Air Compressor Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Air Compressor Market
The global air compressor market size was valued at USD 16.51 billion in 2022 and is projected to grow from USD 17.22 billion in 2023 to USD 25.60 billion by 2030, exhibiting a CAGR of 5.8% during the forecast period of 2022-2030.
The air compressor market declined worldwide in 2020 because of the COVID-19 breakout implemented worldwide. It could be a result of the reduction of Industrial Output due to factors like the implementation of guidelines like lockdown laws, travel bans, and social distancing influencing the air compressor market growth.
The drivers that affect the demand for air compressors are industrial luxury, demand growth of manufacturing industries, and energy utility. The transition to the sphere referred to as ‘Industry 4. 0 As a result of economic development through the fourth industrial revolution and mainly through the IoT, there has been a demand for air compresses that can supply exact air for processes.
The factors influencing the air compressor market are industrial automation, new manufacturing firms, and energy. Change toward the industry 4.4 and 4. This has been a catalyst in pushing the air compressors amongst the several sectors that have helped prevent a universal surge in the air compressor market share. Growth in IoT technologies and different industrial automation applications to meet supply air for processes in various industries is the leading cause of increased demand. This has been driven by the need to adequately and sufficiently supply air to produce a particular product. Since the supply of air is central to the total production process, any defects in this air supply would inevitably have a ripple effect on the final product, with time taken being another determining factor.
Comprehensive Analysis of Air Compressor Market
The air compressor market is classified into operation mode, product type, lubrication type, and application area. Based on the operation mode, rotary compressors are expected to expand at a CAGR of 6. Thus, the expected 2% CAGR reflects that advanced capabilities and the reliability of robotic systems are critical factors in increasing their demand. Hence, the stationary compressors are expected to have a growth rate of 5. However, over the forecast period, the portable/transportable compressor type is anticipated to witness the highest growth rate of nearly 5Mahon, Porter, & Repair, 2011]. 7% overall CAGR is attributed to the increasing commercial end-use requirement, particularly in rigid applications. The lubrication segment finally comprises oil-filled and oil-free compressors, of which oil-filled compressors have a growth rate of 6% CAGR. Segment-wise, the energy & power segment is expected to grow due to the higher demand for compressed air in power applications.
The Asia Pacific region led the air compressor market by benefitting a size of USD 7.04 billion in 2022 due to the growing demand for compressed air in various industries.
The leading players in the air compressor market significantly influence its growth trajectory and set industry standards. These key players, including ELGi Equipments Limited (India), Atlas Copco AB (Sweden), Sulzer Ltd. (Switzerland), Hitachi Ltd. (Japan), Ingersoll Rand (U.S.), Campbell Hausfeld (U.S.), Mitsubishi Heavy Industries Ltd. (Japan), Doosan Infracore Portable Power (South Korea), Siemens AG (Germany), and EBARA CORPORATION (Japan), contribute to a competitive landscape, driving innovation and market advancement.
In May 2022, the new arrival to India came with two new air compressor solutions to fulfill different consumer requirements. The company has developed a new diesel-driven PG575-225 and an electric-driven PG110E; both come with High-Efficiency IE 3 electric motors, providing more output & durability for the customers.
Segmentation Table
Attribute Details
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 5.8% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Mode of Operation, Product Type, Lubrication, Application, and Region
By Mode of Operation Rotary
Centrifugal
Reciprocating
By Product Type Stationary
Portable
By Lubrication Oil Filled
Oil Free
By Application Manufacturing
Oil and Gas
Energy and Power
Electronics and Semiconductor
Healthcare
Food and Beverages
Others
By Region North America (By Mode of Operation, By Product Type, By Lubrication, By Application)
- U.S. (By Mode of Operation)
- Canada (By Mode of Operation)
- Mexico (By Mode of Operation)
South America (By Mode of Operation, By Product Type, By Lubrication, By Application)
- Brazil (By Mode of Operation)
- Argentina (By Mode of Operation)
- Colombia (By Mode of Operation)
- Rest of South America
Europe (By Mode of Operation, By Product Type, By Lubrication, By Application)
- Germany (By Mode of Operation)
- U.K. (By Mode of Operation)
- France (By Mode of Operation)
- Italy (By Mode of Operation)
- Russia (By Mode of Operation)
- Benelux (By Mode of Operation)
- Rest of Europe
Middle East & Africa (By Mode of Operation, By Product Type, By Lubrication, By Application)
- GCC (By Mode of Operation)
- South Africa (By Mode of Operation)
- Rest of the Middle East & Africa
Asia Pacific (By Mode of Operation, By Product Type, By Lubrication, By Application)
- China (By Mode of Operation)
- India (By Mode of Operation)
- Japan (By Mode of Operation)
- South Korea (By Mode of Operation)
- ASEAN (By Mode of Operation)
- Australia (By Mode of Operation)
- Rest of Asia Pacific
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