Westford, USA, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Asia Pacific is projected to rapidly grow thanks to the rise in the use of durable and energy-efficient appliances, boosting the industry's need for air compressors. The development of air compression technologies significantly impacts the equipment's capacity to compress air, which drives the air compressor market's expansion over the projected period. The industry expansion in developed and developing nations is accelerating the market for air compressors. The market growth is anticipated to be positively impacted by the increasing initiatives taken by key industry players to create affordable and environmentally friendly air compressors.
Based on SkyQuest's industry insights, the United States imported a higher number of air conditioners, from 3.56 million units in 2010 to over 6.23 million units in 2021, indicating an increase in consumer demand that benefited the air compressor business.
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Browse in-depth TOC on "Air Compressor Market"
- Pages - 247
- Tables - 91
- Figures - 68
An air compressor is a device that easily converts energy from one form to another, further stored in pressured air. Air compressors use the kinetic energy stored in the compressed air to deliver the required power to various machinery, tools, and equipment across multiple industry verticals. Additionally, continuous compression supports the transfer of gases and liquids, the production of goods connected to petro chemistry, and cooling applications.
Prominent Players in Air Compressor Market
- Atlas Copco
- Siemens AG
- Bauer Group
- Cook Compression
- Elliott Group Ltd.
- Gast Manufacturing Inc.
- Frank Compressors
- Kaeser Compressors
- Mitsubishi Heavy Industries, Ltd.
- GENERAL ELECTRIC
- +9Compressor Products International
- MAT Industries LLC
- Kaishan Compressor, LLC
- Ingersoll Rand Plc.
- Desran Compressor Co., Ltd
Stationary Segment to Continue Its Dominance over Air Compressor Market owing to Rising Adoption in Industrialized Countries
The stationery segment had a 52.7% share in 2022 and is anticipated to continue the same trend to dominate the air compressor market. The rising demand for stationary air compressors in the global industrial sector and related industries has driven the expansion of this segment. Furthermore, the demand for stationary air compressors is anticipated to increase in the near future due to the rapid industrialization in developing nations like Saudi Arabia, India, China, the United Arab Emirates, and Brazil.
With the continued expansion of India, China, and Japan's oil and gas industries, analysts predict that the air compressor market in Asia-Pacific will develop significantly over the following years. In addition, a broad industrial foundation for semiconductor and electronics production in China and Taiwan is anticipated to propel the market even further. Due to the expanding market share applications of appliances like air conditioners, refrigerators, and larger industrial applications, positive displacement air compressors are anticipated to rise at a significant rate.
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Manufacturing Segment to Expand at Lucrative CAGR Thanks to Increased Speeding on Infrastructural Developments
The manufacturing segment emerged as the high-growth generator, which accounted for a 24.3% share in 2022. Such growth is primarily driven by the quickening pace of industrialization, particularly in developing countries such as China, India, and Indonesia, as well as the growing demand for cutting-edge, energy-efficient air compressors. In addition, rising investments from major market participants and a greater number of innovations will also fuel future segment expansion.
North America is anticipated to witness swift growth during the forecast period. The presence of major market participants, early adoption of cutting-edge technology, and rising consumer disposable income are the primary drivers of the market's expansion in the area. In addition, products with lower operational and maintenance costs are developed due to the technical breakthrough in the air compressor sector. Like, oil-free systems are anticipated to be given a chance in industries, which would lower maintenance costs sometimes.
The company's operations and business divisions are described under the business profiles in the research report. In addition, a thorough examination of the air compressor market, including regional evaluations and global, regional, and local competitive studies, will aid market participants in comprehending the level of competition.
Key Developments in Air Compressor Market
- LGi Compressors USA, Inc. (ELGi), a division of ELGi Equipments Limited, one of the top producers of air compressors worldwide, announced the strategic rebranding of its Rotair-branded portable air compressor range in North America. ELGi is celebrating its tenth anniversary of entering the North American market by rebranding its portable compressors. Due to its cutting-edge air compressor technology and growing network of distribution partners, ELGi has seen a substantial increase in its reputation over the past ten years.
- MR Organization (MRO) Limited of India announced that it had purchased a 100% equity share in Standard Air Limited, a UK-based producer of air compressor parts (Standard Air). MRO and Standard Air both provide air compressor parts to several businesses worldwide. Standard Air serves all significant American and European air compressor brands throughout the UK, Europe, and the Middle East, whereas MRO's supply base is dispersed throughout 72 nations.
- The ancient mechanical company from Carpi, GIS AIR COMPRESSOR, producing compressors since 1956, has been fully acquired by SAU s.p.a., a precision engineering firm formed in 1982. The acquisition, which allows for the upkeep of the GIS production facility in Carpi, aims to enable the latter's growth through the SAU distribution network, creating a new product division while preserving the GIS brand for compressors, which is well-known and esteemed in the market.
- Atlas Copco has announced the acquisition of Entreprises Larry Inc., a Montreal, Quebec-based reseller of air compressor solutions. The company, which mostly caters to clients in the general industry, is well-established in the Canadian province of Québec. The purchased company will join the Compressor Technique Business Area's Service Division. The company hopes to grow its regional footprint, customer assistance, and sales with this acquisition.
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Key Questions Answered in Air Compressor Market Report
- What are the anticipated growth rate and valuation of the air compressor market?
- Which are the most noteworthy trends prevailing in the global market?
- Who are the top players successfully operating in the global market?
- Which segments and sub-segments are likely to dominate the target market?
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