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The technology sector includes centrifugal , rotary ( screw ), and reciprocating . The rotary air compressor sector occupied over 45 % of the total market revenue in 2015 . The centrifugal air compressor sector is anticipated to grow at a CAGR of over 4 % during the estimated years . The reciprocating air compressor sector is expected to exceed USD 8 billion by 2024 .
The product sector comprises stationary and portable air compressors . The portable air compressors held more than 40 % of the overall market share in 2015 . The sector is further anticipated to experience huge growth in the near future . The rising demands for better air quality and reliability are estimated to boost the growth .
The lubrication sector encompasses oil-filled and oil-free lubrications . The oil-free lubricant sector exceeded USD 10 billion in 2015 . Various factors such as cost-efficient operation , reduced maintenance , etc . are likely to drive the growth . The oil filled lubricant sect or is said to remain the dominant sector over the coming years .
These devices have a wide range of applications including manufacturing , food & beverage , home appliances , oil & gas , semiconductors & electronics , energy , and healthcare . The manufacturing sector is estimated to continue being a leader over the forecast period .
The Asia-Pacific region is expected to grow at CAGR of over 5 % over the estimated years . The rising demands in the Europe and North America regions are projected to remain stable during the forecast period .
The major companies in this market are Ingersoll-Rand Inc .; Bauer Group ; Atlas Copco Group ; and General Electric Co .
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