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.
[250 Pages Report] 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.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights offers insights about key factors driving the demand for industrial air compressors. The report tracks the global sales of the industrial air compressor market in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the end-use industries as well as the industrial air compressor industry.
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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 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 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 shortly.
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 have 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 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 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 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,
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.
Category-wise Insights
Which Technology type of Industrial Air Compressors Witnesses Most Demand?
The rotary type industrial air compressors account for nearly 30% of sales in the market. Demand for rotary compressors will remain high due to their increasing application in various end-use sectors. Technological advancements by manufacturers to provide satisfactory solutions to end-users are enhancing the application of rotary compressors. They also have a long lifespan and low maintenance costs comparatively, which makes them more preferable for end-users.
Which Driver type of Industrial Air Compressor is Most Popular?
Industrial air compressors are used for applications across diverse industries. This has been fuelling the demand for electrically driven air compressors. They are the cheapest drivers available in the market, which is a key factor driving sales within the category. Moreover, electric drivers offer simplicity of operations and have fewer maintenance costs, which is also a key advantage. Electric drivers offer various operating capacity ranges, which enhances their applications in various applications.
Which is the Preferred Compression Stage?
By compression stage, double compression stage industrial air compressors will have higher demand than the rest due to their cost-efficiency. According to the study, it is expected to account for over 46% of the market in 2021 in terms of the compression stage.
Which Capacity Type Will Generate More Sales?
The capacity segment of 0 HP to 500 HP will exhibit increasing sales due to the rising application of this type of air compressor in various end-use sectors. This capacity range holds more than half of the market share in industrial air compressors. Air compressors of this capacity are cost-effective and consume less space, which makes them suitable for various end-uses.
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Who is the Leading End User of Industrial Air Compressors?
Industrial air compressor manufacturers will experience rising demand from various industries. The oil & gas sector will exhibit considerably high demand for industrial air compressors. Investment aimed at the expansion of the oil industry will therefore support the growth of the market. The demand in the oil and gas industry is expected to rise at 4.9% CAGR between 2021 and 2031.