Asia Pacific has been witnessing a robust industrial growth in the last two decades with the region accounting for almost 40% of the world output. Rapid industrial growth in Asia Pacific countries will propel the centrifugal air compressor market as the products are extensively used in various industries including food & beverage, oil & gas, energy, healthcare, manufacturing, etc.
The mining and oil & gas exploration activities in North America and South Africa will also boost the centrifugal air compressors market by 2024. Compressed air is the suitable option for power especially for the environment around oil & gas platforms as the spark and heat potential from the electricity does not blend well with these surroundings. Thus, compressed air provides a gainful and safe solution to drive controls, pumps, equipment in oil rigs, refineries, etc.In 2016, centrifugal air compressors having vertically split casing had revenue contribution nearly USD 3 billion. Continuously developing iron & steel sector along with a highly potential fertilizer industry will further augment the vertically split centrifugal air compressors demand in the forecast years. Rising lower pressure requirements in the manufacturing sector will drive the demand for horizontally split casing compressors, which will observe gains of 2.4% CAGR by 2024.
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