$38+ Bn Global Air Compressor Market is Expected to Grow at a CAGR of over 3.1% During 2022-2028 | Vantage Market Research
Vantage Market Research
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WASHINGTON, June 09, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Air Compressor Market finds that high usage of variable-speed systems, minimum maintenance cost, retrofitting for existing systems, and effective operation are some major factors bolstering the growth of the Air Compressor Market in coming years. In addition, the projection of gas-based & non-oil projects, and high investment in this industry by many higher organizations are expected to witness maximum growth for the Air Compressor Market over projected years.
The Global Air Compressor Market revenue is expected to reach a value USD 38.9 Billion in the year 2028.
The Global Market revenue stood at a value USD 32.4 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 3.1% during the forecast period; states Vantage Market Research, in a report, titled “Air Compressor Market Size, Share & Trends Analysis Report by Type (Portable, Stationary), by Product (Reciprocating/Piston, Rotary/Screw, Centrifugal), by Lubrication (Oil-Filled, Oil-Free), by Application (Manufacturing, Semiconductors & Electronics, Food & Beverage, Healthcare/Medical), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Rapid Industrialization and Increasing Automation in Emerging Economies Drives the Market
Industrial air compressors have an extensive range of applications in industries including chemical compounds & petrochemicals, oil & gas, pharmaceuticals, construction, automobile & transportation, packaging industry, energy generation, healthcare, metals & mining, and others. Rapidly growing industrialization and manufacturing activities provide immense potential for the growth of the commercial air compressors. In addition, government initiatives to promote commercial automation and emphasis on commercial automation for optimum utilization of resources also drive the demand for industrial air compressors as they can be used for powering pneumatic tools, packaging, automation equipment, and conveyors.
Cost-Effective Operations to Drive the Market Demand
Energy-efficient compressors are witnessing a surge in demand owing to their cost-effective operations. The increased adoption of variable-speed systems, low maintenance cost, effective operation, and retrofitting for present structures are a few parameters that propel the demand for air compressors throughout key end-use industries. Also, the expanded demand for monitoring & servicing of compressed air installations is anticipated to drive the Air Compressor Market in projected years.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Air Compressor market is predicted to grow at a CAGR of roughly 3.1% during the forecast period.
The Air Compressor market was estimated to be worth roughly USD 32.4 Billion in 2021 and is expected to reach USD 38.9 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Air Compressor market.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
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Regional Analysis:
Asia Pacific Holds Largest Market Share
Asia Pacific dominated the Global Air Compressor Market in 2021. With the increased use of machinery and equipment across numerous end-use sectors and considerable development in the manufacturing sector, the requirement for crude oil and renewable resources has increased at a substantial pace. Thus, the application of products capable of withstanding adverse environments, in turn, is anticipated to propel the growth of the Air Compressor Market in the forecast period.
List of Prominent Players in the Air Compressor Market:
Aire Tex Compressor
Atlas Copco
Bauer Group
Cook Compression
Bel Aire Compressors
General Electric
Ingersoll Rand PLC
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Air Compressor Market Size, Share & Trends Analysis Report by Type (Portable, Stationary), by Product (Reciprocating/Piston, Rotary/Screw, Centrifugal), by Lubrication (Oil-Filled, Oil-Free), by Application (Manufacturing, Semiconductors & Electronics, Food & Beverage, Healthcare/Medical), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/air-compressor-market-850501
Recent Developments:
June 2021: Bosch signed a long-term agreement with Daimler Truck AG and Volvo Group AB to supply electric air compressors with integrated power electronics to help with the development of hydrogen fuel cell systems.
October 2021: Ingersoll Rand acquired Air Dimensions Inc. for an all-cash purchase of USD 70.5 million. Based in Deerfield Beach, Fla., Air Dimensions designs, manufactures, and sells vacuum diaphragm pumps primarily for environmental applications in high-growth, sustainable end markets, such as emission monitoring, biogas, utility, and chemical processes.
November 2021: Atlas Copco acquired S.T.E.R.I. SRL (STERI), an Italy-based compressor distributor and service provider located in Turin. The company mainly serves a wide range of local industrial companies in the Piedmont and Valle d’Aosta regions in Italy. Its range includes compressors, filters, and ancillary equipment. The business has become part of the Compressor Technique Service division within the Compressor Technique Business Area.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Air Compressor Market?
How will the Air Compressor Market change in the upcoming six years?
Which application and product will take a lion’s share of the Air Compressor Market?
What is the Air Compressor market drivers and restrictions?
What will be the CAGR and size of the Air Compressor Market throughout the forecast period?
This market titled “Air Compressor Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
• Application • Manufacturing • Semiconductors & Electronics • Food & Beverage • Healthcare/Medical • Home Appliances • Energy • Oil & Gas • Others
• Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa
Region & Counties Covered
• North America • U.S. • Canada • Mexico
• Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe
• Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific
• Latin America • Brazil • Argentina • Rest Of Latin America
• Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa
Companies Covered
• Aire Tex Compressor
• Atlas Copco
• Bauer Group
• Cook Compression
• Bel Aire Compressors
• General Electric
• Ingersoll Rand PLC
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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