New York, USA, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global air compressor market. According to the report, the global market is projected to surpass $41,126.7 million in the estimated period of 2019–2026. This all-inclusive report delivers a comprehensive overview of the current and future situation of the air compressor market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Factors Impacting the Air Compressor Market Growth
The key factors boosting the growth of the global air compressor market are a significant increase in adoption of environmentally friendly compressor technologies, oil-free lubrication processes, retrofitting of existing systems, and demand for low maintenance and efficient operations at lower costs of air compressors. Furthermore, with the rising need for oil & petroleum and food & beverages the demand for high-efficiency and high-powered air compressors is also growing, which is estimated to unlock lucrative opportunities for market growth in the forecast period. However, strict government rules regarding greenhouse gases and noise levels by air compressors are anticipated to deter the market’s growth.
The report segments the global air compressor market into product, technology, lubrication, application, and region.
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Portable Sub-Segment to Grab the Foremost Share of the Market
The portable sub-segment of the product segment is anticipated to observe leading growth and hit $11,916.6 million by 2026. This growth is mainly because a portable machinery is used in the mining and construction sectors, since the sites are constantly shifting.
Rotary Sub-Segment to Witness Rapid Growth
The rotary sub-segment of the technology segment is predicted to grow enormously and hit $17,575.1 by 2026. This growth is mainly owed to the growing need for rotary type air compressors in manufacturing and heavy industrial applications.
Oil Free Sub-Segment to Attain Significant Market Share
The oil free sub-segment of the lubrication segment is foreseen to observe leading growth and garner $28,293.3 million by 2026. This growth is mainly due to the usage of oil-free compressors in the food and beverage sectors to prevent oil contamination of the product.
Home Appliances Sub-Segment to Dictate a Promising Growth Pace
The home appliances sub-segment of the application segment is predicted to grow enormously and hit $1,322.1 by 2026. This growth is mainly owed to the low noise, high efficiency, and higher accuracy of the advanced air compressors used in home appliances.
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Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global air compressor market across several regions, such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth and hit $16,127.4 million by 2026. This growth is mostly due to the increasing awareness of eco-friendly products, the growing availability of raw materials and labour, and the changing regulatory scenario in this region.
Key Players of the Global Market
The report states some of the foremost players operating in the global air compressor market including Oasis Manufacturing
- Atlas Copco
- Ingersoll-Rand
- Elgi Equipments
- Kobe Steel
- Frank Technologies
- Siemens
- Bel Aire Compressors
- Grainger Company
- VMAC Company
- Airtex Compressors
- Bauer Group
- Best Aire LLC,
- ngersoll Rand
- Sullair
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in June 2021, Bosch, a global engineering and technology business in Germany, signed a long-term arrangement with Cellcentric, a 50:50 joint venture between Volvo Group and Daimler Truck, to offer electric air compressors with integrated power electronics.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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More about Air Compressor Market:
- 5 Best Portable Air Compressors Available in the Market Today
- The Impact of Covid-19 on the Global Market of Air Compressor and Business Strategies
- Global Air Compressor Industry on The Verge on Gaining Greater Heights in The Upcoming Years
