Increasing investments in mechanical equipment will pave the way for the expansion of the industrial air compressor market in the coming years. As per a Future Market Insights (FMI) analysis, the industrial air compressor market is projected to be valued at ~US$ 26.7 Bn in 2021.
The ongoing crisis caused by the COVID-19 pandemic has caused a severe impact on the global economy. It has resulted in complete shutdown of the supply chain networks and manufacturing activities. This has subsequently affected the industrial air compressor market, causing a significant drop in the growth. However, the industrial air compressor market is expected to recover as the economic activity resumes following the containment of the pandemic.
Manufacturers of industrial air compressors are focusing on the development of digitally controlled systems such as compression solutions with automation and digitalization. This in turn is expected to create positive growth prospects for the growth in demand for industrial air compressors.
Also, the consistently rising demand from the oil and gas sector will remain a key growth driver. According to the report, both oil & gas and automotive & transportation industries will account for maximum sales in the market through the forecast period. Expansion of these industries will therefore present attractive opportunities for growth in the near future.
Key Takeaways from the Industrial Air Compressor Market Study
- Industrial air compressor market will register a CAGR of ~4.6% over the forecast period of 2021-2031
- Expansion of oil exploration activities have placed the U.S. as a chief market, which accounts for over 70% sales within North America
- Improving production in the automotive sector will fuel demand in the U.K., enabling above 6% y-o-y growth in 2021 in terms of value
- Application across diverse sectors will drive growth in industrial air compressor market in Germany and France
- Rising demand for power generation will push growth in Japan and China
“The main catalyst behind the growing popularity of air compressors is the innovation that goes into newer models in the market. In economic downturns, sales of air compressors are less likely to witness significant gains in some of the world’s more developed markets. Nonetheless, the technology will always have thriving markets as long as there are developing countries are eager to compete with the industrialized world.” says a Future Market Insights analyst.
The industrial air compressor market is expected to be a high-opportunity market in the forecast period owing to increasing demand from various manufacturing and production industries as well as investments in oil & gas and power generation sectors, which are expected to drive the demand through the forecast period. Moreover, manufacturers are emphasizing on developing digitalized and customized products as per customer demands along with improved technology, life cycle, higher efficiency and less maintenance cost. These factors are expected to positively influence growth in demand for Industrial air compressors during the forecast period.
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The industrial air compressor market is highly consolidated, in which the leading players account for more than three fourths of the market share. The penetration of small regional players makes this market more competitive. Some of the key players in the market are Atlas Copco, Baker Hughes, Anest Iwata Corporation, General Electric, Hitachi Industrial Equipment Systems Co., Ingersoll Rand, Burckhardt, MAN SE, Siemens Energy AG, Ariel Corp., and Bauer Kompressoren GmbH, among others. These players have higher shares in the global market, and have longstanding relationships with a number of end users, giving them an upper hand over their peers.
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Scope of Report
|Historical Data Available for||2016-2020|
|Market Analysis||US$ Million for Value and Units for Volume|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa|
|Key Countries Covered||US, Canada, Germany, U.K., France, Italy, France, Spain, Russia, BENELUX, NORDICS, China, Japan, South Korea, India, ASEAN, Oceania, Brazil, Mexico, Turkey, GCC, Northern Africa, and South Africa|
|Key Segments Covered||Technology, Capacity, Driver Type, Compression Stage, End User, and Region|
|Key Companies Profiled||A Atlas Copco Baker Hughes Company Bauer Kompressoren GmbH Burckhardt ELGi GE Hitachi Industrial Equipment Systems Co., Howden Group IHI Corporation Ingersoll Rand Kaeser Kompressoren Kaishan Compressor Co., Ltd. Kobelco Compressors MAN SE MITSUBISHI HEAVY INDUSTRIES, LTD. Quincy Compressor Siemens Energy AG Sullair LLC|
|Report Coverage||Market Forecasts, Brand Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
Key Questions Answered in the Report
- Which is the most lucrative market for Industrial Air compressors? East Asia currently leads the global market for industrial air compressors. In East Asia, China will have the major share in industrial air compressors market between 2021 and 2031.
- Which are the top-selling Technology Types in Industrial Air Compressors? Rotary type industrial air compressors are highly sought-after in many end-use applications. The demand for rotary type industrial air compressors is expected to remain high in the near future.
- Who is the Leading End User for Industrial Air Compressors? The oil & gas sector is exhibiting high demand for industrial air compressors. Production and transportation of oil & gas with industrial air compressors is expanding substantially.
- Which are some of the leading companies providing Industrial Air Compressors? Some of the leading companies manufacturing industrial air compressors are Atlas Copco, Baker Hughes, Burckhardt Compression, Ingersoll Rand, General Electricals, MAN SE and others.