Air Compressor Market: Portable Air Compressor Segment Is Expected To Register The Highest CAGR
Air Compressor Industry Overview
The global air compressor market size was valued at USD 32.02 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2028. With the burgeoning need to control the spread of the COVID-19 infection, governments around the world implemented strict national lockdowns in 2020. This, in turn, hampered the growth of various sectors and industries. Likewise, the market for air compressor was also affected by the pandemic, witnessing a significant decline in sales and profits. Furthermore, the increasing cases of COVID-19 in various countries due to the second wave resulted in partial lockdowns across the globe. This has subsequently impacted the investments in the oil and gas industry along with the growth of the market.
Gather more insights about the market drivers, restrains and growth of the Global Air Compressor market
However, post COVID-19, an increasing focus on energy efficiency, energy recovery, and reduction of CO2 emissions is expected to propel the demand for air compressors. The increased demand for services and monitoring of compressed air installations is also expected to drive revenue growth during the forecast period. Furthermore, a rise in demand for air compressors from the food & beverage market due to stringent regulations on food safety & health is anticipated to drive the market. An increase in investments in oil & gas extraction activities in the North American and Middle Eastern countries is also expected to contribute to the growth of the air compressor market.
The growing adoption of variable-speed systems, low maintenance cost, effective operation, and retrofitting for existing systems are some factors propelling the demand for air compressors across key end-use industries. Energy-efficient compressors are witnessing a surge in demand owing to their cost-effective operations. However, the growing number of gas compressor stations has led to increasing concerns around air quality. Hence, air monitoring systems are widely being installed for measuring the impact of air and gas compressors. Additionally, the subsequent introduction of non-oil and gas-based projects, and continuous investments in the industry, is driving the demand for air compressors.
Prominent players are developing eco-friendly and low-maintenance systems to encourage end users to opt for next-generation products. Companies such as Ingersoll Rand Plc and Atlas Copco Inc. have developed next-generation systems with high-performance capabilities to differentiate their products in a highly competitive market. Some of the key features offered by these air compressors include increased efficiency and reduced noise levels.
The demand for innovative compressors that offer high cost-saving techniques and eliminate the need for supplementary devices has witnessed significant growth across various applications. The increasing focus of consumers on the total solution and lifecycle cost is providing new growth avenues for energy-efficient air compressors. Additionally, the increasing use of compressed air in industrial power tools is also driving market growth.
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Air Compressor Market Segmentation
Grand View Research has segmented the global air compressor market based on type, product, lubrication, application, and region:
Air Compressor Type Outlook (Revenue, USD Million, 2018 - 2028)
- Portable
- Stationary
Air Compressor Product Outlook (Revenue, USD Million, 2018 - 2028)
- Reciprocating/Piston
- Rotary/Screw
- Centrifugal
Air Compressor Lubrication Outlook (Revenue, USD Million, 2018 - 2028)
- Oil-Filled
- Oil-Free
Air Compressor Application Outlook (Revenue, USD Million, 2018 - 2028)
- Manufacturing
- Semiconductors & Electronics
- Food & Beverage
- Healthcare/Medical
- Home Appliances
- Energy
- Oil & Gas
- Others
Air Compressor Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Air Compressor market include
- AireTex Compressor
- Atlas Copco
- Bauer Group
- BelAire Compressors
- Cook Compression
- Compressor Products International (CPI)
- Frank Compressors
- Galaxy Auto Stationary Equipment Co. Ltd.
- Gast Manufacturing, Inc.
- GENERAL ELECTRIC
- Ingersoll Rand Plc
Order a free sample PDF of the Air Compressor Market Intelligence Study, published by Grand View Research.
About Grand View Research
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