Tokyo, April 01, 2022 (GLOBE NEWSWIRE) — The world Air Compressor Market Size was valued at US$ 33.31 billion in 2021. The global air compressor market is expected to grow rapidly over the forecast period driven by growing demand for air compressors across various end-use verticals such as food and beverage, mining, electronics, healthcare/medical, oil and gas, construction and others.
Growing demand for innovative air compressors to power tools efficiently at low cost is driving the growth of the market. Additionally, rising investment in developing improved oil and gas pipeline networks in countries like the United States and rapid industrialization in developing regions are major drivers of the market. Constant product launches by major market players are further fueling the growth of the market across the globe.
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Asia-Pacific accounted for more than 30% market share and dominated the global air compressor market in 2020. Asia-Pacific is characterized by the presence of numerous industries. Government policies and investments have greatly promoted the development of various industries in the region. Countries like China, India, South Korea, and Taiwan are some of the world’s major manufacturing hubs. The availability of cheap labor and raw materials has propelled the growth of manufacturing in Asia-Pacific, resulting in huge demand for air compressors. The rapid industrialization of the Asia-Pacific region is further expected to boost the demand for air compressors in the near future.
|Market size in 2021||$33.31 billion|
|Rate of growth||CAGR of 3.1% from 2022 to 2030|
|The biggest market||Asia Pacific|
|Fastest growing region||North America|
|Companies covered||Atlas Copco AB, ElgiEquipments Limited, Ingersoll-Rand PLC, Kirloskar Pneumatic Company Limited, Mitsubishi Heavy Industries Ltd., Kobe Steel Ltd., Suzler Ltd., Ebara Corporations, Porter Cable, VMAC Global Technology Inc.|
North America is expected to grow at a significant rate throughout the forecast period. Innovative and environmentally friendly air compressors are rapidly gaining popularity in various end-use vertical markets across North America. Growing adoption of latest technology to increase operational efficiency and reduce cost along with improved production is driving the adoption of various air compressors in industries across North America.
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- Based on type, portable is estimated to be the fastest growing segment. Portable air compressors provide power sources for many tools and equipment, especially in the mining and construction industries. Hence, the increasing adoption of portable air compressors in these industries is expected to boost the market growth.
- Based on product, rotary/screw segment dominated the market in 2020. The higher adoption of rotary air compressors in giant industries such as paper and pulp, electric power, mechanical and electrical machinery, mining and metallurgy has driven the growth of this segment.
- Based on application, manufacturing segment dominated the market in 2020. Huge demand for air compressors in manufacturing industry in both developed and developing regions has significantly boosted the growth of compressors market of air in recent decades. Soaring investment in the industrialization of developing regions is expected to further fuel the growth of this segment in the near future.
Growing demand for durable compressors
The demand for the highly durable air compressor is increasing for applications in the drilling process. Rising usage of various machines in manufacturing and other industries has fueled the growth of the market. The rapidly growing oil and gas industry due to increasing demand for electricity and fuel across the world is dramatically increasing the demand for durable air compressors. Rising oil consumption worldwide is expected to drive the demand for air compressors among oil producers to increase productivity at lower cost.
The installation cost of modern high-pressure compressors
Installing modern and innovative air compressors like the rotary air compressor involves high supply and installation costs. High capital investments can prevent end users with limited financial capabilities from adopting modern air compressors. This is a major restraining factor that might hamper the growth of the market over the forecast period.
Constant product launches
Manufacturers invest heavily in R&D and are constantly engaged in introducing new innovative features in air compressors. For example, in February 2021, Sullair introduced its mid-range series portable compressors. This product is integrated with electronic spiral valve technology which provides flexibility and improved operational efficiency. These new features may provide various growth prospects in the foreseeable future.
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Low penetration in underdeveloped market
Industrial growth in underdeveloped economies is very low. Low presence of industries in underdeveloped markets is limiting the growth of air compressor market.
- oil and gas
- Health care
- Food and drinks
- Household appliances
By rated power
- 501kW and above
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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