The Air Compressor Market will surge at 3.74 % CAGR

The market for air compressors will grow at a strong CAGR of 3.74%, from a value of $39.10 Bn in 2021 to $51.59 billion by 2030.

A compressor is a piece of machinery that lowers the volume of a gas in order to raise pressure. On the other hand, an air compressor is thought of as a gas compressor that is utilized for a specific purpose, such as providing H.P. clean air to fill gas cylinders, providing clean air with moderate pressure to drive HVAC control s/y valve, powering pneumatic tools such as jackhammers and HPA, as well as in the case of large-scale manufacturing applications like petroleum coking oxidation, etc. Both pumps and compressors have qualities that are comparable in that they both work to raise a fluid’s pressure level and transfer it via a pipe.

Market Dynamics

DRIVERS:

During the epidemic, the usage of packaged foods rose significantly, changing consumer behavior. According to research, March 2020, the week before lockdown announcements, showed a rise of 87.6% from the previous year. Following the easing of restrictions, consumer purchase patterns did alter. People favoured buying meals that were vacuum-packed, frozen, and nitrogen-sealed. The market would have consistent growth as a result of consumers’ continued choice of packaged foods as well as the demand of air compressors that help with vacuuming and those that fill with inert gases.

An essential component of the sector of oil and gas is the air compressor. Gas lifting, gas process operations, distribution and transmission systems, & pressure maintenance are some of the applications. The International Energy Agency estimates that between 2017 and 2019, investments in the upstream process of the sector increased by 4% annually on average. As a result, the market would expand as oil sources were further explored and investments were increased.

RESTRAINTS:

Government rules governing the permissible decibel level during which machines can operate act as market restrictions.

OPPORTUNITIES

Products like nail guns, paint spray equipment, pressure washers, and tire inflation tools are being used at home more frequently. Every piece of equipment makes use of an air compressor in some way. Hence, the air compressors utilized for production of such machinery and gadgets will grow.

With better connectivity and logistics, the developing world is growing its rail networks. According to studies, Indian Railways has already been making hefty investments in this sector of nearly USD 18 billion, with the majority of it going towards the production of locomotives. A CAGR of 9.3% is predicted for the 37 billion euro railway technology market in China. Consequently, the air compressor industry would expand more.

Market Segmentation

Based on Type

· Stationary

· Portable

Based on Product

· Rotary compressors

· Centrifugal compressors

· Axial compressors

· Reciprocating compressors

Application

· Electronics & Semiconductors

· Home Appliances

· Healthcare/Medical

· Manufacturing

· Oil and Gas

· Mining Industry

· Food & Beverage

· Others

Geography

North America

· USA/America

· Mexican territory

· Canadian Provinces

· Rest of N.A.

Europe

· Switzerland

· Suomi

· Deutschland

· Hungary

· Republic of France

· Netherlands

. U.K.

· Turkey

· Rest part of Europe

Asia Pacific

· China

· South Korea

· Japan

· India

· Australia

· Remaining APAC

LAMEA

· Saudi Arabia

· Argentina

· Brazil

· Uruguay

· Rest of L.A.M.E.A.

In terms of Type, with a market share of more than 50%, this stationary air compressor led the air compressor industry. They can produce pressurised compressed air for a variety of functions and operate on electricity, diesel engines, or gasoline engines. Its use in the manufacturing and oil and gas industries has given it market supremacy.

For Product Rotary Compressors led the market growth. Due to its broad use in sectors like power and energy, the printing and paper industry, metallurgy, and mining, this rotary air compressor has the biggest market share among industrial air compressors. According to the American Forest & Paper Association, the industry expanded by 5.6% in 2021, marking the ninth year in a row it has grown by an estimated $300 billion.

For Application, the greatest market for air compressors is the manufacturing industry. They are employed in a number of manufacturing industries, including the production of furniture, motors, metal products, blown and moulded glass, plastics, and rubber. In terms of the scale of the manufacturing sector, the U.S. ranks first globally in 7 categories, according to NIST (in USD billions). Scale-based manufacturing operations in the U.S. generate average returns between 12 and 14%, the highest anywhere in the world, making it an industry prime for investment.

For the region, with about 35% of the market, the Asia Pacific region dominated. The region’s presence in the manufacturing, semiconductor, textile, & glass industries accounts for the higher market share. Statistics from the World Bank show that China’s manufacturing sector generated roughly 27% of the country’s overall GDP. Manufacturing made up around 17% of India’s GDP. More than 90 percent of the total of the world’s microchips are produced in Taiwan. Thus, we would expect to see an increase in the market’s utilization of air compressors with rapid expansion in the manufacturing & semiconductor sectors.