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The centrifugal air compressors market is set to grow from its current market value of more than $9.9 billion to over $10 billion by 2026, gaining remarkable traction over the 2020 to 2026 period, according to a recent report from market research firm Global Market Insights. Rising oil & gas exploration and high demand from industries such as healthcare, food & beverages, energy, and manufacturing are major contributors to the segment's market growth.
The centrifugal air compressors market is segmented in terms of product, casing, application and regional landscape. The market is further categorized into stationary and portable. Among these, portable centrifugal air compressor segment is expected to grow at a CAGR of 1.5% 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. Where portability is essential, such as home and light industrial use, portable air compressors will be in demand.
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% 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 & gas refineries, among many others.
Centrifugal air compressors have market applications in healthcare, manufacturing, semiconductor & electronics, energy, oil & gas, and food & beverages. Among these, the healthcare application segment is likely to hold around 10% share over the forecast time period. This can be mostly attributed to rising demand for non-contaminated compressed air in manufacturing of pharmaceutical and medical products.
Latin America is expected hold considerable share of the global market over the forecast time period. Growing manufacturing sector along with rising oil & gas exploration are some of the driving factors influencing the drive product demand across the region.
Centrifugal air compressors slow and cool incoming air via a diffuser to build up potential energy. Air compressors produce high amounts of energy in a comparatively smaller machine. Centrifugal air compressors require less maintenance than reciprocating or rotary screw compressors. Some types of centrifugal air compressors can also produce oil-free air. The air compressor is generally utilized for creating high-pressure or compressed air for a variety of uses.