The growth of the global air compressor market is driven by factors such as energy efficient compressors, rise in demand of air compressor in different industries, surge in application in food and beverage industries, and increase in applications of portable air compressor.
/EIN News/ — Portland, OR, May 05, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Air compressor market by Type (Portable, and Stationary), Technology (Reciprocating, Rotary, and Centrifugal), and Lubrication Type (Oiled, and Oil-free): Global Opportunity Analysis and Industry Forecast, 2022-2031”. According to the report, the global air compressor market was valued at $28,362.3 million in 2021, and is projected to reach $46,145.3 million by 2031, registering a CAGR of 4.9% from 2022 to 2031.
Prime determinants of growth
The growth of the global air compressor market is driven by factors such as energy efficient compressors, rise in demand of air compressor in different industries, surge in application in food and beverage industries, and increase in applications of portable air compressor. However, the increase in rental demand for air compressors restricts sales and purchases of new air compressors, thereby reducing the industry’s growth. Additionally, the implementation of the oil-free and oil-filled compressor segments in accordance with operational needs for the sector is anticipated to create new market potential prospects during the forecast period.
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Report coverage & details:
|Market Size in 2021||$28,362.3 million|
|Market Size in 2031||$46,145.3 million|
|No. of Pages in Report||320|
|Segments covered||Type, Technology, Lubrication Type, and Region.|
|Drivers|| Energy efficient compressors.
Rise in demand of air compressor in different industries
Surge in application in food and beverage industries
Increase in applications of portable air compressor
|Opportunities|| Upcoming technologies and innovative manufacturing infrastructure
Growth in oil and gas, mining, construction and other industries
|Restraints|| High installation costs of modern compressors would restrict market growth
Increase in demand for rental air compressor
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the air compressor market faced a downturn.
- However, as the global situation started ameliorating, the demand for air compressors was restored back. This, in turn, presented various growth opportunities for companies operating in the air compressor market.
The stationary segment to maintain its leadership status throughout the forecast period
Based on type, the stationary segment held the highest market share in 2021, accounting for nearly three-fifths of the global air compressor market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to a rise in high-capacity air compressor requirement in manufacturing and other industries. However, the portable segment is projected to manifest the highest CAGR of 5.3% from 2022 to 2031, owing to increasing demand for portable air compressors for the mining industry.
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The rotary segment to maintain its leadership status throughout the forecast period.
Based on technology, the rotary segment held the highest market share in 2021, accounting for more than two-fifths of the global air compressor market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to rising demand for the different sector such as food & beverage, industrial and others. However, the centrifugal segment is projected to manifest the highest CAGR of 5.4% from 2022 to 2031, owing to the rising requirement for centrifugal air compressors in oil refineries, and natural gas processing plants.
The oiled segment to maintain its lead position during the forecast period.
Based on lubrication type, the oiled segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global air compressor market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the ease of availability of different capacity products. However, the oil-free segment is expected to portray the largest CAGR of 5.2% from 2022 to 2031. This is owing to the increasing demand for oil-free air compressors in a variety of industries including food & beverage and the medical industry.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global air compressor market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rising automation and industrialization in developing countries such as India, Japan, China, and others. However, LAMEA is expected to witness the fastest CAGR of 5.7% from 2022 to 2031, owing to rising industrial growth in different sectors of manufacturing, food & beverage, and other industries in the region.
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Leading Market Players: –
- ATLAS COPCO AB
- EBARA CORPORATION
- ELGI EQUIPMENT LTD.
- INGERSOLL RAND INC.
- KIRLOSKAR PNEUMATIC COMPANY LIMITED
- KOBE STEEL LTD.
- MITSUBISHI HEAVY INDUSTRIES LTD.
- SULZER LTD.
The report provides a detailed analysis of these key players of the global air compressor market. These players have adopted different strategies such as new product launches, collaborations, expansion, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Originally published at https://www.einpresswire.com/article/632012999/air-compressor-market-to-reach-46-2-billion-globally-by-2031-at-4-9-cagr-allied-market-research