The industrial air compressor market is projected to be valued at ~US$ 26.7 Bn in 2021. Industrial air compressors are capable of producing pressure to power large-scale, complex systems. They are widely used to run major industrial and manufacturing equipment, including those that incorporate hydraulic or pneumatic operating components.
Air compressors have gained a considerable amount of popularity since their first Introduction and the trend is expected to continue. With rapid industrialization and an increase in investment in mechanical equipment, the demand for the industrial air compressors market is expected to witness steady growth between 2021 and 2031.
Increasing investments in mechanical equipment will pave the way to expand 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 a complete shutdown of the supply chain networks and manufacturing activities.
This has subsequently affected the industrial air compressor market, causing a significant drop in growth. However, the industrial air compressor market is expected to recover as economic activity resumes following the containment of the pandemic.
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Manufacturers of industrial air compressors are focusing on the development of digitally controlled systems, such as compression solutions with automation and digitalization. This 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 the 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 growth opportunities soon.
Key Takeaways from the Industrial Air Compressor Market Study
- The industrial air compressor market will register a CAGR of ~4.6% over the forecast period of 2021-2031
- Expansion of oil exploration activities has placed the U.S. as a chief market, which accounts for over 70% of 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 to diverse sectors will drive growth in the industrial air compressor market in Germany and France
- The rising demand for power generation will push growth in Japan and China
“The major 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. 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 and investments in oil & gas and power generation sectors, which are expected to drive the demand through the forecast period. Manufacturers are emphasizing developing digitalized and customized products as per customer demand 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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Competitive Landscape
The industrial air compressor market is merged highly, in which the leading players account for over 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 several end-users, giving them an upper hand over their peers.
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About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment industry. division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offers comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery used across the manufacturing sector. The team also conducts distinctive analyses about the installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industries.
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