USD 32171.86 million
Report ID: SQSG20I2028 | Region: Global | Published Date: April, 2023 | Pages: 247 | Tables: 91 | Figures: 76
Global Air Compressor Market size was valued at USD 32171.86 million in 2021 and is poised to grow from USD 33265.7 million in 2022 to USD 44945.02 million by 2030, growing at a CAGR of 3.4% in the forecast period (2023-2030).
Continuously rising focus on energy efficiency, energy recovery, and reduction of carbon dioxide emissions around the globe are the major factors projected to drive growth of the global air compressor market during the forecast period. In addition, an extensive rise in the demand for monitoring of compressed air installations and services is also expected to propel the growth of the global market over the coming years.
Furthermore, growing adoption of several variable-speed systems, effective operation, low maintenance cost, and retrofitting of installed systems are few others factors anticipated to contribute significantly to the growth of the global market over the forecast period. In the recent years, energy-efficient compressors have gained a surge in demand due to its cost-effective operations, which has led high installation of air monitoring systems to measure air and gas compressors impact. For instance, in February 2021, Sullair, a leading global manufacturer of compressors, announced the launch of its Mid-Range Series Portable Compressors, associated with latest Electronic Spiral Valve Technology. The new series of product comes with higher flexibility and better efficiency in global operations.
US Air Compressor Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 32171.86 million
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Air Compressor Market is segmented on the basis of type, application, product, and region. By type, the Air Compressor Market is segmented into portable and stationary. By application, the Air Compressor Market is categorized into manufacturing, food & beverage, home appliances, healthcare, and others. By product, the Air Compressor Market is classified into reciprocating, rotary, and centrifugal. By region, the Air Compressor Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Air Compressor Market Analysis by Type
By type, the stationary segment accounted for the largest market share in 2021 and is expected to maintain its dominance throughout the forecast period. High adoption of these compressors in manufacturing sector and oil and gas sector coupled with the rising technological advancements are projected to be the major driving factors for the growth of the segment market over the coming years.
Furthermore, the portable segment is anticipated to grow at fastest growth rate during the forecast period owing to extensive rise in construction and mining activities. Additionally, characteristics of portable air compressors including easy to handle and lower maintenance have implied high usage of these air compressors in low-duty applications are also estimated to fuel the demand for segment market in the coming years.
Air Compressor Market Analysis by Application
By application, the manufacturing segment held the largest market share in 2021. This is simply attributed to the rapid growth in industrialization mainly in developing countries such as India, China, and Indonesia along with the rising demand for innovative and energy-efficient air compressors. Additionally, growing investment by key market players and increased number of innovations are also fueling the segment growth in the near future.
Moreover, the oil and gas segment is witnessing fastest CAGR during the forecast period due to the rising demand for air compressors in re-injection of reservoir pressure preservation. For instance, according to a Russian Regulation, around 95% of the associated petroleum gas should be compressed with crude oil prior to transportation through pipeline.
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Globally, Asia Pacific region dominated the air compressor market owing to high growth in government investments in infrastructure development and rapidly growing industrialization in the region. In addition, the regional market is majorly driven with the rising demand for air compressors in several applications including food and beverage, manufacturing, oil and gas industries, and home appliances. The presence of large market manufacturers of compressors in the region such as India and China coupled with the large base for electronics and semiconductors are further projected to drive the growth of the market.
Furthermore, North America is anticipated to grow at a significant pace over the forecast period. Early adoption of highly advanced technology, presence of key market players, and increased consumer disposable income are the key factors driving the growth of the market in the region. In addition, increasing consumer focus on easy-to-us and energy-efficient products is likely to have significant growth in the coming years.
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Air Compressor Market Drivers
Air Compressor Market Restraint
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The global air compressor market is highly fragmented with the existence of several international and regional market players operating all around the globe. The major players are implementing on various business strategies including mergers, acquisitions, collaborations, partnerships, and new product launches for expanding their geographical presence and product portfolio along with strengthen their market position.
Air Compressor Market Top Player’s Company Profiles
Air Compressor Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global air compressor market is witnessing a strong growth during the forecast period owing to rapid industrialization, increased per capita income, and high technological advancements. In addition, easy to use, more reliable, functioning at extreme weather conditions, and generating more power is fostering the global market growth at a significant growth rate. However, some issues associated with air compressor such as air leaks, oil problems, pressure and flow problems, and bogged-down issues are anticipated to hinder the growth of the global market over the forecast period.
|Market size value in 2021||USD 32171.86 million|
|Market size value in 2030||USD 33265.7 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Air Compressor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Air Compressor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Air Compressor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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