Portable air compressor market valuation to hit $9 billion by 2024, escalating demand for cost-effective products to stimulate the industry growth
One of the most acclaimed contenders of portable air compressor market, has recently made it to the headlines for having won a $2.44 million order for portable air compressors. Headquartered in Statesville, USA, the company has won the order from rental business operator EJAR based in Jeddah, Saudi Arabi. The compressors have been bought to be used in a full range of applications such as manufacturing, construction, utilities, water well drilling, quarrying, sand blasting and the oil and gas industry. Being remarkably versatile tools valued for their durability and reliability to perform in tough environments, these compressors are now used in almost every end-use sphere, thereby leading to the generation of profitable opportunities for portable air compressor industry.
U.S. Portable Air Compressor Market Size, By Application, 2013 – 2024 (USD Million)
Portable compressors are highly preferred over their stationary counterparts given that they are easier to maintain due to their compact design and structure as well as the light weight. Their advanced mechanism and features that minimize the hassle of handling enables them to be operated easily owing to which they are heavily deployed in manufacturing activities that require precision. The mining industry has also been majorly deploying these products, driving portable air compressor market trends.
Despite being a mature market, portable air compressor industry is still characterized by a slew of innovations. For instance, the Edinburgh based manufacturer of air compressors, Vert Rotors has brought to the market a portable micro-compressor designed to deliver incredibly high levels of compressed air for manufacturing purposes, wherever and whenever needed. The product also operates at an exceptionally low sound decibel which is otherwise a common problem with air compressors that are loud and cause hearing and other health problems.
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This particular compressor, named Nautilus offers a very efficient and convenient upgrade from the not-so-efficient static compressors and can be a powerful and safe source of distributed air for manufacturing purposes. Another hurdle that most air compressors face and has been solved by Nautilus is the production of pressurized air at low noise levels. Most air compressors produce as much noise as a motorcycle and have been blamed for causing tinnitus, hearing loss and even heart problems in employees. Nautilus on the other hand operates at 65dB(A) noise level which is around that of an air conditioner.
Portable air compressor market has of late witnessed the increasing permeation of compressors that are designed to be lifted manually and wheeled to any location whenever needed. These are specifically useful for precision manufacturing industries like automotive and aerospace, where precise specification with the millionth of an inch is vital and a high number of components are to be produced on a daily basis. These compressors are also less expensive and therefore budget maintenance is easy to adhere to, making portable air compressors market a lucrative hotbed for investors.
Portable air compressor market has received a significant stimulus from the fact that these products can be moved very close to the point of use and directly connected instead of having to install additional air lines as is required in stationary air compressors. Air lines that can transport pressurized air are not only expensive, but their installation is also costly and can disrupt normal production cycles adding to the cost of production. Thus, speaking in terms of cost-effectiveness, portable air compressor industry scores an edge over the stationary compressor space.
One of the major factors that can hinder the growth of portable air compressor market is the price of the fuel used to run compressors. Energy costs contribute to 75% of the lifetime cost of compressors. In order to combat the same, numerous manufacturers have been coming up alternative products via extensive R&D programs. Atlas Copco for example, recently introduced an electric portable compressor that cuts energy costs by up to 50%. Driven by such appreciable innovations and the vast application landscape of this vertical, portable air compressor market size is anticipated to register a CAGR of 3.5% over 2018-2024.
Author Name : Paroma Bhattacharya