An air compressor is a pneumatic, mechanical device that uses compressed gasses stored in pressurized air to generate the necessary quantity of kinetic energy for different machinery and equipment. It is made up of a piston, crankshaft, inter and after coolers, compressor casing, delivery valve, cooling water jacket, and primary bearings. In order to ensure sufficient transportation of fluids and gases in cooling machines, it helps to reduce disposable waste and provides continuous compression.
The market for air compressors in 2021 was USD 39.10 billion, and by 2030 it will be worth USD 51.59 billion, growing at a 3.74% CAGR during the forecast period.
In recent years, the world air compressor market has significantly expanded. Given the rising demand for air compressors worldwide, the primary factor boosting the market’s performance is the quick industrialization of emerging countries. Globally, large numbers of end-user regions have adopted portable and energy-efficient air compressors.
Market Dynamics
Drivers
The expanding oil and gas industry is primary factor boosting the growth of the air compressor market is the expanding oil and gas sector. The market is expanding due to the increased energy usage in developing nations like China, India, and South Korea. Global demand for air compressors is anticipated to be positively and significantly impacted by rapid industrialization and rising expenditures to upgrade oil and gas pipeline networks. Numerous sectors use air compressors, including freezing, cooling, cutting, welding, and packaging.
The global market is expanding due to the rising demand for energy-efficient air compressors to reduce operating expenses. The increasing initiatives taken by key market players to create affordable and environmentally friendly air compressors will positively impact the market growth. Numerous businesses have already created next-generation systems with high-performance characteristics and competitive prices. Due to their improved cost-saving features, novel air compressors are becoming more in demand. The launch of new products by several leading manufacturers also considerably contributes to the market’s expansion.
Restraints
The major factor limiting the growth of the air compressor market is the strict government regulations associated with the safe decibel level at which the machine can be operated.
Opportunity
Products like nail guns, spray painting equipment, pressure cleaners, and tire inflation tools are frequently used at home. Every gadget makes use of an air compressor in some way. As a result, the market for air compressors used to produce such machines and gadgets would grow.
Market Segmentation
By Type
The stationary segment led the entire market with a significant revenue share in 2020. The market growth is driven by the rising demand for stationary air compressors in the global manufacturing sector. Furthermore, the demand for stationary air compressors is anticipated to increase soon due to rapid industrialization in emerging nations like Saudi Arabia, the United Arab Emirates, India, Brazil, and China.
The portable market will be the most opportunistic during the forecast era. One of the key factors boosting this market’s growth is that portable air compressors serve as a dependable power source for many tools and equipment in construction, mining, and other sectors.
By Product
In 2020, the rotary segment held the largest position in the entire market. It is due to the rising demand and greater implementation of the rotary air compressor in large industries like mechanical and electrical machinery, pulp and paper, mining and metallurgy, and electric power industries globally.
On the other hand, the centrifugal segment will expand at the fastest rate. Centrifugal air compressors’ main characteristics driving their adoption across various end-use sectors are their energy efficiency, lack of unnecessary parts, and higher airflow.
By Application
In 2020, the manufacturing sector led the market for air compressors worldwide. The sector’s development is being drive by an increase in investments in the industrialization of developing and underdeveloped regions. The manufacturing sector makes significant use of air compressors. The development of the manufacturing sector over the past few decades has been greatly aid by the high demand for air compressors in the developed nations’ manufacturing industries.
Regional Analysis
In 2020, the Asia Pacific held maximum market position with a revenue share of 50% due to the presence of large manufacturing sector in this region. Huge amounts of foreign direct investment have been draw to the area. And the cheap availability of production inputs has led to a concentration of industries due to favorable government policies. The Asia Pacific market will be further stimulate by the air compressors’ quickly expanding applications in various industries. Including the food and beverage, mining, pulp and paper, and construction sectors.
Key Players
- Hitachi, Ltd
- General Electric Company
- Kobe Steel. Ltd
- Kaishan Compressor LLC
- Kaeser Compressors
- Mitsubishi Heavy Industries, Ltd.
- Kobe Steel, Ltd.
- Kirloskar Pneumatic Co., Ltd
- VMAC Global Technology, Inc.
- Suzler Ltd.
The market for air compressor in 2021 was USD 39.10 billion. And by 2030 it will be worth USD 51.59 billion growing at a 3.74% CAGR during the forecast period. Factors such as the expanding oil and gas market particularly the production of gas in nations like the United States, China. And India, and rising energy usage worldwide are stimulating the air compressor market.
Nonetheless, post Coronavirus, a rising spotlight on energy productivity, energy recuperation, and decrease of CO2 emanations is supposed to push the interest for air blowers. The expanded interest for administrations and checking of compacted air establishments is additionally expected to drive income development during the conjecture time frame. Moreover, an ascent popular for air blowers from the food and drink market because of rigid 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 likewise expected to add to the development of the air blower market.
The developing reception of variable-speed frameworks, low support cost, compelling activity, and retrofitting for existing frameworks are a few elements moving the interest for air blowers across key end-use businesses. Energy-proficient blowers are seeing a flood popular inferable from their practical tasks.
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