Newark, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the air compressor market will grow to USD 32.16 billion in 2022 and reach USD 53.90 billion by 2032. In just ten years, the requirement for air compressors for multiple applications, including manufacturing, food & beverage, home appliances, and the oil & gas industries, is helping to boost the market growth over the forecast period. Moreover, the increasing initiatives taken by key industry participants to create affordable & environmentally friendly air compressors are expected to propel market growth over the forecast period.
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Key Insight of the Air Compressor Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest market share in air compressor. Key factors favouring the growth of the air compressor market in Asia Pacific include the ongoing government investments in infrastructure development & rapid industrialization and several manufacturers of compressors in India and China, which are expected to drive the market growth. Moreover, the increasing urbanization and rising automation in emerging economies are anticipated to drive market growth.
The oil-free segment is expected to augment the air compressor market during the forecast period.
The lubrication segment is divided into oil-free and oil-filled. The oil-free segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the growth of food processing, manufacturing, and semiconductor.
The centrifugal segment market size was USD 13.56 billion in 2022
The product segment is divided into reciprocating/piston, centrifugal, and rotary/screw. The centrifugal segment market size was USD 13.56 billion in 2022 due to its widespread use in challenging applications like oil recovery, gas evacuation, and gas boosting and their reduced costs compared to the other systems.
The portable segment is anticipated to dominate the market by 62.08% in 2032.
The type segment is divided into stationary and portable. The portable segment is anticipated to dominate the market in the forthcoming years due to the increasing adoption of variable-speed systems.
The manufacturing segment is anticipated to dominate the market by 59.12% in 2032.
The application segment is divided into semiconductors & electronics, manufacturing, healthcare/medical, food & beverage, education, home appliances, oil & gas, and others. The manufacturing segment is anticipated to dominate the market in the forthcoming years due to the increasing demand for lightweight and high-performance materials.
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Market Dynamics
Driver: The increasing focus on energy efficiency:
The increasing focus on energy efficiency is one of the market growth. Further, the increased demand for services and monitoring of compressed air installations, energy recovery, and reduction of CO2 emissions are expected to drive market growth during the forecast period. Moreover, the rising demand for air compressors in the food & beverage industry due to strict norms for food security is expected to drive market growth. Additionally, the rising initiatives by prominent market players to develop low-cost and eco-friendly air compressors are also helping to boost market growth. However, the increasing demand for energy-efficient air compressor systems to reduce operational costs are expected to drive market growth.
Restraint: The high initial investment:
The equipment's high installation and maintenance cost is the restraining factor of the market growth. Further, the absence of regulation & standardization is also hindering market growth.
Opportunity: The increasing demand from end-use industries:
The surging growth of various industries like power generation, chemicals & petrochemicals, paper and pulp, manufacturing, pharmaceuticals, and food & beverages propels the market growth over the forecast period. Additionally, technological elevation has enhanced the compression abilities of air compressors are expected to drive the market growth during the forecast period. Further, the advent of energy-efficient air compressors, which are also likely in portable designs, has been extensively adopted by industries worldwide. This is also helping to boost the market growth over the forecast period. Moreover, the rising urbanization & industrialization at a rapid pace worldwide are also helping to boost market growth over the forecast period.
Some of the major players operating in the air compressor market are:
• Ciasons Industrial Inc.
• Aerzener Maschinenfabrik GmbH
• Desran Compressor Co.Ltd.
• Hitachi Ltd
• Berkshire Hathaway Inc.
• Atlas Copco AB
• Gardner Denver Holdings Inc.
• Elgi Equipments Limited
• Ebara Corporation
• Stanley Black & Decker Corporation
• NINGBO XINDA GROUP CO.LTD
• Suzler Ltd
• Indo-Air Compressors Pvt. Ltd.
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Key Segments cover in the market:
By Lubrication:
• Oil-Free
• Oil-Filled
By Product:
• Reciprocating/Piston
• Centrifugal
• Rotary/Screw
By Type:
• Stationary
• Portable
By Application:
• Semiconductors & Electronics
• Manufacturing
• Healthcare/Medical
• Food & Beverage
• Education
• Home Appliances
• Oil & Gas
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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