The global air compressor market size was estimated at US$ 33.31 billion in 2021 and is expected to surpass around US$ 43.73 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 3.1% during the forecast period 2022 to 2030.
The growing oil and gas industry is a major factor that drives the growth of the global air compressor market. The rising consumption of energy in developing countries like China, India, and South Korea is driving the market growth. The rapid industrialization and growing investments to enhance the oil and gas pipeline networks is expected to have a positive and significant impact on the demand for the air compressors across the globe. The air compressors have wide applications in the industries such as freezing, cooling, cutting, welding, and packaging. The rapid growth of the industries across the developed and the developing regions is augmenting the growth of the air compressor market. Furthermore, the surging growth of the various industries such as chemicals & petrochemicals, manufacturing, power generation, paper and pulp, pharmaceuticals, and food & beverages industries is expected to provide lucrative growth opportunities to the market players in the forthcoming years. The surging adoption of the variable speed systems, retrofitting for the available systems, low cost of maintenance, and operational effectiveness are the major factors that are significantly boosting the demand for the air compressors across various key industries around the globe.
The growing demand for the energy-efficient air compressors to minimize the operational costs is driving the global market growth. The rising initiatives by the prominent market players to develop low cost and eco-friendly air compressors are expected to positively impact the market growth. Various companies have already developed next-generation systems that offer high performance capabilities at affordable costs. The demand for the innovative air compressors is significantly rising owing to the enhanced cost-saving features. The presence of several top manufacturers and the new product launches by them significantly drives the growth of the market. Furthermore, the increased demand for the compressed air in the various industries for the power tools is significantly driving the market growth. Furthermore, the rising demand for the air compressors in the construction and mining industry is fueling the demand for the innovative air compressors for achieving cost efficiency.
The outbreak of the COVID-19 pandemic has adversely impacted the global air compressor market in 2020. The lockdown restrictions and travelling ban resulted in the supply chain disruptions. Moreover, the majority of the industrial units were shut down to contain the spread of the virus. The significant decline in the industrial and commercial activities across the globe resulted in the negative growth of the air compressor market. However, with the ease in the lockdown restrictions, the market is expected to witness a positive growth and is expected to cover up the losses rapidly.
Report Scope of the Air Compressor Market
|Market Size by 2030||USD 43.73 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 3.1%
|Asia Pacific Market Share in 2020||30%|
|Stationery Growing Market Share in 2020||50%|
|Forecast Period||2022 to 2030|
|Segments Covered||Type, Product, Application, Lubrication, Power Rating, Geography|
|Companies Mentioned||Atlas Copco AB, Kobe Steel Ltd., ElgiEquipments Limited, Ingersoll-Rand PLC, Kirloskar Pneumatic Company Limited, Mitsubishi Heavy Industries Ltd., Suzler Ltd., Ebara Corporations, Porter Cable, VMAC Global Technology Inc.|
Based on the type, the stationery segment dominated the global air compressor market, accounting for a market share of more than 50% in 2020. The increased demand for the stationery air compressor in the manufacturing industry across the globe has fueled the growth of this segment. Moreover, the rapid industrialization in the developing countries like Saudi Arabia, UAE, India, Brazil, and China is expected to spur the demand for the stationery air compressors in the upcoming future.
On the other hand, the portable is estimated to be the most opportunistic segment during the forecast period. The portable air compressors serves as a reliable power source to various tools and equipment in the construction, mining, and other industries, which is a major factors that is expected to drive the growth of this segment in the upcoming years.
The rotary segment dominated the global air compressor market in 2020, owing to the huge demand and higher adoption of the rotary air compressors in the big industries such as pulp and paper, mechanical and electrical machinery, mining and metallurgy, and electric power industries across the globe.
On the other hand, the centrifugal is expected to be the fastest-growing segment during the forecast period. The energy efficiency, fewer components, and higher airflow are the major features of the centrifugal air compressors that is fueling its adoption across various end use verticals.
Based on the application, the manufacturing segment dominated the global air compressor market in 2020. The rising investments in the industrialization of the developing and the underdeveloped region is fueling the growth of the segment. The air compressor have extensive utilization in the manufacturing industry. The high demand for the air compressors in the manufacturing sectors of the developed countries has significantly fueled the growth of the manufacturing segment in the past decades.
The oil and gas is estimated to be the most opportunistic segment during the forecast period. The surging adoption of the portable air compressors in oil and gas industry is fueling the market growth. The rising investments in the development of effective pipeline networks is expected to drive the growth of the segment.
Asia Pacific accounted for a market share of over 30% and dominated the global air compressor market in 2020. This is majorly attributed to the huge presence of manufacturing sectors in the region. The favorable government policies has attracted huge FDIs in the region and the cheap availability of factors of production in the region has resulted in the concentration of the industries. The countries like China and India are becoming the manufacturing hub of the globe. Therefore, the higher presence of industries has boosted the demand for the air compressors in the region. The rapidly growing applications of the air compressors in the various industries such as food & beverages, mining, pulp & paper, and construction industries is expected to further fuel the Asia Pacific air compressor market.
North America is expected to witness a steady growth rate during the forecast period. The surging investments in the development of oil and gas distribution networks and increased adoption of the eco-friendly air compressors in the industrial units of US is expected to drive the market growth during the forecast period.
Key Market Developments
The air compressor market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
Some of the prominent players in the global air compressor market include:
By Power Rating
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client