The Global Air Compressor Market size is expected to reach $41. 8 billion by 2027, rising at a market growth of 4. 7% CAGR during the forecast period. Air compressors are deployed in several industries like home appliances, semiconductors & electronics, food & beverages, healthcare, oil & gas, manufacturing, and energy.
New York, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Air Compressor Market By Product, By Type, By Lubrication, By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06177754/?utm_source=GNW
The growth & demand of the air compressor in the global market is expected to be fueled by the surge in the requirement to reduce CO2 emissions and strict norms related to environmental conservation. In addition, air compressors show many benefits such as being eco-friendly, less maintenance costs, easy handling, and reliable features that are expected to accelerate the market growth.
The demand for air compressors across major end-use industries would be accelerated by the surge in the adoption rate of variable-speed systems, efficient operation, retrofitting for present systems, and low maintenance cost. Energy-efficient compressors are in high demand because of their cost-effective operations. Conversely, the constant increment in the number of gas compressors stations has given rise to growing concerns pertaining to air quality. Therefore, air monitoring systems are extensively being deployed in order to gauge the impact of air and gas compressors. Some of the factors that boost the demand for air compressors are the massive investments in the market and the advent of non-oil and gas-based projects.
Leading players are coming up with eco-friendly and low-maintenance systems in order to motivate end-users to choose advanced products. Companies like Ingersoll Rand Plc and Atlas Copco Inc. have created advanced systems having superior capabilities to differentiate their products in this saturated market. Higher efficiency and declined noise levels are the major features provided by these air compressors.
COVID-19 Impact Analysis
Numerous governments around the globe have imposed stringent nation-wise lockdowns in 2020 due to the high requirement to curb the spread of the COVID-19 infection. As a result, the growth of numerous industries and sectors has been substantially restricted. Similarly, the global pandemic has also affected the air compressor market that witnessed a significant dip in sales and profits during the pandemic times. Moreover, the rising cases of COVID-19 in several countries because of the second wave, governments imposed partial or complete lockdowns around the world. This has eventually reduced the investments in the oil & gas industry along with the growth of the market.
Though, the demand for air compressors is expected to be fueled by the post COVID-19 scenario, energy recovery, a higher focus on energy efficiency, and a decline in CO2 emissions. Moreover, the growth of the market would also be driven by the huge demand for services and monitoring of compressed air installations. In addition, the market would witness bright growth prospects due to the surge in demand for air compressors in the global food & beverage market owing to the strict norms on food safety and health. Furthermore, companies are putting hefty investments in oil & gas extraction activities in the Middle Eastern and North American countries, which is likely to boost the growth of the air compressor market.
Market Growth Factors:
Increasing demand for positive displacement compressors
Positive displacement air compressor plays a crucial role across various industries. In this type of compressor, the gas is released at the suction stroke of the piston, compressed by reducing the volume of the gas by striking the piston in the opposite direction, and lastly, discharged when the gas pressure surpasses the pressure acting on the outlet valve. Reciprocating compressors are highly beneficial to supply small amounts of gas at elevated pressures.
Booming Oil & Gas Industry
The demand & consumption of natural gas would be huge among all the fuel types. The demand for natural gas is supplemented by the lower cost as compared to the other fossil fuel types. The LNG trade would increase dramatically around the globe, leading to the higher demand for natural gas pipeline networks, thereby creating lucrative growth opportunities for the players operating in the global air compressor market.
Market Restraining Factor:
Lack of technical expertise and high requirements for maintenance
Air compressors need timely maintenance for smooth operations. A person who has sound technical expertise can do this task. At times, it is difficult for the industries to find such a person due to the low availability of technical expertise in the market. In addition, key players must invest a hefty amount in R&D activities to improve the efficiency of air compressors. However, they are unwilling to put such an investment due to the loss & disruption incurred on them by the COVID-19 pandemic.
Based on Product, the market is segmented into Rotary/Screw, Centrifugal and Reciprocating/Piston. The centrifugal segment would showcase a promising growth rate during the forecast period. These compressors are energy efficient, have lesser number of rubbing parts, and have higher airflow as compared to other compressors. Moreover, they are extensively utilized in applications like oil refineries, chemical plants, gas turbines, food & beverage, and petrochemical. These factors are collectively fuel the growth of the segment during the forecasting period.
Based on Type, the market is segmented into Stationary and Portable. The stationary air compressor segment acquired the maximum revenue share of the air compressor market in 2020. Factor like massive deployment of these compressors in the manufacturing units is responsible for the growth of the market. In addition, these compressors find extensive applications in the oil & gas industry in order to operate pneumatic equipment which is utilized for the pipeline, oil extraction & refining, and other processes.
Based on Lubrication, the market is segmented into Oil-Filled and Oil-Free. The oil-free segment would display a promising growth rate during the forecast period. Factors such as the formulation of new guidelines to reduce emissions and the increasing number of government initiatives towards environmental safety are responsible for the growth of this segment. In addition, the growth of the segment is also driven by rising industrialization and thriving food processing, manufacturing, and semiconductor sectors.
Based on Application, the market is segmented into Manufacturing, Retail, Food & Beverage, Healthcare, Oil & Gas, Energy and Others. The manufacturing segment obtained the prominent revenue share of the air compressor market in 2020. This is due to the increasing industrialization in emerging countries like India, Brazil, and China along with a rise in demand for sophisticated and energy-efficient air compressors in the manufacturing industry.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America and Europe would witness a prominent growth rate during the forecast period. As the companies and governments are putting a high amount of investment in Europe, that would open new growth avenues for industrial air compressors. In addition, the growth of the market would be accelerated by the rising preference of consumers towards simple-to-use and energy-efficient products.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; General Electric is the forerunners in the Air Compressor Market. Companies such as Atlas Copco, Cook Compression, Gast Manufacturing, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Atlas Copco, Bauer Group (BAUER COMP Holding GmbH), Cook Compression (Dover Precision Components), Compressor Products International (CPI) (EnPro Industries, Inc.), Galaxy Auto Stationary Equipment Co. Ltd., Gast Manufacturing, Inc. (IDEX Corporation), General Electric Company, Ingersoll Rand Plc, Kaeser Kompressoren SE, and MAT Industries, LLC (MAT Holdings, Inc.).
Recent Strategies Deployed in Air Compressor Market
Partnerships, Collaborations and Agreements:
Sep -2021: GE Power Conversion formed a partnership with SASA Polyester Sanayi A.S. Following the partnership, GE Power Conversion would offer the electrical systems that would operate the process air compressor at the latest petrochemical facility of SASA Polyester Sanayi A.S.
Acquisitions and Mergers:
Sep-2021: Ingersoll Rand acquired Seepex, a world-leading manufacturer of progressive cavity pumps. Following the acquisition, Seepex would become a part of the Precision and Science Technologies segment.
Aug-2021: Ingersoll Rand took over Maximus Solutions, a provider of digital controls and Industrial Internet of Things (IIoT) production management systems. Following this acquisition, Maximum Solutions would become a part of the Precision and Science Technologies segment of Ingersoll.
Jun-2021: Atlas Copco took over Airflow Compressors & Pneumatics, a market-leading supplier of complete compressed air system solutions. The acquisition aimed to expand Atlas Copco’s reach of brand portfolio products and to bolster the business further in the industrial hubs of Liverpool and Manchester.
May-2021: Atlas Copco took over the operating assets of MidState Air Compressor, a Conn.-based distributor of industrial air compressors, dryers, and related services based in Berlin. Following the acquisition, MidState Air Compressor would become part of Quincy Compressor, a subsidiary of Atlas Copco and a part of the Industrial Air division within the Compressor Technique Business Area.
Jan-2021: Atlas Copco acquired the operating business of Purification Solutions and some other affiliates, a leading vendor of compressed air and gas solutions with a global sales network. The acquisition aimed to help Atlas Copco in increasing its market share and boost business development in North America, Europe, and other strategic markets.
Oct-2020: MAT Industries took over some assets of Campbell Hausfeld, a manufacturer of consumer, industrial, and commercial grade air compressors. The acquisition aimed to strengthen the prevailing product offerings of MAT Industries. Moreover, the company would become a one-source vendor to its customers for all their air compressor and pneumatic air tools and accessories requirements.
Product Launches and Product Expansions:
Aug-2021: BAUER launched B-Cloud. Through this launch, the company would support all stationary compressor and gas measurement systems with next-generation B-CONTROL MICRO+net control units that can transfer their operating data to the cloud. Using this app, customers can access these features at any time from their smartphone or computer.
Jul-2021: Kaeser rolled out the latest M450, a compressed air giant for countries outside of Europe and North America. Through this launch, the company would offer a dependable supply of quality compressed air even under extreme environmental conditions.
Jul-2021: BAUER expanded its geographical reach by establishing a biogas fuelling station in France. Through this expansion, the company would offer access to eco-friendly and low-emission fuel for gas-powered vehicles at the heart of the département of Brittany.
Scope of the Study
Market Segments covered in the Report:
• Food & Beverage
• Oil & Gas
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Atlas Copco
• Bauer Group (BAUER COMP Holding GmbH)
• Cook Compression (Dover Precision Components)
• Compressor Products International (CPI) (EnPro Industries, Inc.)
• Galaxy Auto Stationary Equipment Co. Ltd.
• Gast Manufacturing, Inc. (IDEX Corporation)
• General Electric Company
• Ingersoll Rand Plc
• Kaeser Kompressoren SE
• MAT Industries, LLC (MAT Holdings, Inc.)
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