The Global Air Compressor Market size is expected to reach $41.8 billion by 2027, rising at a market growth of 4.7% CAGR during the forecast period. Air compressors are deployed in several industries like home appliances, semiconductors & electronics, food & beverages, healthcare, oil & gas, manufacturing, and energy. The growth & demand of the air compressor in the global market is expected to be fueled by the surge in the requirement to reduce CO2 emissions and strict norms related to environmental conservation. In addition, air compressors show many benefits such as being eco-friendly, less maintenance costs, easy handling, and reliable features that are expected to accelerate the market growth.
The demand for air compressors across major end-use industries would be accelerated by the surge in the adoption rate of variable-speed systems, efficient operation, retrofitting for present systems, and low maintenance cost. Energy-efficient compressors are in high demand because of their cost-effective operations. Conversely, the constant increment in the number of gas compressors stations has given rise to growing concerns pertaining to air quality. Therefore, air monitoring systems are extensively being deployed in order to gauge the impact of air and gas compressors. Some of the factors that boost the demand for air compressors are the massive investments in the market and the advent of non-oil and gas-based projects.
Leading players are coming up with eco-friendly and low-maintenance systems in order to motivate end-users to choose advanced products. Companies like Ingersoll Rand Plc and Atlas Copco Inc. have created advanced systems having superior capabilities to differentiate their products in this saturated market. Higher efficiency and declined noise levels are the major features provided by these air compressors.
Numerous governments around the globe have imposed stringent nation-wise lockdowns in 2020 due to the high requirement to curb the spread of the COVID-19 infection. As a result, the growth of numerous industries and sectors has been substantially restricted. Similarly, the global pandemic has also affected the air compressor market that witnessed a significant dip in sales and profits during the pandemic times. Moreover, the rising cases of COVID-19 in several countries because of the second wave, governments imposed partial or complete lockdowns around the world. This has eventually reduced the investments in the oil & gas industry along with the growth of the market.
Though, the demand for air compressors is expected to be fueled by the post COVID-19 scenario, energy recovery, a higher focus on energy efficiency, and a decline in CO2 emissions. Moreover, the growth of the market would also be driven by the huge demand for services and monitoring of compressed air installations. In addition, the market would witness bright growth prospects due to the surge in demand for air compressors in the global food & beverage market owing to the strict norms on food safety and health. Furthermore, companies are putting hefty investments in oil & gas extraction activities in the Middle Eastern and North American countries, which is likely to boost the growth of the air compressor market.
Positive displacement air compressor plays a crucial role across various industries. In this type of compressor, the gas is released at the suction stroke of the piston, compressed by reducing the volume of the gas by striking the piston in the opposite direction, and lastly, discharged when the gas pressure surpasses the pressure acting on the outlet valve. Reciprocating compressors are highly beneficial to supply small amounts of gas at elevated pressures.
The demand & consumption of natural gas would be huge among all the fuel types. The demand for natural gas is supplemented by the lower cost as compared to the other fossil fuel types. The LNG trade would increase dramatically around the globe, leading to the higher demand for natural gas pipeline networks, thereby creating lucrative growth opportunities for the players operating in the global air compressor market.
Air compressors need timely maintenance for smooth operations. A person who has sound technical expertise can do this task. At times, it is difficult for the industries to find such a person due to the low availability of technical expertise in the market. In addition, key players must invest a hefty amount in R&D activities to improve the efficiency of air compressors. However, they are unwilling to put such an investment due to the loss & disruption incurred on them by the COVID-19 pandemic.
Based on Product, the market is segmented into Rotary/Screw, Centrifugal and Reciprocating/Piston. The centrifugal segment would showcase a promising growth rate during the forecast period. These compressors are energy efficient, have lesser number of rubbing parts, and have higher airflow as compared to other compressors. Moreover, they are extensively utilized in applications like oil refineries, chemical plants, gas turbines, food & beverage, and petrochemical. These factors are collectively fuel the growth of the segment during the forecasting period.
Based on Type, the market is segmented into Stationary and Portable. The stationary air compressor segment acquired the maximum revenue share of the air compressor market in 2020. Factor like massive deployment of these compressors in the manufacturing units is responsible for the growth of the market. In addition, these compressors find extensive applications in the oil & gas industry in order to operate pneumatic equipment which is utilized for the pipeline, oil extraction & refining, and other processes.
Based on Lubrication, the market is segmented into Oil-Filled and Oil-Free. The oil-free segment would display a promising growth rate during the forecast period. Factors such as the formulation of new guidelines to reduce emissions and the increasing number of government initiatives towards environmental safety are responsible for the growth of this segment. In addition, the growth of the segment is also driven by rising industrialization and thriving food processing, manufacturing, and semiconductor sectors.
Based on Application, the market is segmented into Manufacturing, Retail, Food & Beverage, Healthcare, Oil & Gas, Energy and Others. The manufacturing segment obtained the prominent revenue share of the air compressor market in 2020. This is due to the increasing industrialization in emerging countries like India, Brazil, and China along with a rise in demand for sophisticated and energy-efficient air compressors in the manufacturing industry.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 29.7 Billion |
| Market size forecast in 2027 | USD 41.8 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 4.7% from 2021 to 2027 |
| Number of Pages | 258 |
| Number of Tables | 466 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Type, Lubrication, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America and Europe would witness a prominent growth rate during the forecast period. As the companies and governments are putting a high amount of investment in Europe, that would open new growth avenues for industrial air compressors. In addition, the growth of the market would be accelerated by the rising preference of consumers towards simple-to-use and energy-efficient products.
Free Valuable Insights: Global Air Compressor Market size to reach USD 41.8 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; General Electric is the forerunners in the Air Compressor Market. Companies such as Atlas Copco, Cook Compression, Gast Manufacturing, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Atlas Copco, Bauer Group (BAUER COMP Holding GmbH), Cook Compression (Dover Precision Components), Compressor Products International (CPI) (EnPro Industries, Inc.), Galaxy Auto Stationary Equipment Co. Ltd., Gast Manufacturing, Inc. (IDEX Corporation), General Electric Company, Ingersoll Rand Plc, Kaeser Kompressoren SE, and MAT Industries, LLC (MAT Holdings, Inc.).
By Product
By Type
By Lubrication
By Application
By Geography
The air compressor market size is projected to reach USD 41.8 billion by 2027.
Increasing demand for positive displacement compressors are driving the market in coming years, however, lack of technical expertise and high requirements for maintenance limited the growth of the market.
Atlas Copco, Bauer Group (BAUER COMP Holding GmbH), Cook Compression (Dover Precision Components), Compressor Products International (CPI) (EnPro Industries, Inc.), Galaxy Auto Stationary Equipment Co. Ltd., Gast Manufacturing, Inc. (IDEX Corporation), General Electric Company, Ingersoll Rand Plc, Kaeser Kompressoren SE, and MAT Industries, LLC (MAT Holdings, Inc.).
The expected CAGR of the air compressor market is 4.7% from 2021 to 2027.
The demand for air compressors is expected to be fueled by the post COVID-19 scenario, energy recovery, a higher focus on energy efficiency, and a decline in CO2 emissions.
The portable air compressor segment would display the highest growth rate during the forecasting period. This is due to the increase in the adoption rate of these products in construction & mining activities.
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