Industrial Air Compressor Market demand to hit $17.8 bn by 2027
Published Date: May 25, 2021 Authors: Kiran Pulidindi, Sayan Mukherjee
Industrial Air Compressor Market size is forecast to exceed USD 17.8 billion by 2027, according to a new research report by Global Market Insights Inc.
Industrial air compressors are widely used in a majority of manufacturing applications to power pneumatic tools & equipment, for supplying compressed air, for cleaning purposes, etc. They are incorporated in oil & gas exploration, automotive production, healthcare applications, and are used in almost all heavy industries around the world. Rising production of automobiles and increasing industrialization is fueling the industry growth.
Developments in the U.S. oil & gas sector is also fostering the industrial air compressor market demand. Rapid industrial development in emerging countries of Asia Pacific and Latin America will also boost the product demand. Increasing construction & infrastructure development in China, Brazil, India, and other developing countries will further contribute to the industrial compressor market expansion.
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Nevertheless, the popularity of industrial air compressor rental services is a major factor restraining the sale of the product. Small and medium scale enterprises, which do not require compressed air regularly, usually opt for renting air compressors rather than buying them. High purchasing and maintenance costs associated with the product, which can prove to be a restricting factor in the market.
Browse key industry insights spread across 418 pages with 428 market data tables & 54 figures & charts from the report, “Industrial Air Compressor Market Size By Product (Portable, Stationary), By Technology (Rotary [Screw, Scroll], Reciprocating, Centrifugal), By Power (Up to 15 kW, 16 - 75 kW, 75 – 500 kW, More than 500 kW), By Lubrication (Oil Free, Oil Filled), By Application (Food & beverage, Oil & gas, Energy & Mining, Semiconductor & electronics, Manufacturing, Construction & Municipal, Pharma, Agriculture/Farming), COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Portable compressors are estimated to be the fastest growing segment
The portable compressors are anticipated to be the swiftest growing at a CAGR over 6% through 2027. Portable air compressors find extensive applications in industries where compressed air demand is in multiple locations within the plant site. Growing oil & gas extracting and mining operations, rising number of offshore rigs of oil, and increasing construction endeavors in developing countries will boost the portable industrial air compressor market demand.
Reciprocating compressor technology is likely to grasp a substantial revenue share
Reciprocating compressor technology is set to hold more than 8% of the market revenue share in 2027. These compressors are commonly used in industrial applications to power pneumatic tools and equipment where power required is less than 30 hp. Reciprocating compressors are being slowly substituted by the rotary types in the last few years because of the better performance and reliability of the latter. However, their demand in industrial applications is expected to continue in the future on account of their lower cost and performance, enhancing technological developments.
Oil free compressors are projected to be the swiftest lubrication type
The oil free industrial air compressor market is estimated to surge at 6% CAGR from 2021 to 2027. Oil free industrial air compressors offer cost-effective operations to industries and are employed in end-use industries including electronics, food & beverage, etc. Various government regulations are also supporting these cost-effective operations. For instance, the government of China has introduced strict norms for environment protection, which have eventually increased the demand for energy-efficient equipment.
Energy & mining application is likely to clutch a considerable market share
The energy & mining industry is predicted to capture market share of over 10% by 2027. Rapid technological developments in power generation equipment, liberalization & privatization of electricity generation in many countries, establishment of new power plants, refurbishment of existing power plants, and the adoption of energy-efficient plant models will drive the global power generation sector resulting in higher industrial air compressor demand.
North America to witness solid development
The North America industrial air compressor market is anticipated to see growth rate of above 5.5% CAGR through 2027. The U.S. manufacturing industry is poised to grow at a steady rate by the end of the forecast period. The major driving factor for the growth of the manufacturing industry in the U.S. is advancement in technologies such as artificial intelligence and machine learning. These positive trends in the U.S. manufacturing industry will drive the demand.
The industrial air compressor market is relatively consolidated due to number of abundant players involving Doosan Portable Power, Rolair Systems, Atlas Copco, Gardner Denver, Sullair, Bauer Compressors, Kaeser Kompressoren, Ingersoll-Rand, Ciasons Industrial, Aerzener Maschinenfabrik, Elgi Compressors, Hitachi, Heyner, Sullivan-Palatek, Emerson Climate Technologies, Frank Technologies, Mat Holdings, and Quincy Compressor.
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