New York, USA, Oct. 26, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global air compressor market is expected to generate a revenue of $41,126.7 million during the forecast period (2019-2026), rapidly increasing from $30,517.2 million in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Rising demand for environment friendly compressor technologies across the globe is expected to drive the growth of the market during the forecast period. In addition, growing popularity of efficient, cost-effective portable models are further expected to bolster the growth of the market during the forecast period.
Restraints: Stringent restrictions imposed by the government considering the noise levels is expected to impede the growth of the market in the projected timeframe.
Opportunities: Persistent technological advancements and the growing demand for high powered, efficient air compressors in the food & beverage and petroleum industries are expected to create ample opportunities for the growth of the air compressor market during the forecast period.
Segments of the Market
The report has divided the market into various segments based on product type, technology, lubrication, application, and region.
Product Type: Portable Air Compressor Sub-segment to Occupy a Significant Market Share
The portable air compressors sub-segment is expected to generate a revenue of $11,916.6 million during the forecast period. Increase in the oil & gas exploration and construction activities across the globe is expected to propel the growth of the air compressor market sub-segment during the analysis period.
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Technology: Rotary Compressor Sub-segment to be Most Profitable
The rotary compressor sub-segment is expected to generate a revenue of $17,575.1 million during the forecast period. Reduced noise and maximized efficiency and power provided by rotary compressors are expected to bolster the growth of the sub-segment during the forecast period.
Lubrication: Oil Free Air Compressor Sub-segment to be Most Beneficial
The oil free air compressor sub-segment is expected to generate a revenue of $28,293.3 million during the forecast period. Increasing application of oil free compressors in the food and beverage industry to prevent contamination of the product is expected to accelerate the growth of the market during the analysis period.
Application: Home Appliances Sub-segment to be Most Lucrative
The home appliance sub-segment is expected to generate a revenue of $1,322.1 million during the forecast period. Air compressors are extremely cost-effective and the increased accuracy provided by the newer compressors are expected to drive the growth of the air compressor market sub-segment during the forecast period.
Region: Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to generate a revenue of $16,127.4 million during the forecast period. Rising manufacturing facilities and increased expenditure on its infrastructure in this region is expected to drive the growth of the market during the forecast period. In addition, increasing awareness about sustainable products among people living in this region is further expected to bolster the growth of the market during the forecast period.
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Key Players of the Air Compressor Market
The prominent players of the market include -
- Atlas Copco
- Best Aire LLC
- Ingersoll Rand
- Sullair
- Oasis Manufacturing
- Bel Aire Compressors
- Elgi Equipments
- Siemens
- Grainger Company
- Frank Technologies
- VMAC Company
- Airtex Compressors
- Bauer Company
- Kobe Steel
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
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For instance, in May 2021, Atlas Copco, a Swedish multinational industrial company, acquired MidState Air Compressor, a US distributor of compressors and provider of service, in order to maximize Atlas Copco’s presence in the US air compressor market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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