the latter uses centrifugal force to produce the desired results.
Beyond those basic types, there are also many variations, which we’ll touch upon in just a bit.
Why Are People Using Them More Often?
In addition to the multitude of applications in which air compressors get the job done, the machines also provide a slew of other benefits, including:
Air compressors are increasingly energy-efficient. These days, most consumers look at their consumption with an eye toward the environment. Whether that’s an altruistic characteristic or a selfish one — folks want to pay lower energy bills, after all — is beside the point. As technology evolves, newer air compressors emerging on the market are considerably more energy efficient than their resource-guzzling predecessors. So in addition to getting the job done, they do so in a way that’s friendly to the environment — and your wallet.
There all are sorts of different kinds of air compressors on the market. In addition to the two basic types of compressors discussed above, customers can also choose between getting portable or stationary air compressors. While a business owner might choose a stationary air compressor to put to work in the warehouse, other folks may want to keep an air compressor in the trunk of their car, for example, so they’re able to fill up their tires if need be.
Non-gas- or oil-based projects are becoming more and more popular. Though the price of oil has certainly come down in recent months, because it’s a finite resource that much of the industrialized world relies on, one can assume it’s only a matter of time before the price of crude starts inching up once again. As such, many businesses are turning toward projects that are free of oil or gasoline, leading to the rise of the use of air compressors.
Folks in emerging markets are expected to need air compressors in droves. A big part of the reason the air compressor market is predicted to grow is due to the enrichment of the Asia Pacific (APAC) region. As this emerging market continues to get stronger, demand for oil and gasoline will crescendo as well, thereby increasing the need for oil refineries and petrochemical plants, which rely on air compressors to get the job done.
A Booming Business
So there you have it. The air compressor market is thriving, and for good reason. As more and more customers across the globe demand the technology, we can expect more and more manufacturers to produce it.
The end result? Useful machines we all need available at a fraction of the price. In other words, it’s an exciting time to be alive for air compressor fans.
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