Westford,USA, Nov. 28, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the industrial air compressor market will attain a value of USD 65.66 Billion by 2031, with a CAGR of 7.80% over the forecast period (2024-2031). The industrial air compressor market growth is attributed to rapid industrialization in emerging economies. Compressed air systems have to operate production machines for effective production as industrial activity increases. Industrial air compressors are in high demand due to large-scale expansion being witnessed in various manufacturing, oil & gas, and food & beverage industries in emerging countries. Companies of many industries are automating their manufacturing processes. Therefore, the need for efficient and reliable compressed air systems is growing. In addition to an ever-increasing demand for industrial air compressors, an overall rising trend of automation alone fuels the innovation in the industrial air compressor industry.
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Browse in-depth TOC on "Industrial Air Compressor Market"
- Pages - 202
- Tables - 215
- Figures – 80
Industrial Air Compressor Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 36.01 Billion |
| Estimated Value by 2031 | $ 65.66 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.80% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Design, Pressure, Output Power, Seal Type, Coolant Type, End-User Industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information product portfolio of players |
| Key Market Opportunities | Diversification of Applications |
| Key Market Drivers | Growing Demand for Compressed Air in Various Applications |
Higher Capacity to Handle Increased Airflow Aids 501 kW & Above Segment to Led Market
The 501 kW and above air compressor segment led the dominant position in the industrial air compressor market in 2023. This is because of their capacity to handle the increased airflow. Heavy-duty machinery in the industrial industry will sometimes demand high-pressure compressed air to facilitate their operation. This equipment can be driven by compressed air from these high-capacity air compressors. This is especially so because most manufacturing operations involve the need to attainaccuratecontrol in terms of air pressure and flow rate. This is essential for product quality.
Property of Leaving Behind Oil Residues While Supply of Compressed Air Supports Oil-Free Segment to Lead During Forecast Period
The oil-free air compressor segmentis predicted to be quite good, with high growth between 2024 and 2030, considering compressed air supply without leave-behind oil residues. Oil-free air compressors serve as essential elements in most key applications, including food and beverage and oil and gas sectors, for maintaining the integrity of processes and products and adherence to environmental regulations. With CO2 emissions decreasing and energy recovery and efficiency being increasingly employed, it is assumed that the products will grow in demand over the next years. More specifically, the International Energy Agency recently announced that the Inflation Reduction Act of 2022 witnesses' massive investments in energy efficiency as part of its measures to decrease energy waste and hence cut down on CO2 emissions. Adding to the above reasons, oil-free air compressors are expected to be driven in demand by all of them in the future.
North America’s Dominance Due to Advanced Industrial Infrastructure
As per the industrial air compressor market forecast, North American industrial air compressors possess advanced engineering skills and a well-set industrial base. Building automobile, electronics, and aerospace segments are further stimulating demand for compressors in that region. Apart from this, more portable and mobile compressors were in demand because of industry flexibility. Industrial air compressors accounted for more than 60.0% share of regional revenue in the US, with advanced manufacturing skills, know-how of cutting-edge technologies, and commitment to quality and innovation across a range of industrial sectors, through 2023.
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Industrial Air Compressor Market Insights
Drivers
- Energy Efficiency Regulations
- Increasing Industrial Automation
- Rising Demand for Compressed Air in Various Applications
Restraints
- Increase in Noise Pollution
- Fluctuating Raw Material Prices
- Maintenance and Operational Costs
Key Players Operating Within the Industrial Air Compressor Market
The following are the Top Industrial Air Compressor Market Companies
- Atlas Copco
- Ingersoll Rand Plc
- Doosan Infracore
- Hitachi
- Kobe Steel
- Mitsubishi Heavy Industries
- Volkswagen (Man Energy Solutions)
- Kirloskar Pneumatics
- Elgi Equipments
- Siemens Energy
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Key Questions Covered in the Global Industrial Air Compressor Market Report
- How big is the industrial air compressor market size?
- What are the factors driving the growth of the market?
- Who are the key players operating within the market?
- Which region is the largest shareholder of the market?
- What is the key market trend?
This report provides the following insights:
- Analysis of key drivers (increasing industrial automation, growing manufacturing sector), restraints (high initial costs, maintenance & operational costs) opportunities (diversification of applications, IoT & smart technologies), and challenges (supply chain disruptions, skilled labour shortages) influencing the growth of the industrial air compressor market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the industrial air compressor market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the industrial air compressor market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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