The global air compressors industry dynamics are changing, increased focus on energy efficiency, energy recovery, and reduction of CO2 emissions are expected to propel the demand for air compressors. The increased demand for services and monitoring of compressed air installations is also expected to drive revenue growth during the forecast period.
The outbreak of coronavirus disease (COVID19) severely restricted the food and beverage markets in 2020 as trade restrictions disrupted the supply chain and government blockades around the world reduced consumption. COVID 19 is an infectious disease with flu-like symptoms such as fever, cough, and breathing difficulties. The virus was first identified in Wuhan, Hubei Province, the People's Republic of China in 2019 and has spread worldwide, including Western Europe, North America, and Asia. The onset of this “Black Swan” event made a huge dent in the global Air Compressors market as businesses and factories shut, demand subsided, vehicles stopped, and everything came to a halt altogether. Although with economies opening up and the pent-up demand on hand alongside the growth of the market with focus on efficient energy solutions, the demand for the air compressors is growing and anticipated to grow at a constant rate.
At a compound annual growth rate of 3.4 %, the size of the worldwide Air Compressors market is projected to reach USD 40.98 billion in 2028.
Based on Type,
The stationary air compressor segment accounted for over 50% market share in 2020 due to the high adoption of these compressors in the manufacturing sector. Additionally, in the oil and gas sector, these compressors are widely used for operating pneumatic equipment that is used for pipeline, oil extraction & refining, and other processes.
The portable air compressor segment is expected to register the highest CAGR over the forecasted period owing to the rising adoption of these products in construction and mining activities. Portable air compressors are a reliable power source for machines and tools in the construction industry as well as several other industries. Furthermore, these compressors require lesser maintenance and are easy to handle, due to which their demand is increasing in low-duty applications.
Based on the Application,
Based on the product, the market has been segmented into rotary/screw, reciprocating/piston, and centrifugal. The rotary segment will dominate the market share over the forecast period. This can be attributed to the high adoption of rotary air compressors in large industrial applications, such as papermaking and printing, metallurgy and mining, electric power, electronic and electrical, and mechanical and electrical machinery.
The centrifugal segment is anticipated to register the highest CAGR over the forecast period. These compressors are energy efficient, have fewer rubbing parts, and have higher airflow than other compressors. Furthermore, they are widely used in applications such as gas turbines, oil refineries, petrochemical, food and beverage, and chemical plant. All these factors are anticipated to boost the segment growth over the forecast period.
Based on lubrication, the market has been bifurcated into oil-filled and oil-free. The oil-filled segment is expected to dominate the market and reach USD 25.90 billion by 2028. Oiled-filled air compressors are 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.
The oil-free segment is expected to register the highest CAGR over the forecast period owing to the implementation of new regulations for curbing emissions and the rising focus of governments on environmental safety. Moreover, factors such as rapid industrialization and growth of the manufacturing, food processing, and semiconductor sectors are also propelling the demand for air compressors.
Based on the region,
The Asia Pacific accounted for over 30% of the market share in 2020, owing to the continuous government investments in infrastructure development and rapid industrialization. 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. Furthermore, the presence of several manufacturers of compressors in India and China, along with the large industrial base for electronics and semiconductor manufacturing in China and Taiwan, is expected to drive market growth.
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.
Air Compressors are is a pneumatic device that converts power (using an electric motor, diesel or gasoline engine, etc.) into potential energy stored in pressurized air (i.e., compressed air). By one of several methods, an air compressor forces more and more air into a storage tank, increasing the pressure. When the tank's pressure reaches its engineered upper limit, the air compressor shuts off. The compressed air, then, is held in the tank until called into use. The energy contained in the compressed air can be used for a variety of applications, utilizing the kinetic energy of the air as it is released and the tank depressurizes. When tank pressure reaches its lower limit, the air compressor turns on again and re-pressurizes the tank.
The air compressors can be of two main types: oil-injected and oil-less. Air compressors have a variety of applications ranging from Home appliances, Oil and Gas, Manufacturing, Healthcare through Transportation. Air compressors are almost ubiquitous nowadays with almost all places using them in one way or the other. This along with the increased focus on clean and efficient energy, developments in energy storage and recovery technologies, are anticipated to drive the further growth of the industry.
Fast industrialization in emerging countries followed by an increase in the number of trade activities boosts the call for air compressors. Increasing investments in R&D activities along with proper growth channels assists in the global expansion of key players. Some of the businesses which are slated to witness considerable expansion include non-traditional energy, chemicals, and mining. This trend is estimated to furthermore boost product calls for new age compressors and also the maintenance and replacement of old ones is a huge potential market growth aspect that the major companies and stakeholders are looking forward to. The growing adoption of variable-speed systems, low maintenance cost, effective operation, and retrofitting for existing systems are some factors propelling the demand for air compressors across key end-use industries.
The global air compressors market size exceeded valued at USD 51 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4% from 2021 to 2028. Major companies, such as Atlas Copco; AireTex Compressor; BelAire Compressors; Bauer Group; Compressor Products International (CPI); Galaxy Auto Stationary Equipment Co. Ltd.; Ingersoll Rand Plc; Kaeser Compressors; GENERAL ELECTRIC have been actively taking up market shares in the market globally.
Air Compressors Market Scope
|Revenue forecast in 2028
|USD 40.98 billion
|CAGR of 3.4 % during 2018-2028
|Type, Product, By Application, Lubrication, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|AireTex Compressor, Atlas Copco, Bauer Group, BelAire Compressors, Cook Compression, Compressor Products International (CPI), Frank Compressors, Galaxy Auto Stationary Equipment Co. Ltd., Gast Manufacturing, Inc., GENERAL ELECTRIC, Ingersoll Rand Plc, Kaeser Compressors, MAT Industries, LLC
Key Segments of the Global Air Compressors Market
Global Air Compressors, By Type
Global Air Compressors, By Technology
Global Air Compressors, By Lubrication
- Oil Free
- Oil Filled
Global Air Compressors, By Application
- Home Appliances
- Food & Beverage
- Oil & Gas
- Mining & Construction
Global Air Compressors, By Region
- South Korea
Middle East & Africa
- South Africa
- Saudi Arabia