NEW YORK, June 14, 2023 /PRNewswire/ -- As per Facts and Factors study, the global air compressor market size was worth around USD 20.9 billion in 2022 and is predicted to grow to around USD 27.5 billion by 2030 with a compound annual growth rate (CAGR) of roughly 3.5% between 2023 and 2030.
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Air Compressor Market: Overview
A compressor is a mechanical device that lowers the volume of a gas to raise pressure. On the other hand, an air compressor is presumed as a gas compressor that is used for a specific purpose, such as providing HP clean air to fill gas cylinders, providing clean air with moderate pressure to drive HVAC control s/y valves, powering pneumatic tools like jackhammers and HPA, as well as in the case of large-scale industrial processes like petroleum coking oxidation, etc. Both pumps and compressors have features that are comparable in that they both work to raise a fluid's pressure level and transport it through a pipe.
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Key Insights:
- As per the analysis shared by our research analyst, the global air compressor market is estimated to grow annually at a CAGR of around 3.5% over the forecast period (2023-2030).
- In terms of revenue, the global air compressor market size was valued at around USD 20.9 billion in 2022 and is projected to reach USD 27.5 billion, by 2030.
- The growing demand for air compressors from various end-use industries such as manufacturing, automotive, and others is expected to drive the growth of the air compressor industry during the forecast period.
- Based on the type, the stationary segment is expected to hold the largest market share during the forecast period.
- Based on the product, the rotary/screw segment is expected to dominate the market over the forecast period.
- Based on region, the Asia Pacific is expected to hold the largest revenue share during the forecast period.
Facts and Factors published the latest report titled "Air Compressor Market Size, Share, Growth Analysis Report By Type (Portable and Stationary), By Product (Reciprocating/Piston, Rotary/Screw and Centrifugal), By Lubrication (Oil-Filled and Oil-Free), By Application (Manufacturing, Semiconductors & Electronics, Food & Beverage, Healthcare/Medical, Home Appliances, Energy, Oil & Gas, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 - 2030" into their research database.
Industry Dynamics:
Global Air Compressor Market: Growth Drivers
- Growing demand for air compressors from various end-use industries drives the market growth.
Air compressor demand has grown across a variety of sectors. For instance, air compressors are used in the automotive industry for a variety of tasks including tire inflation, automobile finishing, air-operated robots, plasma cutting, and welding. The International Organization of Motor Vehicle Manufacturers (OICA) reports that from 2016 to 2018, India's output of cars and commercial vehicles grew from 4.48 million to 5.17 million units. The need for air compressors has increased as vehicle output has increased.
According to the Central Statistics Office's Energy Statistics, India has a total installed capacity of about 344,002.39 MW across its hydro, thermal, and nuclear power plants. Additionally, during the 2017-2018 period, both electricity production and consumption increased by 5.71% and 7.39%, respectively. The electricity demand is growing profitably as a result of the rising population and rapid urbanization. This increased demand for electricity leads to increased power generation, which in turn increases demand for air compressors-an essential component of a power plant-and propels the air compressor market's expansion.
Global Air Compressor Market: Restraints
- The high cost of installation and maintenance acts as a major restraint.
Depending on the use, air compressors can cost anywhere between $100 and $600. The air compressor industry's expansion is hampered by additional hidden costs like those connected with installation and operation. Furthermore, air turbines are very prone to overheating. The heat produced by compressed air must be expelled before it hits the warning temperature because it could harm the system if it does not. Identification of a temperature issue early on is crucial because high temperatures can gradually harm an air turbine. Therefore, the market expansion for air compressors has been hampered by expensive maintenance costs.
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Air Compressor Market: Opportunities
- Growing technological advancement provides a lucrative opportunity.
The innovation that goes into newer models of air compressors on the market is the reason for their rising appeal. New kinds of reciprocating and rotary screw air compressors have been developed by Indian makers, making them stronger, simpler to use, and better suited for some of the most demanding tasks in a variety of industrial settings. More industries are utilizing compressed air as an alternative source of energy as a result of technological advancements, and air compressor users are upgrading to newer models of machinery. Air compressors with new and improved technology can replace older equipment, resulting in increased efficiency, easier operation, and total cost savings. These features have encouraged air compressor users to replace their equipment frequently, which has fueled the global air compressor market expansion.
Air Compressor Market: Challenges
- Stringent regulation poses a major challenge.
New industrial emission standards for air compressors have been introduced in several nations, including the U.S., Canada, the UK, and other European nations, to reduce the discharge of contaminants and improve air quality. Due to the implementation of these new and updated emission standards, manufacturers all over the world must stay current and make significant changes and modifications to the design and functionality of this equipment. Additionally, because compressed air plays a crucial role in increasing productivity and influences overall production costs, it is a serious worry for many industries, including those in the healthcare, food and beverage, chemical, and pharmaceutical industries.
Global Air Compressor Market: Segmentation
- The global air compressor industry is segmented based on type, product, lubrication, application, and region.
Based on the type, the global market is bifurcated into portable and stationary. The stationary segment is expected to hold the largest market share during the forecast period. The growth in the segment is attributed to the high adoption of these compressors in the manufacturing sector. These compressors are also frequently used in the oil and gas industry to power pneumatic machinery for the pipeline, oil extraction and refining, and other operations. Besides, the portable segment is growing at the highest CAGR over the forecast period due to the increased use of these goods in mining and construction projects. Portable air compressors are a stable source of power for equipment and tools in a variety of sectors, including construction. Additionally, these compressors are simple to use and require less maintenance, which is why their demand is rising in low-duty uses.
Based on the application, the air compressor industry is bifurcated into manufacturing, semiconductors & electronics, food & beverage, healthcare/medical, home appliances, energy, oil & gas, and others.
Based on the lubrication, the global market is bifurcated into oil-filled and oil-free.
Based on the product, the global air compressor industry is segmented into reciprocating/piston, rotary/screw, and centrifugal. The rotary/screw segment is expected to dominate the market over the forecast period. This is due to the widespread use of rotary air compressors in significant industrial uses, including those for mechanical and electrical machinery, electric power, electronic and electrical equipment, papermaking and printing, metallurgy and mining, and electrical and mechanical power.
On the other hand, the centrifugal segment is expected to grow at the highest CAGR during the forecast period. These compressors have a greater airflow than other compressors, use less energy, and have fewer rubbing parts. They are also extensively used in industries like gas turbines, chemical plants, oil refineries, and petrochemicals. Over the projection period, all of these factors are expected to boost segment development.
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List of Key Players in Air Compressor Market:
- Aerzener Maschinenfabrik GmbH
- Ciasons Industrial Inc.
- Doosan Corporation (Doosan Infracore Portable Power)
- Atlas Copco AB
- Berkshire Hathaway Inc. (Campbell Hausfeld)
- Ebara Corporation
- Gardner Denver Holdings Inc.
- Hitachi Ltd.( Sullair LLC)
- Stanley Black & Decker Corporation (Porter Cable)
- Suzler Ltd
- Kobe Steel Ltd.
- Desran Compressor (Shanghai) Co. Ltd.
- Elgi Equipments Limited
- Indo-Air Compressors Pvt. Ltd.
- NINGBO XINDA GROUP CO. LTD (AUGUST Screw Air Compressor)
- Kirloskar Pneumatic Company Limited
- Ingersoll-Rand plc
- VMAC Global Technology Inc
- Mitsubishi Heavy Industries Ltd.
- Others
Key questions answered in this report:
- What are the growth rate forecast and market size for Air Compressor Market?
- What are the key driving factors propelling the Air Compressor Market forward?
- What are the most important companies in the Air Compressor Market Industry?
- What segments does the Air Compressor Market cover?
- How can I receive a free copy of the Air Compressor Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2022 | USD 20.9 Billion |
Revenue forecast in 2030 | USD 27.5 Billion |
Growth Rate | CAGR of almost 3.5% 2023-2030 |
Base Year | 2022 |
Historic Years | 2016 - 2021 |
Forecast Years | 2023-2030 |
Segments Covered | By Type, Product, Lubrication, Application, and Region |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Aerzener Maschinenfabrik GmbH, Ciasons Industrial Inc., Doosan Corporation (Doosan Infracore Portable Power), Atlas Copco AB, Berkshire Hathaway Inc. (Campbell Hausfeld), Ebara Corporation, Gardner Denver Holdings Inc., Hitachi Ltd.( Sullair LLC), Stanley Black & Decker Corporation (Porter Cable), Suzler Ltd, Kobe Steel Ltd., Desran Compressor (Shanghai) Co. Ltd., Elgi Equipments Limited, Indo-Air Compressors Pvt. Ltd., NINGBO XINDA GROUP CO. LTD (AUGUST Screw Air Compressor), Kirloskar Pneumatic Company Limited, Ingersoll-Rand plc, VMAC Global Technology Inc, Mitsubishi Heavy Industries Ltd., and others. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Regional Dominance:
- The Asia Pacific is expected to hold the largest revenue share during the forecast period.
The Asia Pacific is expected to hold the largest revenue share in the global air compressor market during the forecast period. Demand in this region is being driven by an increase in construction work and automobile production in nations like China, Japan, and India. Additionally, increasing demand for oil-free air compressors from sectors like chemicals and food & drinks to avoid food contamination has boosted air compressor demand. China accounted for the highest revenue share in this region due to the existence of a sizable manufacturing hub. Industrial air compressors have been used primarily in manufacturing, and this is what is anticipated to fuel growth over the forecast period.
North America is expected to hold a significant market share over the forecast period. One of the key factors propelling market development in this region is rising consumer awareness of the numerous advantages of using air compressors for industrial operations. Additionally, the growth of industrial air compressors in this region has been fueled by expanding infrastructure development projects and increasing Internet of Things (IoT) penetration.
Due to the increasing demand for centrifugal air compressors from various end-use sectors, the U.S. held the largest revenue share in this regional market. Because this equipment uses cutting-edge technologies and demands exceptional expertise for its operation, the U.S. also has a broad availability of technically skilled professionals who can manage it effectively.
Global Air Compressor Market is segmented as follows:
Air Compressor Market: By Type Outlook (2023-2030)
- Portable
- Stationary
Air Compressor Market: By Product Outlook (2023-2030)
- Reciprocating/Piston
- Rotary/Screw
- Centrifugal
Air Compressor Market: By Lubrication Outlook (2023-2030)
- Oil-Filled
- Oil-Free
Air Compressor Market: By Application Outlook (2023-2030)
- Manufacturing
- Semiconductors & Electronics
- Food & Beverage
- Healthcare/Medical
- Home Appliances
- Energy
- Oil & Gas
- Others
Air Compressor Market: By Region Outlook (2023-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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