Air Compressor Market is projected to be worth USD 45.5 Billion, registering a CAGR of 7.5% during the forecast period
Air compressor market share is expected to grow at ~7.5% CAGR during the forecast period 2022-2030.
The global air compressor industry has been steadily growing substantially, and it is likely to explode in the next years. Good dislocation is the opposite of negative dislocation. Given the increasing sales growth implementation of equipment such as air conditioning units and fridges, as well as bigger engineering products such as metallurgical and mineral extraction, paper industry and publishing, digital and electrical, electrical generation, and electromechanical machinery, steam turbines are anticipated to grow at a high rate. The air compressor company's technological advancements are resulting in the progress of items that require less operating and maintenance funding. Oil-free solutions, for example, are projected to gain traction in the industry, lowering ongoing costs at periodic times.
Furthermore, the restaurant industry is increasing the development of air compressors for activities such as manufacturing, wrapping, chopping, and reshaping, among others. Nevertheless, the compressed air industry is constrained by its high power consumption and the warmth it emits, which raises global pollution.
Rapid industrialization in emerging economies, is the prime driving factor for the global air compressor market. The advent of energy efficient models of air compressors, which are also available in portable designs, has extensively been adopted by industries across the world. The recent technology promises substantial reduction in maintenance costs, which is why it is received by a large number of consumers, hailing from diverse industrial backgrounds. However, for those who are stuck with more conventional models are continuing to deal with noisy operations of oil-free compressors and lubrication concerns in oiled air compressors.
The key players of global air compressor market are Atlas Copco AB (Sweden), Sullair, L.L.C. (U.S.), Gardner Denver (U.S.), Kaeser compressors SE (Germany), Ingersoll Rand (U.S.), Rolair Systems. (U.S.), Doosan Portable Power (U.S.), Sullivan-Palatek, Inc. (U.S.), Elgi Equipments Ltd. (India), Bauer Compressors, Inc. (U.S.), Emerson Electric Co. (U.S.), and Hitachi Industrial Equipment Systems Co.,Ltd. (Japan).
Global air compressor market has witnessed gradual growth in recent years, and is expected to witness phenomenal growth in the forecast period. An air compressor is a device that converts power generated through electric motor, diesel or gasoline engine into potential energy and stores in a form of pressurized air, i.e., compressed air. This conversion is achieved by compressing the air present within, which is released on quick bursts. Some of the most commonly used methods of air compressor are negative displacement, and positive displacement technologies.
Global air compressor market has been segmented based on product, technology, lubrication, end-use and region. Based on product, the market has been segmented as portable, and stationary. Among these, the stationary type, is projected to dominate the global market through 2023. Extensive use of stationary machineries in end-use industries, such as manufacturing, home appliances, and automobile is expected to enhance the market in the future. Based on technology, the market is segmented as rotary, reciprocating, and centrifugal. Rotary dominated the market in 2016, and is projected to be the fastest-growing technology segment for air compressor. Rotary air compressors are highly efficient and low on maintenance cost. Based on lubrication, the market has been segmented as oil free and oil filled. Rising food safety and security grades due to infections, hazards, and food contamination, will drive the oil free air compressor market demand in the forecast period. Based on the end-use, the market has been segmented as home appliances, food & beverage industry, oil & gas industry, energy industry, semiconductors & electronics industry, manufacturing industry and healthcare industry. Considering value, home appliances segment holds the maximum share in the global market and will grow at an exponential rate in the future. The product finds the maximum application in the air conditioners, refrigerators, and tires for inflation. Increase in demand of home appliances, in developing countries, will further boost the air compressor market.
Industrial development, since the past several years, post-recession, has ensued in the increased income levels in the developing regions. Subsequently, population, in major countries across the globe, is also on the rise. This had led to increasing surplus income, which in turn, fuels the demand for various daily use and comfort goods. Increasing income levels, coupled with the ability and willingness to by home appliances, result in newer and compact models paired with user friendly modes of operation. This will further improve the air compressor market.
Air compressor industry is expected to have a large number of advancements over the forecast period, owing to continuous developments in end-use industries and the growing disposable income. The market is also expected to have expansion activities by multinationals and well-established companies.
The global market is expected to witness phenomenal growth during the forecast period. This is due to the considerable growth in utilization of air compressors in numerous end-use applications across major industries. The growth is, primarily, attributed to the growing necessity of compression of air & gas, which is likely to continue during the forecast years. The Asia Pacific region accounted for the largest share of the air compressor market in 2016, wherein China, India, Japan and other prominent emerging economies countries contributed major share. However, Europe is likely to emerge as one of the prominent markets for this technology due to the deployment of advanced air compressor in the newly built home appliances.
|Market Size||2030: Significant Value|
|CAGR||7.5% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product ,Technology ,Lubrication, End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Atlas Copco AB (Sweden), Sullair, L.L.C. (U.S.), Gardner Denver (U.S.), Kaeser compressors SE (Germany), Ingersoll Rand (U.S.), Rolair Systems. (U.S.), Doosan Portable Power (U.S.), Sullivan-Palatek, Inc. (U.S.), Elgi Equipments Ltd. (India), Bauer Compressors, Inc. (U.S.), Emerson Electric Co. (U.S.), and Hitachi Industrial Equipment Systems Co.,Ltd. (Japan).|
|Key Market Opportunities||Increasing usage and application of air compressors in several industries.|
|Key Market Drivers||Rapid industrialization in emerging economies|
The global air compressor market is expected to reach significant growth due to the increasing usage and application of air compressors in several industries.
The global air compressor market is projected to register a moderate 7.5% CAGR in the forecast period.
The oil-free segment is slated to expand as the fastest-growing segment.
The home appliance industry is expected to witness considerable growth.
A few major market players operating in the global air compressor market are Emerson Electric Co. (U.S.), Sullivan-Palatek, Inc. (U.S.), Bauer Compressors, Inc. (U.S.), Elgi Equipments Ltd. (India), and Hitachi Industrial Equipment Systems Co.,Ltd. (Japan), among others.
The three most common air compressors are the reciprocating, rotary screw and centrifugal.