PUNE, India, Feb. 23, 2021 (GLOBE NEWSWIRE) -- The Global Air Compressor Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global air compressor market size was estimated to be US$ 32 billion in 2019 and expected to reach US$ 45 billion by 2030 at a CAGR of 3.2%. Air compressors consist of compressed air, and make use of the kinetic energy of this air to supply energy to various equipment, tools, and machines, across different industry verticals. The continuous compression provides assistance in transportation of fluids and gases, operation of pneumatically based machineries, production of petrochemical related products and cooling applications. As a result, air compressors have found a large scope of usage in different applications, such as for tool powering, dehydration, vacuum packaging, air blowing, spray painting, cleaning, and medical equipment.
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According to the Bureau of Labor Statistics in the United States, the demand for HVAC technicians will likely grow by 21% in the period of 2012-2022. The demand for technicians is expected to rise, as over 103 million Americans own HVAC systems. Moreover, in 2019, China saw the sale of over 50 million new HVAC systems in the country. Furthermore, the product advancements in HVAC systems have led to new systems that contain built-in motor systems. These will increase the operation of air compressors as they work even when the end products like electrical vehicles are switched off.
Technological developments in the techniques of air compression have a profound influence over the compression capabilities of the equipment, and are subsequently expected to drive the growth of the air compressor market growth during the forecast period. Additionally, the rise in the adoption of robust and energy efficient equipment is also expected to boost the demand for the Air Compressor Market in the industry, in the forecast period. Furthermore, this equipment is required in the applications of sophisticated technology with high technical expertise for designing high power rated and efficient air compression equipment.
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Rising Demand for Energy acts as the Key factor responsible for the Growth of the Air Compressor Market:
Air compressors have many applications in the energy sector. The conventional diesel and petrol based compressors are in high demand in the energy sector, thanks to the requirement of supplying high-pressure clean air to fill gas cylinders, build pneumatics, provide surface supplied diver, among others. The global energy demand is estimated to reach 778 Etta Joule by 2035. Additionally, this demand for Air Compressors is likely to come from key conventional industries like Oil and Gas, which require high-usage of air compressors with complex off-shore applications.
The growing reliance on new forms of energy, and rising demand for traditional energy despite increasing partake of renewable energy remains a key driver to growth in the air compressor market. The growing demand for energy to continue offshore Oil and Gas drilling, and increased reliance on countries like the US on the offshore sites near Mexico, will also prove to be a major positive factor for growth in the air compressor market.
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The Type segment is dominates by the portable compressors:
Portable compressors market holds the highest share of the Type segment of the Air Compressors market, and is expected to grow at the fastest rate during the forecast period. Portable products generally find use in construction and mining activities. They are a reliable source of power for the tools and machines running in the construction industry, and in many other industrial applications. Moreover, they have good ease of use and are simple to handle, and require less maintenance, which has boosted their demand in low-duty applications as well.
The stationary market of the Type segment is expected to witness a relatively slower growth, because of the special installation considerations to be made in the mounting process of these systems.
The Centrifugal Compressors Market leads in the Product segment:
The centrifugal market leads the Air Compressors market in the Product segment. These energy efficient centrifugal systems have fewer parts that come in contact with each other to cause kinetic friction, and a higher airflow as compared to other products. They find usage in several different industries including gas turbines, oil refineries, petrochemical, and chemical plants, and the food and beverage industry.
The rotary segment is expected to grow at a significant rate, and account for the largest air compressor market share during the forecast years. This type of compressor uses a rotary type displacement mechanism. They are used to supply compressed air for larger industrial applications, such as in papermaking and printing, metallurgy and mining, electronic and electrical, electric power, and the mechanical and electrical machineries industry.
Lubrication segment is led by Oil Free systems market:
Oil-free systems are witnessing a rise in demand owing to the growing focus of governments on protecting the environment, and new regulations implemented that align with the aim to curb emissions. However, the rapid growth and industrialization in the sectors of food processing, semiconductor, and manufacturing are boosting the overall product demand. In the industries of semiconductors and electronics, the function of these products is to deliver pressured air that is to be used in automatic control systems for eradicating fine dust from liquid-crystal screen surfaces and measuring instruments.
Asia Pacific dominates the region segment of the Air Compressor Market:
Asia Pacific accounted for the largest regional segment share of the Air Compressor market, owing to the increased spending on industrialization and infrastructure development in this region. The market is driven by the demand from various applications, such as, in the industries like home appliances, food and beverage, manufacturing, and oil and gas. The presence of a number of manufacturers of air compressors in the countries such as China and India, and a large industrial base for semiconductor and electronics manufacturing in the countries like China and Taiwan, are projected to drive the market further.
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Some major players in the air compressor market are AireTex Compressor; Atlas Copco; Bauer Group; Cook Compression; BelAire Compressors; Compressor Products International (CPI); Frank Compressors; Gast Manufacturing, Inc.; Galaxy Auto Service Equipment Co. Ltd.; GENERAL ELECTRIC; Ingersoll Rand Plc; Kaeser Compressors; MAT Industries, LLC; and Sullair LLC, among others.
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