According to a recent study from market research firm Global Market Insights, the centrifugal air compressors market is set to grow from its current market value of more than $9.9 billion to more than $10 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.
The centrifugal air compressors market is set to witness immense growth in the coming years owing to the rising oil and gas exploration activities and high product demand from numerous industries such as healthcare, food and beverages, energy, and manufacturing. Centrifugal air compressors slow as well as cool the incoming air via a diffuser for building up potential energy. These air compressors further produce high amounts of energy in a comparatively smaller machine owing to the multiphase compression process.
In comparison to reciprocating or rotary screw compressors, centrifugal air compressors require less maintenance. Various types of centrifugal air compressors can also produce oil-free air. The air compressor is generally used for creating high-pressure or compressed air for a variety of uses. Pneumatic sensors, pneumatic motors, pneumatic control devices, starting air for diesel engines, pneumatic valve operators are some of the uses of air compressors. Additionally, centrifugal air compressors are usually used for construction sites like steel manufacturing centers or chemical plants, since they have the capability to reach over 1,000 horsepower.
The centrifugal air compressors market is segmented in terms of product, casing, application and regional landscape.
With respect to product, the centrifugal air compressors market is categorized into stationary and portable. Among these, portable centrifugal air compressor segment is expected to grow at a compound annual growth rate (CAGR) of 1.5 percent through the forecast time period. Ease of mounting and low discharge pressure of these compressors are likely to drive the product demand among small and medium scale end-users.
Additionally, portable air compressors are also best for home and light industrial use, mainly where portability is essential.
Based on casing the centrifugal air compressors market is classified into vertically split and horizontally split. Among these, vertically split casing segment will grow at a rate of 1.7 percent in the global centrifugal air compressor market over projected timeframe. This can be attributed to growing product demand across end-user industries including chemical processing plants, heavy duty manufacturing, oil and gas refineries, among many others.
In terms of application, the overall centrifugal air compressors market is bifurcated into healthcare, manufacturing, semiconductor and electronics, energy, oil and gas, and food and beverages. Among these, the healthcare application segment is likely to hold around 10 percent share over the forecast time period. This can be majorly attributed to rising demand for non-contaminated compressed air in manufacturing of pharmaceutical and medical products.
From a regional frame of reference, Latin America will hold considerable share of the global market over the forecast time period. Growing manufacturing sector along with rising oil and gas exploration activities are some of the driving factors influencing the drive product demand across the region.