New York , Nov. 08, 2023 (GLOBE NEWSWIRE) -- The global industrial air compressor market is estimated to grow at a CAGR of 8% from 2023 to 2035. The market is estimated to garner a revenue of nearly USD 7 billion by the end of 2035, up from a revenue of about USD 3 billion in the year 2022. Rising demand for heating and ventilation systems is expected to majorly drive the market growth. According to the International Energy Agency, the world's total inventory of air conditioners in buildings will increase to 5.6 billion by 2050, compared with 1.6 billion today, equating to 10 new ACs sold per second for the following 30 years.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-5149
Moreover, the worldwide need for energy from air conditioners will increase by threefold by 2050, necessitating the construction of new electricity capacity equal to the combined capacity of the United States, the European Union, and Japan today. A compressor is widely recognized as one of the most critical components of an air conditioning system. The air compressor in an HVAC system is critical in pressing the refrigerant as it enters the machine to raise the entire temperature. Moreover, compressors for industrial HVAC systems are critical components of any large-scale heating, ventilation, and air conditioning system. It is used to chill and dehumidify air in industrial and commercial buildings, which is the responsibility of these compressors.
Industrial Air Compressor Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- The 75-500kW segment to garner the highest growth
- Market in North America to grow at a highest rate
Rising Demand for Energy-Efficient Industrial Air Compressor is to Boost the Growth of the Industrial Air Compressor Market
Compressed air system design and application have evolved to meet the needs of many industries. Manufacturers have invested in technology over time to address inefficiencies in air compressors to simplify the user experience and to employ energy-efficient air compressors. However, compressed air is still a significant utility expense. According to the United States Department of Energy (DOE), as much as fifty percent of air is wasted, which leads to thousands of dollars in energy lost. A compressor's average life cycle cost breakdown. Power consumption accounts for roughly 88 percent of the cost of a compressor during its 10-year life cycle. Compressed air consumes an enormous quantity of energy, leading to increased expenses for manufacturing companies. One horsepower of compressed air necessitates the use of eight horsepower of electricity. If systems are inefficient, facilities may consume more energy than is required for regular operations.
Industrial Air Compressor Industry: Regional Overview
The global industrial air compressor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Network of Manufacturing is to Boost the Market Growth in the Asia Pacific Region
Manufacturing in Asia Pacific has grown dramatically in recent years, particularly in nations such as Vietnam, Thailand, and Malaysia. This quick expansion is primarily owing to the region's abundant labor supply and inexpensive salaries, which encourage foreign investors. While Asian manufacturing economies have matured into global leaders in advanced sectors and innovation, the majority of Southeast Asia remains primarily perceived as a site for low-wage assembly work. The Association of Southeast Asian Nations (ASEAN) has an exceptional opportunity to advance along the industrial value chain. China tops the world in manufacturing output, with more than USD 2 trillion produced. Manufacturing accounts for about 27% of China's total national output and nearly 20% of global manufacturing output. Moreover, manufacturing accounts for around 19% of total national output in Japan and approximately 10% of global output.
Growing Production of Oil and Gas to Elevate Market Growth in North America
Total crude oil and hydrocarbon production surged to 12.8 million barrels per day (bpd) in June, up from 12.6 million bpd in May, and is swiftly nearing the November 2019 record of 13.0 million bpd. In addition to this, we anticipate that crude oil output in the United States will hover around 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, exceeding the previous high of 12.3 million b/d set in 2019. In 2022, crude oil production in the United States is expected to average 11.9 million barrels per day. Production in other U.S. crude oil-producing regions is expected to increase by 70,000 b/d in 2024.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-5149
Industrial Air Compressor Segmentation by Product Type
- Dynamic
- Positive Displacement
Industrial Air Compressor Segmentation by Lubrication
- Oil-Free
- Oil-Flooded
Industrial Air Compressor Segmentation by Technology
- Rotary
- Centrifugal
- Reciprocating
Industrial Air Compressor Segmentation by Power
- Up to 15 kW
- 16-75 kW
- 75-500 kW
- More Than 500 kW
On the basis of power, the 75-500kW segment is expected to gain the highest market revenue over the forecasted period. The segment's expansion can be attributable to the rising use of industrial air compressors with power ranging from 75kW to 500kW in a variety of industries, including water and wastewater treatment plants, power generation, and the chemical industry. The rising need for clean water is expected to boost water and wastewater treatment practices. Over 2 billion people were living in water-stressed countries in 2021, with the situation predicted to worsen in some places. Furthermore, in 2022, at least 1.7 billion people worldwide were drinking water tainted with excrement. The bacterial contamination of drinking water caused by feces poses the greatest concern to drinking water safety.
Industrial Air Compressor Segmentation by Application
- Food & Beverage
- Construction
- Mining
- Oil & Gas
- Pharmaceutical
- Semiconductor & Electronics
- Agriculture
- Manufacturing
On the basis of application, the industrial air compressor market semiconductor and electronics are likely to garner a significant market share over the forecast period. The semiconductor sector adheres to the strictest compressed air purity standards. To isolate exposure in a zero-contaminant clean room, critical use applications necessitate extraordinary levels of compressed air purity. To provide the greatest quality output, clean rooms require Class 0 oil-free air. Therefore, rising production of semiconductors will boost the demand for industrial air compressors. The Semiconductor Sector Association (SIA) stated today that global semiconductor sector sales were USD 44.0 billion in August 2023, a 1.9% rise over the previous month's total of USD 43.2 billion.
A few of the well-known market leaders in the global industrial air compressor market that are profiled by Research Nester are AireTex Compressor, Atlas Copco, Bauer Comp Holding GmbH, BelAire Compressors, Cook Compression, Frank Compressors, Galaxy Auto Service Equipment Co. Ltd., GENERAL ELECTRIC, Ingersoll Rand Inc., and MAT Holdings Inc.
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-5149
Recent Developments in Industrial Air Compressor Market
- At the ComVac trade fair in Hanover, Germany, new BAUER industrial series are presented. The company's brand new K22, BK 23, and BM series, which include integrated components, are the ideal blend of performance and compact design.
- Atlas Copco today revealed the usage of solar cells to power the company's innovative manufacturing and commercial air compressor factor in India. It contributes to Atlas Copco's goal of lowering the environmental effect of its operations.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
