LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global air compressors market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The growth in the demand for air compressors during the forecast period is expected to be driven by the manufacturing industry, which was the major contributor to the global air compressor market in 2016. Air compressors are used in various industries such as automotive, construction, pharma, food and beverage amongst others. Their applications include conveying, clamping, controls and actuators, tool powering, stamping, agitating liquids, control of automated equipment, pneumatic hammers and drills, and spinning among others.
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The top three emerging trends driving the global air compressors market according to Technavio heavy industry research analysts are:
- Mergers and acquisitions
- Introduction of next-generation air compressors
- Focus on energy security
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Mergers and acquisitions
“Vendors in the air compressor market are facing stiff competition, and are gradually apprehending that alliances through mergers and acquisitions is one way of expanding their product portfolios and tapping into the unexplored yet potential markets. M&A activities offer a way for companies to reduce their research and development expenses through the sharing of technology and increases the capability for innovation in an already mature technology market,” says Gaurav Mohindru, a lead analyst at Technavio for research on unit operations.
Air compressor manufacturers are intimidated by the ever-growing technological and strategic demands of consumers along with the demands for excellence in after-sales services, which compels them to opt for consolidation to sustain their market growth and improve their competitive advantages. Strategic M&A activities also help the market players to differentiate their products and increase their profit margins. It is observed that vendors strive to ensure parameters such as cost-effectiveness, reliability, and efficiency of the manufactured end-product.
Introduction of next-generation air compressors
“Air compressor manufacturers are now using variable speed technology to manipulate speed. Variable speed drives enable the control of the speed automatically, based on the user's requirement. The continuous and real-time operational nature of these variable speed drives makes them exceptionally efficient. Moreover, their use also lowers electricity and fuel consumption, thus resulting in lesser emissions. Energy consumption in variable speed drives is almost 35% less than that in fixed speed air compressors,” adds Gaurav.
The global air compressor market is characterized by continuous innovations as vendors strive to introduce products that are different than their counterparts. As a result of the extensive R&D, vendors are now incorporating variable speed drives into their air compressors.
Focus on energy security
The limited availability of fossil fuels has shifted the international focus to alternative sustainable sources of fuel. Upgraded biogas and other biofuels help in diversifying the energy mix, and therefore reduce the dependence on fossil fuels.
Upgraded biogas, which is produced locally and possesses properties similar to natural gas, is expected to gain traction when the global oil prices start rising again. Another advantage of upgraded biogas is that it can be transported through the existing gas grid. Moreover, it will reduce the impact of the oil and gas price fluctuations in the future.
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