Growing consumption of packaged food & beverage products across the world is slated to augment the centrifugal air compressor market size over the coming years. Additionally, increasing demand for the product from the manufacturing sector is likely to boost overall market outlook further. Increasing demand for the product is ascribed to the immense need for high pressurized air in the manufacturing industry. According to a research report by Global Market Insights Inc., the global centrifugal air compressor market is likely to exceed a valuation of $10 billion by the end of 2026.
Additionally, frequent launch of new products with advanced features and capabilities that meet different consumer demands should also positively impel the market trends in the near future. Industry players are constantly putting additional efforts towards developing products to attract more customers. Taking January 2020 for instance, Ingersoll Rand, a leading air compressor manufacturer reportedly launched a new generation of its MSG Turbo Air 2000 Centrifugal Compressor. The compressor is capable of catering immense flow capacity ranging between 505 CFM and 1700 CFM as well as a pressure range spanning between 3.5 Barg and 10 Barg.
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With respect to the food & beverage end-use segment, the overall industry is forecast to witness a period of remunerative growth. The product witnesses tremendous use in the segment since it effectively eliminates all contaminants through the use of high pressure air. Manufacturers of fermented food products such as citric acid, yogurt, and wine among others are the key end-user demographic for compressors. Moreover, in recent years, centrifugal air compressors are observing increasing an elevated demand in the sector owing to the rising number of refrigerated warehouses built for storage purposes.
Meanwhile, the healthcare end-use segment is also earmarked to experience lucrative growth owing to the rapidly increasing use of centrifugal air compressors in various healthcare application avenues. In the pharmaceutical and medical industries, cleanliness plays a crucial role in determining the overall performance and quality of the products. Furthermore, pharmaceutical manufacturing procedure, the elimination contaminates like moisture or oil needs to be assured as they can affect the proportion of the ingredients. Subsequently, in order to reduce the aforementioned risks and facilitate contaminant free and pure air, the adoption of centrifugal air compressors is rising throughout the segment.
The North America centrifugal air compressor industry is likely to observe tremendous revenue growth led by the United States. In fact, the country is projected to hold approximately 15% market share of the overall industry size. Growing innovation in the regional electronics industry is expected to be the key factor that would drive market. The presence of a strong manufacturing sector in the region should further positively impel market trends. Additionally, rising shale exploration activities across the United States are likely to further complement industry growth in the region. The immense need for high-pressure air supply across oil refineries would foster this growth.
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Centrifugal air compressors are commonly used in gas turbines as well as automobile superchargers and turbochargers. The product also finds applications in air-conditioning, refrigeration, and HVAC. However, the most notable demand they witness is in natural gas processing and oil refineries. Given the rising demand for natural gas as a viable energy source, the market growth graph is slated to depict momentous gains over the coming years. In fact, according to the IEA, despite recording a 4% drop in 2020 due to the COVID-19 pandemic, the overall demand for natural gas is expected to steadily recover as worldwide consumption starts to improve in a progressive manner.
The competitive landscape of the centrifugal air compressor industry is inclusive of players such as Hitachi, Ingersoll Rand, Gardner Denver, and Atlas Copco among others.
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