The global air compressor market size is anticipated to reach USD 40.98 billion by 2028, registering a CAGR of 3.4% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. Air compressors are used in various industries, such as food and beverages, home appliances, oil and gas, semiconductors and electronics, healthcare, manufacturing, and energy. The rising need for the reduction of CO2 emissions and stringent regulations pertaining to environmental conservation is anticipated to boost market growth. Moreover, eco-friendly, reliable features, ease of handling, and low maintenance costs offered by the product are propelling its demand.
Air Compressor Market Report Highlights
- The stationary type segment dominated the market in 2020, while the portable segment is anticipated to emerge as the fastest-growing segment from 2021 to 2028
- The oil-filled compressor segment is likely to lead the market over the forecast period. These compressors are widely adopted for commercial applications by the chemical, energy, and manufacturing industries
- The rotary/screw air compressor segment is expected to account for a 46.4% market share by 2028. These compressors offer continuous airflow at different discharge pressure and operate through positive displacements. Furthermore, features such as easy maintenance and longer product life are expected to fuel the demand for these compressors over the forecast period
- Asia Pacific held the largest market share in 2020. The growing oil and gas sector in countries such as China and India is, in turn, expected to lead the growth of the market
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Air compressor is a pneumatic device that converts power into potential energy using displacement compression and dynamic compression to store industrially important gas or air under pressure. It is different from a pump as it works for any gas/air and pumps work on a liquid. They are used in refrigerators, freezers, and air conditioners to chill the air, also in vehicle engines for heating & cooling, and in air brakes for larger trucks and trains. Moreover, they are applied in automotive painting to impact wrenches, and even behind the assembly line robots that play a significant role in production. Piston compressors are used by pipeline operators for natural gas transmission and are generally selected on the pressure required (psi) and the flow rate (scfm). The kinetic energy provided by the compressed air can be used for a variety of applications such as pneumatic tools as it is released air and the tank depressurizes.
The onset of the COVID-19 pandemic resulted in lockdowns and declining investments across industries and verticals, which hampered the growth of the market. However, after a short slowdown, the market is expected to rebound and witness a healthy growth rate in the post-pandemic era. The growing consumer awareness regarding product quality, the need for improved air quality, and supportive government policies on energy conservation are anticipated to boost the market growth. At workplaces, air compressors are required to comply with the Occupational Health & Safety (OHS) regulations, which would positively impact the market over the forecast period.
Oil-free air compressors are expected to emerge as the fastest-growing lubrication segment. The growth is attributed to the increased proliferation in the manufacturing sector. Moreover, oil-free compressors reduce the operating costs by evading compressor oil separator elements and down-streaming filter replacement costs.
Air Compressor Market Insights By Region
Asia Pacific dominated the market for air compressor in 2020 owing to rapid industrialization in emerging economies, such as India and China. The market growth is driven by the demand for air compressors from various applications, such as food and beverage, manufacturing, home appliances, and oil and gas industries. The need for efficient and next-generation compressors has propelled the product demand across different industries in the region. North America and Europe are anticipated to grow steadily over the forecast period. However, increased investments in Eastern Europe are expected to augment the growth opportunities for industrial air compressors. Moreover, the increasing focus of consumers on easy-to-use and energy-efficient products is projected to boost the market growth.
Competitive Analysis By Major Companies
The market can be described as a competitive market characterized by the presence of several large market players. Companies are focusing on expanding their product portfolio to gain a larger market share. These players are pursuing various organic and inorganic growth strategies to strengthen their position in the global market. Some of the prominent players operating in the global air compressor market are:
- AireTex Compressor
- Atlas Copco
- Bauer Group
- BelAire Compressors
- Cook Compression
- Compressor Products International (CPI)
- Frank Compressors
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Air Compressor Market Segmentation
Grand View Research has segmented the global air compressor market based on type, product, lubrication, application, and region:
- Air Compressor Type Outlook (Revenue, USD Million, 2018 – 2028)
- Air Compressor Product Outlook (Revenue, USD Million, 2018 – 2028)
- Air Compressor Lubrication Outlook (Revenue, USD Million, 2018 – 2028)
- Air Compressor Application Outlook (Revenue, USD Million, 2018 – 2028)
- Air Compressor Regional Outlook (Revenue, USD Million, 2018 – 2028)
- List of Key Players of Air Compressor Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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