Covid-19 Impact Review: Global Air Compressor Market to Decline to $21,301.8 Million in 2020 and Rise at a CAGR of 3.4% in the 2019—2026 timeframe, despite the Covid-19 Crises

The global air compressor market is anticipated to witness a negative impact during the Covid-19 pandemic due to disruptions in the supply chain of the manufacturing sector. The market is predicted to recover by Q1/Q2 of 2023.

New York, USA, June 02, 2021 (GLOBE NEWSWIRE) -- As per a recent report examined by the Research Dive’s analysts, the global air compressor market is anticipated to register a revenue of $39,844.6 million by 2026, from a market share of $30,517.2 million in the year 2018, at a significant CAGR of 3.4% during 2019-2026 forecasted timeframe. The market report compiles the present boom of the market and the upcoming scenario. The market study is put forth by researchers by scrutinizing facts and figures via primary and secondary research methods. Also, reference material from authentic sites, newspapers, journals, books, and periodicals are referred to while drafting the market report. Moreover, the report cites the Covid-19 outbreak's impact on the market.

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Factors Affecting the CAGR Figures during Pre & Post Covid-19

The global air compressor market was predicted to rise at a CAGR of 3.8% before the Covid-19 outbreak but estimations post the pandemic indicate a CAGR of 3.4%, thus leaving a negative impact on the market. With the need to control the spread of the novel coronavirus infection, governments worldwide implemented strict lockdown. This hampered the businesses, industries, and factories undesirably. These factors are predicted to be the major reasons for the decline in the market growth during the Covid-19 pandemic.

Product & Technology Inventions, During The Outbreak Of Covid-19, To Promote The Development Of The Global Air Compressor Market

Aspects Impacting the Revenue Figures during Pre and Post Covid-19 Mayhem

The global air compressor market was speculated to generate a revenue of $32,772.1 million before the Covid-19 crisis, however, the market is anticipated to decline to $21,301.8 million in 2020 as per estimations post covid-19. The governments worldwide put entire nations under stringent lockdown to curb the spread of the infection and end the pandemic. Lockdown led to disruptions in the supply and demand chain of the manufacturing industries. For example, in March 2020, Elgi Equipment, an air compressor producer, declared the closure of all the facilities amidst the pandemic. This aspect resulted in disturbances for the demand for air compressors, thus hampering the market growth during the crises.

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Future Scope of the Market

The global market is projected to recover by Q1/Q2 of 2023. The exponential rise in the research and development projects, humongous number of strategic collaborations, and increase in the demand for advanced air compressors from sectors like energy, healthcare, and home appliances are predicted to boost the global market after the Covid-19 pandemic. Moreover, product innovations and rising technological discoveries by key players are estimated to boost the market growth during the forecasted period. For example, in February 2020, Sullair, a provider of air compressor solutions, launched Perkins, a portable diesel air compressor. These compressors have high performance ability and durability coupled with the turbo-charge engine.

The well-known players of the global air compressor market are -

  1. Elgi Equipment
  2. Atlas Copco
  3. Ingersoll-Rand
  4. Kobe steel
  5. Siemens
  6. Oasis Manufacturing
  7. Bel Aire Compressors
  8. Frank technologies
  9. Sullair

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