Impact of COVID-19 on the Global Industrial Air Compressor Market
The COVID-19 pandemic has negatively impacted the global industrial air compressors market owing to the lockdowns imposed in the majority of the countries across the globe since March 2020. Air compressors are one of the key components of heavy assembly lines in numerous industrial verticals. Industrial air compressors find applications in the oil & gas and petrochemical sectors, and in simple spray guns used in the automotive sector. It is also used in the textile, chemical, and manufacturing industries. The rising preference for the use of highly compressed air systems is likely to further accentuate the market growth over the projected timeframe. Future investments in the construction and manufacturing sectors in emerging countries are expected to provide growth opportunities for the suppliers of industrial air compressors. The demand for these products has been hampered temporarily in recent months owing to the shutting down of businesses globally. However, the demand for industrial air compressors is anticipated to recover in the coming months and grow significantly in the long term.
Supportive policies from the government in several countries continue to focus on the promotion of energy-efficient heating and cooling technologies in the industrial sectors. Increasing infrastructural developments are also expected to drive the use of air compressors, particularly in industrial areas. For instance, according to the India Brand Equity Foundation (IBEF), India would require an investment of over USD 750 billion in infrastructure by 2022, to ensure sustainable development in the country. This investment, in turn, is expected to boost the demand for industrial air compressors in the country. Hence, the demand for industrial air compressors is anticipated to increase in the coming years.
Global Primary Energy Consumption (Terawatt-Hours (TWH) Per Year)
Consumer preferences play a vital role in generating demand for products with high usage in the energy and power industry. According to the MRF analysis, the global market is expected to witness slow growth in the coming year, which is likely to affect the demand for industrial air compressors across the globe. Industry participants are expected to enhance their production capacities in accordance with the stabilizing market scenario over the projected timeframe. Moreover, the market is expected to recover in the Q1 of 2021.
Source: Secondary Sources
Source: Primary Experts, Secondary Sources, and MRFR Analysis