Newark, NJ, Feb. 01, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global centrifugal air compressor market is expected to grow from USD 8.60 billion in 2020 and to reach USD 10.57 billion by 2028, growing at a CAGR of 2.60% during the forecast period 2021-2028.
With the increasing urbanization around the globe, the industries are setting up at a faster pace in many regions. Especially in developing countries, demand for a number of industries such as food and beverages, manufacturing, semiconductor, electronics, etc. has increased. The centrifugal air compressors are used vastly in these industries as it provides high volumes of air at a comparatively lower price. Also, it has a longer working life, which further reduces the number of capital investments.
Centrifugal air compressors are different than other types of air compressors as they consist of a dynamic compressor. These compressors usually work through an impeller, which initially accelerates the air. The same air is then slowed down with the help of a volute system and diffuser. This whole process involves kinetic energy, which is being used for increasing the air pressure. These air compressors do not consist of any moving parts, and thus it does not require oiling. There are limited parts that will wear out over time, and therefore lower maintenance is needed to maintain the compressor. The centrifugal air compressors operate on rotational speed, and thus these compressors can continuously supply compressed air without any disruptions.
Initially, the industries avoided the use of centrifugal air compressors, as it was complex to operate and was space-occupying which limited its use in small scale and medium scale industries. However, the constant technological innovations and advancement has added innovative features in the compressors such as valve logic and control modes. These advancements have helped in saving the energy and thus reducing the load on the environment.
The installation cost of these centrifugal air compressors is hindering the growth of the market. The small scale and medium scale industries require the compressed air for a shorter period of time, and thus rental service of the centrifugal air compressors is popular among such industries as it is economical.
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Key players operating in the centrifugal air compressors market are Sullair LLC, Shanghai Denair Compressor Co., Ltd, Kazancompressormash, Kirloskar Pneumatic Company Limited, Elliott Group, Dresser-Rand, Kobelco Compressors America, Inc., Danfoss, Hitachi Ltd, General Electric, Kaishan Group, Ingersoll-Rand PLC, Hertz Kompressoren, Gardner Denver, Inc., Atlas Copco and others. The major players in the centrifugal air compressors market are focusing on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and thus strengthen their position in the global market. General Electric and Hitachi Ltd are some of the biggest manufacturers and suppliers of centrifugal air compressors in the worldwide market.
The horizontal split segment dominated the market and held the largest market share of 61.92% in the year 2020
On the basis of the casing segment, the global centrifugal air compressors market includes horizontal split and vertical split. The horizontal split segment dominated the market and held the largest market share of 61.92% in the year 2020. Horizontal split is mainly preferred in manufacturing industries, the food and beverages industry, etc. These industries require a lower amount of discharge pressure, which horizontal split compressors can efficiently provide. The horizontal splits are easy to maintain and have a lower cost associated.
The stationary segment dominated the market and held the largest market share of 68.40% in the year 2020
On the basis of the product type segment, the global centrifugal air compressors market includes stationary and portable. The stationary segment dominated the market and held the largest market share of 68.04% in the year 2020. Stationary compressors supply air at increased pressure in comparison to other types of compressors. The manufacturing industries, such as chemical processing, aerospace, automotive, etc., require constant increased compressed air.
Manufacturing industries dominated the market and held the largest market share of 34.93% in the year 2020
On the basis of the end-user segment, the global centrifugal air compressors market includes oil and gas, food and beverages, manufacturing, semiconductor and electronics, energy and healthcare. Manufacturing industries dominated the market and held the largest market share of 34.93% in the year 2020. There are various sub-industries such as aerospace, automotive, steel manufacturing, power plants that have requirements for compressed air for a more extended period of time. The centrifugal air compressors reduce the cost of compressed air for such industries as it requires minimum maintenance. However, the food and beverages industry is expected to grow with the highest CAGR of around 2.87% during 2021-2028. The use of centrifugal air compressors is required to operate actuators and control valves to be used in automated lines.
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Regional Segment Analysis of the Centrifugal Air Compressors Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global centrifugal air compressors market is classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Asia-Pacific region accounted for a significant market share of 34.02% in the year 2020. The countries of the region has witnessed an upsurge in the number of industries due to growing urbanization, which has resulted in the market growth of centrifugal air compressors in the region. Further, increasing funding on R&D by manufacturers for the development of advance centrifugal air compressors has accelerated market growth. The manufacturers present in the region are focusing on customer requirements and satisfaction. Moreover, Europe is expected to register a substantial growth rate during the forecast period. Moreover, the regional automotive industry is expanding at a rapid pace due to the presence of extensive research and development base, which has penetrated the use of centrifugal air compressors in the region.
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About the report:
The global centrifugal air compressors market is analyzed on the basis of value (USD Billion), volume (units), export (units), and import (units). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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