An air compressor compresses air at atmospheric pressure and releases it at a greater pressure. Air compressors utilize compressed air, which is generated by increasing the air pressure, to power a variety of tasks. The petroleum, chemical, manufacturing, oil & gas, mining, electricity, and construction industries employ air compressors extensively. Air compressors are utilized in the construction industry for a variety of jobs like drilling, painting, cutting, nailing, and others.
In 2021, the air compressor market was USD 39.10 billion, and by 2030, it will reach USD 51.59 billion, expanding at a 3.74% CAGR during 2021-2030.
The market is stimulated due to the rising need for energy-efficient air compressors that can lower operating costs. The rising initiatives performed by major industry players to develop inexpensive and environmentally friendly air compressors will favorably impact market growth.
Market Dynamics
Drivers
The expanding oil and gas sector is the primary element propelling the global air compressor market. The growth of the market is stimulated due to the growing energy demand in developing countries like China, India, and South Korea. Rapid industrialization and rising investments to upgrade oil and gas pipeline networks will significantly impact the global demand for air compressors. The industry expansion in developed and developing nations is accelerating the market for air compressors.
Restraints
The market for air compressors is constrained by factors, including their high power consumption and the heat it produces, which raises environmental issues.
Opportunity
Additionally, it is anticipate that the booming growth of several industries, including the manufacturing, power generation, paper and pulp, pharmaceutical, and food and beverage industries, will offer profitable growth prospects to market players in the coming years. The principal elements raising the demand for air compressors across many important sectors worldwide include the rapid adoption of variable speed systems, retrofitting for the existing systems, low maintenance costs, and operational effectiveness.
Market Segmentation
By Type
Stationary air compressors held the largest market share of 50% in 2022. These compressors are also frequently use in the oil and gas industry to power pneumatic machinery for pipelines, oil extraction and refining, and other activities.
The portable segment will expand at a rapid rate due to the extensive use of these products in mining & construction.
By Product
The rotary segment holds the majority of the market share. This is due to the use of rotary air compressors in significant industrial applications, including those for mechanical and electrical machinery, electric power, electronic and electrical equipment, papermaking and printing, metallurgy and mining, and electrical and mechanical power.
Over the forecast period, the centrifugal segment will have the greatest CAGR. These compressors have a higher airflow than traditional compressors, use less energy, and have less rubbing parts.
By Lubrication
By 2030, the oil-filled segment will rule the market. Oiled-filled air compressors are frequently use in manufacturing, energy, and other industries for commercial applications.
Due to the implementation of new emission-reduction rules and the growing attention that governments are giving to environmental safety, the oil-free sector will grow at the fastest rate.
By Application
In 2022, the manufacturing industry held the biggest market share. This is due to the accelerated industrialization of developing nations like Brazil, China, and India and the growing demand for high-tech, energy-efficient air compressors in the manufacturing industry.
The developing reception of variable-speed frameworks, low support cost, powerful activity, and retrofitting for existing frameworks are a few elements impelling the interest for air blowers across key end-use enterprises. Energy-productive blowers are seeing a flood popular inferable from their financially savvy tasks. Be that as it may, the developing number of gas blower stations has prompted expanding worries around air quality. Consequently, air observing frameworks are broadly being introduced for estimating the effect of air and gas blowers. Also, the resulting presentation of non-oil and gas-based projects, and constant interests in the business, is driving the interest for air blowers.
Unmistakable players are creating eco-accommodating and low-support frameworks to urge end clients to pick cutting edge items. Organizations like Ingersoll Rand Plc and Map book Copco Inc. have created cutting edge frameworks with superior execution capacities to separate their items in an exceptionally serious market.
Regional Analysis
Asia Pacific was the major market contributor, with a revenue share of nearly 30% in 2022 due to ongoing government investments in infrastructure development and rising industrialization. The need for air compressors from various applications, including the food and beverage, manufacturing, home appliances, and oil and gas industries, is stimulating the growth of this region. Additionally, the existence of several compressor producers in China and India and the substantial industrial bases for the production of electronics and semiconductors in China and Taiwan will fuel market expansion.
Over the predicted period, North America and Europe would experience steady growth. However, rising investments in Eastern Europe will boost the growth prospects for industrial air compressors.
Key Players
- Ciasons Industrial, Inc.
- Atlas Copco AB
- Desran Compressor Co., Ltd
- Hitachi, Ltd.
- General Electric Company
- Kobe Steel, Ltd.
- Kaishan Compressor, LLC
- Kaeser Compressors
- Sulzer, Ltd.
- Kirloskar Pneumatic Co., Ltd.
- Mitsubishi Heavy Industries, Ltd.
- VMAC Global Technology, Inc.
In 2021, the air compressor market was USD 39.10 billion, and by 2030. It will reach USD 51.59 billion, expanding at a 3.74% CAGR during the forecast period. The market is drive by rising energy consumption in manufacturing, agriculture, and the automotive industry.
Notwithstanding, post Coronavirus, a rising spotlight on energy proficiency, energy recuperation, and decrease of CO2 emanations is supposed to move the interest for air blowers. The expanded interest for administrations and observing of packed air establishments is likewise expected to drive income development during the figure time frame. Moreover, an ascent popular for air blowers from the food and refreshment market because of severe guidelines on food handling and wellbeing is expected to drive the market. An expansion in interests in oil and gas extraction exercises in the North American and Center Eastern nations is additionally expected to add to the development of the air blower market.
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