The Air Compressor Market was valued at $38.20 billion in 2021 and is estimated to reach $58.30 billion by 2027, with a CAGR of 4.14% from 2022 to 2027.
With the development of cutting-edge technology, compressed air will play a crucial role in a variety of industries, including robots, large-scale applications, and home chores. The world appreciates the features of air compressors that are frequently utilized in non-industrial activities, which expands the air compressor market. Using compressed air, the air compressor is a piece of machinery that transforms electrical energy into kinetic energy. In order to generate energy for pneumatic gears like jackhammers and drills, etc., compressed air is a gas or gas combination that has been compressed to an extremely high pressure. Because they employ a renewable energy source, air compressors are very common. Two different kinds of compressors are stationary and portable. There are currently two technologies in development for air compressors: The oil-free architecture of the Turbocor technology features significantly less moving detritus. High output and reliability are promised. Thermoacoustic Technology: A thermoacoustic motor and a positive displacement reciprocating compressor power these compressors.
Market Drivers and Restraints:
The rising industrialisation of developing economies is the primary factor driving up demand for air compressors. The market is expanding as a result of the rapidly increasing demand for energy-efficient air compressors from manufacturers around the world.
In addition, the use of air compressors in the food industry is likely to rise as a result of stringent government rules governing food safety. The equipment's ability to compress air is also greatly impacted by technological developments in air compression techniques. As a result, they are propelling the growth of the air compressor market over the course of the projection. Additionally, it is anticipated that an increase in the adoption of durable and energy-efficient technology will boost the firm's need for air compressors. Furthermore, there is a growing need for domestic cooling equipment due to the development in GDP, changes made to the population's standard of life, and an increase in the number of individuals living in middle- and upper-income groups globally.
Additionally, increased efficiency and shorter production periods are linked to industrial enterprises' growing preference for factory automation. These elements have foreseen the expansion of the global air compressor market favourably.
However, some of these barriers are limiting the market's overall growth. The primary challenges limiting the market's growth are a lack of skilled workers, technicians, and engineers. Additionally, it is anticipated that during the forecast period, growth will be slowed by the high cost of installing and maintaining the equipment. The technological revolution has enhanced air compressors' compression capacities, nevertheless, and this is projected to raise demand for air compressors. Additionally, a variety of businesses around the world have made extensive use of the development of energy-efficient air compressor designs, which are also available in portable configurations. For the duration of the projection term, this will offer attractive growth possibilities.
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The report is segmented as follows:
The Air Compressor Market is segmented by Type; the Market is segmented by Technology; the Market is segmented by Lubrication Method; the Market is segmented by End User Industry:
By Type (Portable and Stationary)
By Technology (Centrifugal, Rotary, and Reciprocating)
By Lubrication method (oil-free and oiled)
By End User Industry (manufacturing, oil, and gas, food and beverage, medical, power generation, others)
In both small- and large-scale sectors, Asia-Pacific is seeing unprecedented industrialisation growth. According to estimates from the World Bank, manufacturing and industrial activities account for more than 40% of the region's GDP. In addition, an expansion of the air compressor market is undeniable given the expansion of the refining and gas markets in nations like China and India. Due to significant investments in power plants in growing economies like China and India, the power and energy sector is anticipated to grow. It is anticipated to fuel industrial expansion, which is anticipated to boost demand for industrial compressors
Over the forecast period, it is anticipated that the regions of North America and Europe will increase steadily. However, it is anticipated that rising investment in Eastern Europe will expand the market for industrial air compressors. In addition, rising customer interest in simple-to-use and energy-efficient goods is anticipated to fuel market expansion. In addition, there will likely be significant investment in the pipeline sector, which will help the air compressor market. A sizable portion of the compressor market is occupied by stationary air compressors, including the small ones used in refrigerators and air conditioners. The market for air compressors is anticipated to be driven by the growing usage of the food and beverage industry.
Impact of COVID-19 on the Market
The value chain for air compressors around the world has been greatly impacted by COVID-19. It is also becoming more and more clear how the virus would affect the economy. It has an impact on a variety of value chain operations, including sales and distribution, the sourcing of raw materials, after-sales services, demand loss, etc. The primary effect of COVID-19 on air compressors has been a large income loss brought on by a decline in demand from end-user sectors, which can be a bottleneck for the compressor market.