Dublin, Dec. 17, 2021 (GLOBE NEWSWIRE) -- The "Global Air Compressor Market By Product, By Type, By Lubrication, By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Air Compressor Market size is expected to reach $41.8 billion by 2027, rising at a market growth of 4.7% CAGR during the forecast period. Air compressors are deployed in several industries like home appliances, semiconductors & electronics, food & beverages, healthcare, oil & gas, manufacturing, and energy.
The growth & demand of the air compressor in the global market is expected to be fueled by the surge in the requirement to reduce CO2 emissions and strict norms related to environmental conservation. In addition, air compressors show many benefits such as being eco-friendly, less maintenance costs, easy handling, and reliable features that are expected to accelerate the market growth.
The demand for air compressors across major end-use industries is expected to be accelerated by the surge in the adoption rate of variable-speed systems, efficient operation, retrofitting for present systems, and low maintenance cost. Energy-efficient compressors are in high demand because of their cost-effective operations. Conversely, the constant increment in the number of gas compressors stations has given rise to growing concerns pertaining to air quality. Therefore, air monitoring systems are extensively being deployed in order to gauge the impact of air and gas compressors. Some of the factors that boost the demand for air compressors are the massive investments in the market and the advent of non-oil and gas-based projects.
Leading players are coming up with eco-friendly and low-maintenance systems in order to motivate end-users to choose advanced products. Companies like Ingersoll Rand Plc and Atlas Copco Inc. have created advanced systems having superior capabilities to differentiate their products in this saturated market. Higher efficiency and declined noise levels are the major features provided by these air compressors.
COVID-19 Impact Analysis
Numerous governments around the globe have imposed stringent nation-wise lockdowns in 2020 due to the high requirement to curb the spread of the COVID-19 infection. As a result, the growth of numerous industries and sectors has been substantially restricted. Similarly, the global pandemic has also affected the air compressor market that witnessed a significant dip in sales and profits during the pandemic times. Moreover, the rising cases of COVID-19 in several countries because of the second wave, governments imposed partial or complete lockdowns around the world. This has eventually reduced the investments in the oil & gas industry along with the growth of the market.
Though, the demand for air compressors is expected to be fueled by the post COVID-19 scenario, energy recovery, a higher focus on energy efficiency, and a decline in CO2 emissions. Moreover, the growth of the market is expected to also be driven by the huge demand for services and monitoring of compressed air installations.
In addition, the market is expected to witness bright growth prospects due to the surge in demand for air compressors in the global food & beverage market owing to the strict norms on food safety and health. Furthermore, companies are putting hefty investments in oil & gas extraction activities in the Middle Eastern and North American countries, which is likely to boost the growth of the air compressor market.
Market Growth Factors:
Increasing demand for positive displacement compressors
Positive displacement air compressor plays a crucial role across various industries. In this type of compressor, the gas is released at the suction stroke of the piston, compressed by reducing the volume of the gas by striking the piston in the opposite direction, and lastly, discharged when the gas pressure surpasses the pressure acting on the outlet valve. Reciprocating compressors are highly beneficial to supply small amounts of gas at elevated pressures.
Booming Oil & Gas Industry
The demand & consumption of natural gas is expected to be huge among all the fuel types. The demand for natural gas is supplemented by the lower cost as compared to the other fossil fuel types. The LNG trade is expected to increase dramatically around the globe, leading to the higher demand for natural gas pipeline networks, thereby creating lucrative growth opportunities for the players operating in the global air compressor market.
Market Restraining Factor:
Lack of technical expertise and high requirements for maintenance
Air compressors need timely maintenance for smooth operations. A person who has sound technical expertise can do this task. At times, it is difficult for the industries to find such a person due to the low availability of technical expertise in the market. In addition, key players must invest a hefty amount in R&D activities to improve the efficiency of air compressors. However, they are unwilling to put such an investment due to the loss & disruption incurred on them by the COVID-19 pandemic.
Product Outlook
Based on Product, the market is segmented into Rotary/Screw, Centrifugal and Reciprocating/Piston. The centrifugal segment is expected to showcase a promising growth rate during the forecast period. These compressors are energy efficient, have lesser number of rubbing parts, and have higher airflow as compared to other compressors. Moreover, they are extensively utilized in applications like oil refineries, chemical plants, gas turbines, food & beverage, and petrochemical. These factors are collectively fuel the growth of the segment during the forecasting period.
Type Outlook
Based on Type, the market is segmented into Stationary and Portable. The stationary air compressor segment acquired the maximum revenue share of the air compressor market in 2020. Factor like massive deployment of these compressors in the manufacturing units is responsible for the growth of the market. In addition, these compressors find extensive applications in the oil & gas industry in order to operate pneumatic equipment which is utilized for the pipeline, oil extraction & refining, and other processes.
Lubrication Outlook
Based on Lubrication, the market is segmented into Oil-Filled and Oil-Free. The oil-free segment is expected to display a promising growth rate during the forecast period. Factors such as the formulation of new guidelines to reduce emissions and the increasing number of government initiatives towards environmental safety are responsible for the growth of this segment. In addition, the growth of the segment is also driven by rising industrialization and thriving food processing, manufacturing, and semiconductor sectors.
Application Outlook
Based on Application, the market is segmented into Manufacturing, Retail, Food & Beverage, Healthcare, Oil & Gas, Energy and Others. The manufacturing segment obtained the prominent revenue share of the air compressor market in 2020. This is due to the increasing industrialization in emerging countries like India, Brazil, and China along with a rise in demand for sophisticated and energy-efficient air compressors in the manufacturing industry.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America and Europe is expected to witness a prominent growth rate during the forecast period. As the companies and governments are putting a high amount of investment in Europe, that is expected to open new growth avenues for industrial air compressors. In addition, the growth of the market is expected to be accelerated by the rising preference of consumers towards simple-to-use and energy-efficient products.
Cardinal Matrix - Air Compressor Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; General Electric is the forerunners in the Air Compressor Market. Companies such as Atlas Copco, Cook Compression, Gast Manufacturing, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Atlas Copco, Bauer Group (BAUER COMP Holding GmbH), Cook Compression (Dover Precision Components), Compressor Products International (CPI) (EnPro Industries, Inc.), Galaxy Auto Stationary Equipment Co. Ltd., Gast Manufacturing, Inc. (IDEX Corporation), General Electric Company, Ingersoll Rand Plc, Kaeser Kompressoren SE, and MAT Industries, LLC (MAT Holdings, Inc.).
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 COVID-19 Impact
2.1.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2017, Jun - 2021, Jun) Leading Players
Chapter 4. Global Air Compressor Market by Product
4.1 Global Air Compressor Rotary/Screw Market by Region
4.2 Global Air Compressor Centrifugal Market by Region
4.3 Global Air Compressor Reciprocating/Piston Market by Region
Chapter 5. Global Air Compressor Market by Type
5.1 Global Stationary Air Compressor Market by Region
5.2 Global Portable Air Compressor Market by Region
Chapter 6. Global Air Compressor Market by Lubrication
6.1 Global Oil-Filled Air Compressor Market by Region
6.2 Global Oil-Free Air Compressor Market by Region
Chapter 7. Global Air Compressor Market by Application
7.1 Global Manufacturing Air Compressor Market by Region
7.2 Global Retail Air Compressor Market by Region
7.3 Global Food & Beverage Air Compressor Market by Region
7.4 Global Healthcare Air Compressor Market by Region
7.5 Global Oil & Gas Air Compressor Market by Region
7.6 Global Energy Air Compressor Market by Region
7.7 Global Others Air Compressor Market by Region
Chapter 8. Global Air Compressor Market by Region
Chapter 9. Company Profiles
9.1 BAUER Kompressoren Group (BAUER COMP Holding GmbH)
9.1.1 Company Overview
9.1.2 Recent strategies and developments:
9.1.2.1 Partnerships, Collaborations, and Agreements:
9.1.2.2 Product Launches and Product Expansions:
9.1.2.3 Geographical Expansions:
9.2 Cook Compression (Dover Corporation)
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Research & Development Expenses
9.2.5 Recent strategies and developments:
9.2.5.1 Partnerships, Collaborations, and Agreements:
9.3 Compressor Products International (EnPro Industries, Inc.)
9.3.1 Company Overview
9.3.2 Recent strategies and developments:
9.3.2.1 Partnerships, Collaborations, and Agreements:
9.4 Galaxy Auto Service Equipment Co., Ltd.
9.4.1 Company Overview
9.5 Gast Manufacturing, Inc. (IDEX Corporation)
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Segmental and Regional Analysis
9.5.4 Research & Development Expenses
9.6 Kaeser Kompressoren SE
9.6.1 Company Overview
9.6.2 Recent strategies and developments:
9.6.2.1 Product Launches and Product Expansions:
9.7 MAT Holdings, Inc. (MAT Industries, LLC)
9.7.1 Company Overview
9.7.2 Recent strategies and developments:
9.7.2.1 Acquisition and Mergers:
9.8.5.2 Product Launches and Product Expansion:
9.9 General Electric (GE) Co.
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Segmental and Regional Analysis
9.9.4 Research & Development Expense
9.9.4.1 Partnerships, Collaborations and Agreements:
9.9.5 SWOT Analysis
9.10. Ingersoll Rand Inc.
9.10.1 Company Overview
9.10.2 Financial Analysis
9.10.3 Segmental and Regional Analysis
9.10.4 Research & Development Expenses
9.10.5 Recent strategies and developments:
9.10.5.1 Acquisition and Mergers:
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