Gurugram, India, April 25, 2023 (GLOBE NEWSWIRE) -- Driven by the increasing demand for products with higher operational output and efficiency, the Global Air Compressor Market is Forecasted to Cross US$ 40 Bn by 2028 says Ken Research Study.
An air compressor is a device that transforms power from an electric motor, diesel engine, or gasoline engine, etc. into potential energy stored in pressurized air i.e., compressed air. It has a wide range of applications such as vacuum packaging, dehydration, air blowing, tool powering, spray painting, cleaning, and medical equipment.
“Ken Research shares 3 key insights on this high opportunity market from its latest research study”
- High Durability Compressor Needed for Drilling Operations to Drive Market Growth
The demand for crude oil and renewable resources has grown significantly due to a rise in the usage of machinery and equipment across several end-use industries and significant development in the industrial sector. Harnessing the oil with effective machinery and cutting-edge technology is now essential to meeting the world's needs. As a result, it is projected that the use of items that can survive harsh environments would increase demand for air compressors on a global scale. According to Ken Research estimates, the Global Air Compressor Market –grew to nearly ~US$ 30 billion in 2022 – and is expected to grow further into a ~US$ 40 billion opportunity by 2028.
- Rising Demand for Eco-friendly Air Compressor Solution
The main factors that are likely to drive the air compressor market growth in the upcoming years are environmentally friendly compressor technologies, low maintenance, retrofitting of existing systems, efficient operation at lower costs, rising adoption of variable-speed systems, oil-free lubrication processes, and growth in the popularity of portable models. For instance, in the past 40 years, AF Compressors, a manufacturer of air compressors, has expanded its line of air compressors and improved technology for durability, low maintenance, and high energy efficiency. AF Compressors has continuously enhanced the effectiveness of its products to reduce energy usage.
- Modern Compressors' High Installation Costs is Likely to Limit Market Growth
The initial purchase and installation costs of contemporary rotary screw compressors were significant. Increased costs may discourage buyers from purchasing these products. Furthermore, the deployment of knowledgeable and experienced operators is crucial for the system's efficient and trouble-free operation due to the increasing complexity of the design, installation, and operations.
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To prevent issues like condensate development and rust deposits, the user must also maintain limited daily use of the compressors. The correct management of the complicated system and the regular repair of the compressor machine raise the costs associated with maintaining the operations, somewhat lowering their profitability. According to CostOwl.com, in December 2021, a 5 Horsepower (HP) industrial air compressor will typically cost between $1,500 and $5,000, a 25-HP compressor between $8,000 and $10,000, a 100-HP compressor between $20,000 and $35,000, and a 200 HP commercial air compressor up to $70,000 this high installation cost of air compressor is hampering the growth of the market.
Market Taxonomy
By Type
- Stationary
- Portable
By Technology
- Rotary
- Centrifugal
- Reciprocating
By Lubrication
- Oil-free
- Oil filled
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By Application
- Manufacturing
- Food & Beverage
- Healthcare/Medical
- Oil & Gas
- Home Appliances
- Energy & Power
- Electronics & Semiconductor
- Others
By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, Italy, France, Spain, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Indonesia, Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, Africa)
Leading Companies
- Ingersoll Rand
- Atlas Copco
- Elgi Equipments Limited
- MAT Holdings, Inc.
- Sullair
- Mitsubishi Heavy Industries Ltd.
- Bauer Compressors, Inc.
- VMAC
- Kirloskar Pneumatic
- Doosan Portable power
For more insights on the market intelligence, refer to below link:-
Global Air Compressor Market
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