Pune, India, June 27, 2023 (GLOBE NEWSWIRE) -- The global air compressor market size stood at USD 16.51 billion in 2022. The market is set to expand from USD 17.22 billion in 2023 to USD 25.60 billion by 2030, exhibiting a CAGR of 5.8% over the estimated period. The rise can be attributed to the ease of maintenance of these compressors. Fortune Business Insights™ provides this information in its research report, titled “Air Compressor Market, 2023-2030”.
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List of Key Players Mentioned in the Report:
- ELGi Equipments Limited (India)
- Atlas Copco AB (Sweden)
- Sulzer Ltd. (Switzerland)
- Hitachi Ltd. (Japan)
- Ingersoll Rand (U.S.)
- Campbell Hausfeld (U.S.)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Doosan Infracore Portable Power (South Korea)
- Siemens AG (Germany)
- EBARA CORPORATION (Japan)
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.8% |
| 2030 Value Projection | USD 25.60 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 16.51 billion |
| Historical Data for | 2019 - 2021 |
| No. of Pages | 178 |
| Segments covered | By Mode of Operation, Product Type, Lubrication, Application, and Region |
| Growth Drivers | Growing Adoption of Industry 4.0 Technologies to Enhance Operational Efficiency and Smart Capabilities to Boost the Market Expansion |
COVID-19 Impact:
Industry Growth Hindered Due to Disturbed Trade Flow on Account of the Pandemic
The market was mildly affected by the coronavirus pandemic on account of disturbed trade flow. Major companies focused on crafting robust strategies to sustain the impact of the COVID-19 pandemic. Industrial air compressors recorded a considerable demand from manufacturing, petrochemical & gas, and other industries. The equipment was designed to clean the air even in extreme environments and circumstances.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/air-compressor-market-101672
Segments:
Rotary Compressors to Register Substantial Growth Driven by Reduced Maintenance Costs
On the basis of mode of operation, the market is fragmented into rotary, centrifugal, and reciprocating. Of these, rotary compressors are expected to record commendable expansion over the estimated period. The rise is being driven by their reliability and advanced operational capabilities.
Stationary Compressors to Record Appreciable Expansion Owing to Rising Product Demand
Based on product type, the market is segmented into portable and stationary. The stationary segment is poised to register lucrative growth throughout the forecast period. The surge can be attributed to the increasing product demand for the development of in-house facilities.
Oil Filled Segment to Gain Traction due to Growing Usage in Heavy-Duty Applications
On the basis of lubrication, the market is segregated into oil free and oil filled. The oil-filled segment is slated to exhibit a CAGR of 6% over the projected period. The upsurge is on account of growing product adoption to avoid issues of high maintenance.
Energy & Power Segment to Register Commendable Growth Over the Forecast Period
On the basis of application, the market is subdivided into manufacturing, electronics & semiconductor, oil & gas, healthcare, food & beverages, energy & power, and others (aerospace). The energy & power segment is poised to record considerable growth throughout the projected period. The surge can be attributed to the growing product usage in areas such as air blowers and gas turbines.
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Report Coverage:
The report delves into the major trends set to propel the industry scenario across various regions. It further provides an account of the significant steps taken by major market participants for the consolidation of their industry position. These insights have been furnished after extensive data collation and research.
Drivers and Restraints:
Market Share to Rise Due to Increasing Usage of Industry 4.0 Technologies
The air compressor market growth is being driven by the increasing adoption of Industry 4.0 technologies. Cloud, Industrial Internet of Things, and Big Data technologies are being deployed for solving complex issues and the enhancement of operations.
However, the industry expansion could be hampered on account of high energy losses and high maintenance costs.
Regional Insights:
Asia Pacific to Emerge Prominent Due to Rising Demand from Dominant Countries
The Asia Pacific air compressor market share is anticipated to record a notable surge throughout the forecast period. The surge can be attributed to the increasing demand for smart compressors from various countries such as India, Japan, and China.
The North America market is estimated to register substantial growth over the estimated period. The rise is being driven by the growing demand for cost-effective and energy-efficient air compressors.
Competitive Landscape:
Major Players Enter into Partnership Agreements to Enhance Product Penetration
Leading air compressor companies are focused on the adoption of various strategies to strengthen their market position. These include product developments, acquisitions, mergers, and others. Some of the other steps comprise rising participation in trade conferences and increase in research activities.
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Air Compressor Market Key Players Market Share/Ranking, 2022
- Global Air Compressor Market Size Estimates and Forecasts, By Segments, 2017-2030
- Key Findings
- By Mode of Operation (USD)
- Rotary
- Centrifugal
- Reciprocating
- By Product Type (USD)
- Stationary
- Portable
- By Lubrication (USD)
- Oil Filled
- Oil Free
- By Application (USD)
- Manufacturing
- Oil and Gas
- Energy and Power
- Electronics and Semiconductor
- Healthcare
- Food and Beverages
- Others
- By Country (USD)
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific
- North America Air Compressor Market Size Estimates and Forecasts, By Segments, 2018-2029
Key Industry Development:
December 2022 – Atlas Copco agreed on the acquisition of CVS Engineering GmbH. The deal was focused on the usage of mobile on tanker trucks.
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