New York, US, Jan. 20, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Industrial Air Compressor Market by Type, Seal, Pressure, End-User, & Region - Global Forecast till 2030”, the industrial air compressor market will touch USD 37.64 billion at a 4.56% CAGR by 2027.
Industrial Air Compressor Market Analysis
The increasing adoption of industrial air compressors in agricultural facilities will boost market growth over the forecast period. These are employed in agricultural facilities, among other things, to spray crops, power pneumatic machinery in the manufacturing sector, ventilate silos, and run oil and gas activities.
Key Players
Eminent industry players profiled in the global industrial air compressor market report includes,
- Atlas Copco (Sweden)
- Danfoss (Denmark)
- Ingersoll-Rand plc (Ireland)
- GE Oil & Gas (US)
- Hitachi Ltd (Japan)
- Sullair LLC (US)
- Gardner Denver (US)
- Elloitt Group Ltd. (US)
- Kirloskar Pneumatics Co. Ltd. (India)
- Sulzer AG (Switzerland)
- Kobe Steel Ltd. (Japan)
- Howden Group Ltd. (UK)
- Mitsubishi Heavy Industries Ltd. (Japan)
- among others.
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Preference over Hydraulic and Electric Power to offer Robust Opportunities
The preference for industrial air compressors over hydraulic and electric power will provide robust opportunities for this market in the assessment period. Due to their capacity to provide safety, flexibility, and cheap maintenance costs, air compressors have an advantage over electric power and hydraulic power. Compared to electrical & hydraulic power sources, air compressors have fewer moving components than other systems.
Industrial Air Compressor Market Restraints and Challenges
High Maintenance Cost to act as Market Challenge
The high maintenance cost coupled with increasing government restrictions concerning greenhouse gas emission & noise pollution may remain market restraints over the forecast period.
Report Scope:
| Report Metrics | Details |
| Market Size by 2027 | USD 37.64 Billion |
| CAGR during 2022-2030 | 4.56% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Rising industrialization energy efficiency and easy maintenance |
| Key Market Drivers | Rising demand of energy efficient compressors Rising energy consumption Expansion of liquefaction facilities globally |
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Industrial Air Compressor Market Segmentation
The industrial air compressor market has been bifurcated based on type, seal, pressure, and end user.
By type, positive displacement will lead this market over the forecast period.
By seal, the oil-free segment will domineer this market over the forecast period.
By pressure, up to 20 bar will spearhead the market over the forecast period.
By end user, oil and gas will grab the lions share in this market in the forecast period.
COVID-19 Analysis
Businesses have experienced significant losses due to the COVID 19 global pandemic, which has thrown economies into a forced recession. The rising tide of the worldwide pandemic has made it impossible for an individual to battle both the financial and health issues. The majority of industrial facilities have been forced to close due to the lockout situation, which has caused a sharp decline in the market's sales income worldwide. Additionally, there have been disruptions to supply chain networks, which lower profit margins. However, it is anticipated that the global market for industrial air compressors would recover from this worldwide COVID 19 pandemic by carefully strategizing to suit their customers' needs. Additionally, it is anticipated to improve at the end of the upcoming year's third quarter.
Industrial Air Compressor Market Regional Analysis
APAC to Sway Industrial Air Compressor Market
During the forecast period, a high CAGR is expected to be achieved by the Asia Pacific industrial air compressor market. Due to the region's increasing need for petrochemical goods like ethylene derivatives, propylene derivatives, and aromatic compounds, the market in Asia Pacific is predicted to grow quickly. The Asia Pacific region's industrial air compressor market is most appealing in China. China has a substantially larger incremental opportunity because it has the majority of the regional market share for industrial air compressors.
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Due to increased industrialization, rising investments in LNG, chemicals, and mining, as well as the growth of the domestic manufacturing sector, which includes the production of automobiles and food and beverages, Asia-Pacific is proving to be a booming market for the growth of this industrial air compressor market. Asia-Pacific is also seeing strong economic growth, and in order to cater to its energy needs and comply with decarburization regulations, it is investing heavily in the hydrogen and green energy industries. The Asia Pacific region has been developing at a rapid clip in the past several years, and it will continue in doing so in the years to come. The expanding mining and construction sectors in nations like China and India are what are driving this rise. The paper and pulp industries are also expanding in these nations. This industry is expected to expand at a never-before-seen rate thanks to the supportive government industries in countries like China and India.
North America to Have Favorable Growth in Industrial Air Compressor Market
Due to its rising urbanization, the North American region is also proven to be a market driver for this industry. The increasing demand for household equipment like refrigerators and air conditioners as well as growing living standards will have an impact on the need for air compressors. In addition, expanding mining and oil exploration activities, rising vehicle demand, and developments in the energy and power generation industries are all anticipated to support regional market expansion. The U.S.'s tremendously promising energy and healthcare sectors will increase product demand even further. Market expansion across all industry domains is supported by the rising number of industrial infrastructure projects and the rising investment across all process industries, particularly the oil & gas industry.
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In addition, IoT adoption, initiatives like Industry 4.0, and technological advancements connected to new product development are projected to increase market demand. Due to the existence of several massive nations including the US and Canada, the North American region holds the second-largest market share. Additionally, a large market is necessary given the government's growing interest in energy-efficient technologies.
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