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Recent findings from Global Market Insights suggest that the air compressor market is set for unprecedented growth over the next few years. With the global air compressor market projected to surpass a staggering $40 billion by 2024, expect changes to the UK’s own industrial air compressor market over the next few years. In this informative article, Glaston highlights the key findings from this report as we explore how the air compressor market is expected to grow in the future.
The biggest takeaway from this research is the likely increase in demand for rotary air compressors. Impressively, rotary air compressors actually hold a maximum share of approximately 60% in the overall market worldwide. The revenue for rotary air compressors reached $1 billion in 2017 and is projected to grow with a Compound Annual Growth Rate (CAGR) close to 3.5%.
By 2024, the rotary air compressor market is expected to exceed an eye-watering $15 billion and hold the majority market share within the entire air compressor industry. This projection is based on advanced technology that is increasingly being used across industries such as mining, medicine and household appliances to name but a few. In addition, the combining factors of low maintenance costs and higher efficiency will also help drive the rotary air compressor market forward.
With this in mind, expect to see compressed air systems like rotary air screw compressors becoming more commonplace within the UK’s industrial market over the next few years. Rotary screw air compressors are a type of gas compressor used when huge volumes of high-pressure air are required, such as when operating jackhammers. This particular product is predicted to gain steady growth in the coming years.
The rising use of portable air compressors is largely due to movability convenience. Ease of transportability and efficient energy consumption are the major factors set to drive the portable air compressor market forward in the long run.
Portable air compressors are the preferred compressor system wherever the workstation location constantly changes, or on occasions when a sole air compressor is used in multiple workstations. In addition, portable air compressors are preferred for offshore environments, such as oil rigs, where a traditional compressor would not be a viable option.
Implementing compact designs and structures has also led to a reduction in the weight of a portable air compressor. As a result, this has helped to reduce energy costs without compromising overall performance. Another factor in their rise in popularity is that portable air compressors require less maintenance. Portable air compressors also employ advanced mechanisms and hassle-free features that enable easier operation for users.
These innovations will lead to substantial savings on yearly fuel costs for businesses. As air compressor systems become more smartly designed, they will surely contribute to growing popularity within the UK’s industrial market.
To find the right air compressor for your application, speak to Glaston Compressor Services today on 01695 51010 or email email@example.com.