Global Air Compressor Market Report 2023: Expanding Oil and Gas Sector Set to Bolster Industry Growth

DUBLIN, June 13, 2023 /PRNewswire/ -- The "Global Air Compressor Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Type, Technology, Lubrication, Application and Region" report has been added to ResearchAndMarkets.com's offering.

According to publisher estimates, the Global Air Compressor Market - which grew from around ~US$25 Bn in 2017 to nearly ~US$30 Bn in 2022 - is expected to grow further into a more than ~US$40 Bn opportunity by 2028. It is expected to record a positive CAGR of ~5% during the forecasted period (2022-2028), owing to the rapid growth in industrialization and rising investments to enhance the oil and gas pipeline network.

One of the main factors propelling the expansion of the global air compressor market is the expanding oil and gas sector. The market is expanding as a result of the increased energy demand in developing nations like China, India, and South Korea. According to India Brand Equity Foundation (IBEF) by 2045, it is anticipated that India's oil consumption will have increased by a factor of 2x, to reach 11 million barrels per day.

Environmentally friendly compressor technologies, low maintenance, retrofitting of existing systems, efficient operation at lower costs, rising adoption of variable-speed systems, oil-free lubrication processes, and growth in the popularity of portable models are propelling the growth of the market.

The global market is expanding due to the rising demand for air compressors that are energy-efficient in order to reduce operating costs. The market growth is anticipated to be positively impacted by the increasing initiatives taken by key industry players to create affordable and environmentally friendly air compressors. Several businesses have already created next-generation systems that provide high-performance capabilities at reasonable prices. Atlas Copco, a Swedish multinational industrial company, in 2022, has launched a New Energy-Efficient GA VSDS Compressor that provides up to 60% energy savings and intelligent, adaptable operation.

Strict government restrictions related to noise levels and greenhouse gases emitted by air compressors would be a significant barrier for this market. According to Legal Information Institute, a non-profit organization, portable air compressors with a maximum rated capacity of less than or equal to 250 cubic feet per minute (cfm) should not produce an average sound level in excess of 76 dBA when measured and evaluated in accordance with the methodology given by this regulation.

Scope of the Report

The Air Compressor Market is segmented by Type, Technology, Lubrication, and Application. In addition, the report also covers market size and forecasts for the four region's Air Compressor Market. The revenue used to size and forecast the market for each segment is US$ Billion.

By Type

• Stationary
• Portable

By Technology

• Rotary
• Centrifugal
• Reciprocating

By Lubrication

• Oil-free
• Oil filled

By Application

• Manufacturing
• Food & Beverage
• Healthcare/Medical
• Oil & Gas
• Home Appliances
• Energy & Power
• Electronics & Semiconductor
• Others

By Geography

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, Italy, France, Spain, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Indonesia, Rest of Asia Pacific)
• LAMEA (Latin America, Middle East, Africa)

Leading Companies

• Ingersoll Rand
• Atlas Copco
• Elgi Equipments Limited
• MAT Holdings, Inc
• Sullair
• Mitsubishi Heavy Industries Ltd
• Bauer Compressors, Inc
• VMAC
• Kirloskar Pneumatic
• Doosan Portable power

Key Trends by Market Segment

• By Type: The Stationary segment held the largest market share of the Global Air Compressor Market in 2021, due to the extensive use of these compressors in the industrial sector
• The expansion of air compressor market has been 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 in the near future as a result of the rapid industrialization in developing nations like Saudi Arabia, the United Arab Emirates, India, Brazil, and China.

By Technology: Rotary segment held the largest share of the global air compressor market in 2021, due to the increased demand for rotary air compressors in major industries, including pulp and paper, mechanical and electrical machinery, mining and metallurgy, and electric power.

• A rotary compressor is a type of air compressor that creates compressed air using two rotating screws. In comparison to other compressor types, rotary screw air compressors are cleaner, quieter, and more effective
• By Lubrication: The oil-filled segment accounted for the majority share of the global air compressor market in 2021, as they were widely adopted for commercial applications in the energy, manufacturing, and chemical industries. They are durable and produce low noise compared to the oil-free compressor
• Heavy-duty applications frequently use oil-filled segments because of their reliability and resistance to harsh environments. Higher operational output and improved air delivery are made possible by the durable construction and long-lasting design

Oil-filled compressors are more appropriate for industrial applications since they can work at a higher capacity. Another element that has contributed to the widespread use of these compressors in small- and medium-scale industrial applications is their affordability.

Furthermore, several benefits of oil-free compressors, such as maintenance-free operation and a lower risk of contamination, are anticipated to be key factors in the market growth.

By Application: The manufacturing segment accounted for the largest market share in 2021 of the global air compressor market due to the increase in investments in the industrialization of developing and underdeveloped regions is driving the segment's expansion.

Developing nations like India, China, and Brazil are rapidly industrializing, and the manufacturing sector is seeing an increase in demand for advanced and energy-efficient air compressors.

In order to promote innovation in solar manufacturing and recycling, the Biden-Harris Administration in July 2022, announced a number of new programs and US$56 million in funding through the U.S. Department of Energy (DOE), these investments in the manufacturing segment help in accelerating the growth of the air compressor market.

By Geography: Asia Pacific accounted for the largest market share in 2021 of the global air market, due to the increasing demand for air compressors in a number of sectors, such as manufacturing, home appliance, oil and gas, and food and beverage industries.

In addition, there are numerous compressor producers in China and India. For instance, Compressor Products International (CPI) was acquired by a Howden Air and Gas Production Company in December 2021. Through this action, CPI was able to take advantage of development prospects and expand its global distribution and service networks in China.

The manufacturers are also paying close attention to the attractive markets of India and Japan; their efforts are mostly focused on building production facilities and setting up established supply chains in the area. Additionally, in the recent past, the majority of consumers from various end-use industries have decided to seek out investments in the Asia Pacific region's emerging economies, which is pivoting the development of manufacturing clusters throughout those regions and driving up sales of goods for the manufacturing industry.

Competitive Landscape

The air compressor market is highly competitive with ~300 players which include globally diversified players, regional players as well as a large number of country-niche players having their niche in air compressors.

Country-niche players control about ~55% of the market, while regional players constitute ~30% of the total number of competitors by type. Some of the major players in the market include Ingersoll Rand Plc, Atlas Copco, Elgi equipment limited, MAT Holdings, Inc., Sullair, Mitsubishi Heavy Industries Ltd., Bauer Compressors, Inc., VMAC Company, Kirloskar Pneumatic, and Doosan Portable power

Recent Developments Related to Major Players

In August 2019, the new line of cutting-edge compressors from Atlas Copco was introduced for small and medium-sized businesses. The new compressors contribute to cost- and production-cutting.

In February 2021, the Mid-Range Series Portable Compressors from Sullair were introduced. The electronic spiral valve technology, which enables flexibility and improved operational efficiency, is integrated into this device.

Conclusion

The global air compressor is forecasted to continue the exponential growth that is witnessed since 2017, due to the increasing demand for products with higher operational output and efficiency is the primary concern that manufacturers are seeking to address in the market. Though the market is highly competitive with ~300 players, few global players control the dominant market share and regional players also hold a significant market share.

Key Topics Covered in the Report

• Snapshot of Global Air Compressor Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Air Compressor Market
• Historic Growth of Overall Global Air Compressor Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter's 5 Forces Analysis of Global Air Compressor Industry
• Overview, Product Offerings, and Strength & Weakness of Key Competitors
• COVID-19 Impact on the Overall Global Air Compressor Market
• Future Market Forecast and Growth Rates of the Total Global Air Compressor Market and by Segments
• Market Size of Application/End User Segments with Historical CAGR and Future Forecasts
• Analysis of Global Air Compressor in Major Regions
• Major Production/Supply and Consumption/Demand Hubs within Each Region
• Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Major Region

Frequently Asked Questions

• What is the Study Period of this Market Report?
• The Global Air Compressor Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022-2028

What is the Future Growth Rate of the Global Air Compressor Market?

• The Global Air Compressor Market is expected to witness a CAGR of ~5% over the next 6 years

What are the Key Factors Driving the Global Air Compressor Market?

• The rise in demand for air compressors is due to the increasing need for products with higher operational output and efficiency

Which is the Largest Technology Segment within the Global Air Compressor Market?

• Rotary Technology held the largest market share of the Global Air Compressor Market in 2021

Who are the Key Players in the Global Air Compressor Market?

• Ingersoll Rand Plc, Atlas Copco, Elgi equipment limited, MAT Holdings, Inc., Sullair, Mitsubishi Heavy Industries Ltd., Bauer Compressors, Inc., VMAC Company, Kirloskar Pneumatic, and Doosan Portable power are the major companies operating in Global Air Compressor Market.

For more information about this report visit https://www.researchandmarkets.com/r/2xtlmu

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