Centrifugal Air Compressor Market Size, Share & Trends Analysis Report By Lubrication (Oil-free, Oil Filled), By Application (Manufacturing, Food & Beverage), By Region, And Segment Forecasts, 2023 - 2030

Centrifugal Air Compressor Market Size, Share & Trends Analysis Report By Lubrication (Oil-free, Oil Filled), By Application (Manufacturing, Food & Beverage), By Region, And Segment Forecasts, 2023 - 2030

Centrifugal Air Compressor Market Growth & Trends

The global centrifugal air compressor market size is anticipated to reach USD 11.57 billion by 2030, registering a CAGR of 5.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is driven by several key factors, including the energy efficiency, reduced number of frictional components, and superior airflow capacity of these compressors. Moreover, their extensive utilization across various industries, including gas turbines, oil refineries, petrochemical manufacturing, food and beverage production, and manufacturing plants, is expected to propel the market growth throughout the forecast period.

The market is gaining traction, primarily attributed to the rising adoption of new oil and gas projects and the growing demand within the food and beverage industry. In addition, advancements in technology and the expanding industrial sectors in emerging economies such as Brazil, China, India, Japan, and other nations are poised to offer significant growth prospects for the market in the foreseeable future.

The demand for centrifugal air compressors is expected to increase in the upcoming years, driven by a focus on energy recovery, energy efficiency, and decreasing CO2 emissions. Initiatives such as the Inflation Reduction Act of 2022, promoted by the International Energy Agency (IEA), emphasize significant investments in energy efficiency to reduce energy waste and lower CO2 emissions. In addition, the growing need for value-added services is anticipated to drive the expansion of the global market during the forecast period.

Industries like manufacturing have increasingly embraced cost-effective and energy-efficient production methods to boost their productivity and profitability. The rising need for centrifugal air compressors in operational energy distribution applications, thanks to their cost-saving attributes, is expected to further drive the growth of the industry.

The competitive landscape of the market in 2022 was marked by the presence of key industry leaders with significant influence on the market. These leaders, including Atlas Copco; Danfoss; Elliot Group; Hertz Kompressoren, Hitachi Ltd; Howden Group; Ingersoll-Rand plc; Kirloskar Pneumatic Company Limited; Kobe Steel, Ltd.; Mitsubishi Heavy Industries Ltd.; held substantial market shares, reflecting their strong market positions. To meet the rising demand from diverse industries, corporations are pursuing business growth through strategies such as mergers and acquisitions, the establishment of new manufacturing facilities, and geographic expansion initiatives. For instance, in April 2023, ELGi launched its oil-free air compressor’s portfolio. This new portfolio is specifically designed to address European customers’ needs such as the low life cycle cost of compressed air solutions.

Centrifugal Air Compressor Market Report Highlights

• Based on lubrication, the oil-filled lubrication segment dominated the market with a revenue share of 61.7% in 2022. Oil-filled air compressors are extensively used in commercial applications within the energy, manufacturing, and industrial sectors. They are known for their durability and their ability to operate with reduced noise levels when compared to oil-free compressors
• Based on application, the manufacturing segment is expected to showcase lucrative growth with a CAGR of 5.0% over the forecast period. The expansion of this market can be attributed to the swift industrialization taking place in developing economies like India, China, and Brazil. This is further fueled by the rising need for advanced and energy-efficient air compressors within the manufacturing sector
• The Asia Pacific region held a dominant revenue share of 37.2% in 2022. The growth is propelled by the increasing demand for air compressors across various applications, including food and beverage, manufacturing, home appliances, and the oil and gas industry. In addition, the market benefits from the presence of numerous compressor manufacturers in India and China. Moreover, the substantial industrial infrastructure for electronics and semiconductor manufacturing in China and Taiwan is poised to further stimulate market expansion

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