In the future years, increased investments in mechanical equipment will pave the way for the industrial air compressor market to grow. According to a Future Market Insights (FMI) estimate, the industrial air compressor market will be worth US$ 26.7 billion in 2021.
The development of digitally controlled systems, such as compression solutions with automation and digitalization, is a priority for manufacturers of industrial air compressors. This, in turn, is projected to lead to increased demand for industrial air compressors.
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In addition, the oil and gas sector’s continually expanding demand will continue to be a key growth driver. According to the report, the oil and gas, as well as the automotive and transportation industries, will account for the majority of market sales over the projection period. As a result, the expansion of these industries will present excellent growth possibilities in the near future.
The ongoing COVID-19 pandemic has had a significant negative impact on the world economy. The supply chain networks and production activities have been completely shut down as a result. As a result, the industrial air compressor industry has experienced a considerable reduction in growth. However, as economic activity restarts following the pandemic’s containment, the industrial air compressor industry is projected to revive.
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 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.
Competitive Landscape
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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Industrial Air Compressor Market by Category
By Technology
- Rotary
- Reciprocating
- Centrifugal
- Axial
By Capacity
- Upto 500 HP
- 500 – 2000 HP
- 2000 – 5000 HP
- 5000 – 12000 HP
- 12000 – 20000 HP
- Above 20000 HP
By Compression Stage
- Single Stage
- Double Stage
- Multistage
By Driver Type
- Electric
- Natural Gas
- Fuel Driven
By End Use
- Automotive and Transportation
- Oil and Gas
- Power Generation
- Chemicals
- Food and Beverages
- Pharmaceuticals
- Mining and Metals
- Industrial Air Separation
- Other manufacturing
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End-Use over the next 10-years.
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