According to Research Study published by Custom Market Insights (CMI), The global air starter market is expected to grow at a compound annual growth rate golf 5.19% during the forecast period. The market is expected to grow to USD 523.3 Million by the year 2030 growing from USD 379.1 Million million in the year 2021.
The increasing demand for air starters that are compatible with two different types of machines and devices has boosted the market to a great extent as the key market players are constantly performing research and development programs to develop such products. Increasing demand for energy and power among the industries has emerged as a major reason for boosting the market for air starters, which is expected to grow further in the future.
Browse the full “Air Starter Market Size, Trends and Insights By Product (Vane Starter, Turbine starter), By Application (Aviation industry, Marine industry, Oil and gas industry, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/air-starters-market/
Market dynamics
Drivers
The increasing demand for better air starters from the aviation industry has emerged as a major driving force for the growth of the air starter market. Military aircraft require advanced turbine engines to acquire a better performance while using them; hence, the demand for air starters is increasing rapidly over time. This is a technology that is used in almost every industry all around the world and hence the demand has been increasing for a long time. The automotive industry also emerges as a major driving force for the growth of the air starter market pertaining to the increasing demand for advanced vehicles with more refinement among potential consumers.
The marine industry proves to be a great opportunity for the growth of the air starter market as the demand for better turbines for the shipping industry has raised. These multiple reasons have emerged as the driving forces for the market’s growth during the forecast period.
Restraints
The high cost associated with the manufacturing of advanced air starters has emerged as a major restraining factor for the growth of the air starter market which is expected to hamper the growth in the future as well. The outbreak of the pandemic had a considerable negative impact on the growth of the air starter market pertaining to the lack of demand and supply that took place due to the various restrictions imposed by the government all over the world.
The existence of other substitutes which are cheaper as compared to air starters has emerged as a major restraining factor for the market. These multiple reasons have emerged as the restraining factors for the market’s growth during the forecast period.
Opportunities
Most industries all over the world make use of air starters which are utilized as turbines, this proves to be a tremendous opportunity for the growth of the market during the forecast period. A huge number of advanced technologies have been introduced into the market by the key market players to tend to the rapid research and development programs that are carried out all over the world which has provided a great opportunity for the growth of the market. These multiple reasons have emerged as opportunities for the air starter market during the forecast period.
Challenges
The cheaper alternatives that are available in the market like electric starters have emerged as a major challenge for the growth of the air starter market. variable frequency drives also provide a suitable alternative to the use of air starters which has challenged the growth of the market considerably. The high cost associated with the use of advanced machines and turbines has discouraged potential consumers with a view to avoiding additional expenses imposed on the business. These multiple reasons have emerged as the challenges for the growth of their starters market during the forecast period.
Report Highlights
On the basis of product, the segment of turbine starters has emerged as the largest global market pertaining to the huge demand for such products among the various industries that deal with aviation and marine products. The demand for advanced technology which is more durable and also cost-effective has boosted the scope for air starters which is a tremendous opportunity for the market. On the basis of application, the segment of oil and gas has emerged as the largest global market as a result of the huge demand for advanced air starters in this industry for the purpose of extracting oil and gas from deep sea levels which require a greater amount of energy.
The increasing number of oil refineries all over the world has emerged as a tremendous opportunity for the growth of the air starter market which is expected to grow further in the future as well. On the basis of geography, the region of North America has emerged as the largest market player pertaining to the huge number of oil and gas industries that are situated in this part of the world. The increasing demand for advanced technologies by the industries situated in this region has boosted the demand for air starters which is supporting the growth of the market considerably.
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Regional Snapshots
The geographical sector of North America has emerged as the largest market for air starters pertaining to the huge demand it has experienced from this region the huge number of marine industries that are demanding advanced air starters has proved to be a tremendous opportunity for the growth of the air starter market.
The aviation industry has also demanded advanced technologies which provide better results by consuming lesser energy which emerges as another driving force for the market. The region of Europe has also contributed significantly to the growth of the air starters market pertaining to the increasing demand for aquatic food products among the people. Rapid industrialization which has taken place in this sector with the active participation of the government has emerged as a major opportunity for the market. The region of Asia Pacific has also contributed significantly to the growth of the air starter market due to the presence of the key market players which are constantly conducting research and development programs for introducing new technologies into the market.
Key Players
- Ingersoll Rand
• Maradyne Corporation
• KH Equipment
• Gali
• Air Starter Components (ASC)
• Tech Development (TDI)
• Shin Hueng Precision
• Powerworks
• Miller Air Starter
• Multi Torque Industries
• IPU Group
Table of Contents: https://www.custommarketinsights.com/report/air-starters-market/#table-of-contents
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