NEWARK, Del, May 17, 2022 (GLOBE NEWSWIRE) -- 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.
The ongoing crisis caused by the COVID-19 pandemic has caused a severe impact on the global economy. It has resulted in complete shutdown of the supply chain networks and manufacturing activities. This has subsequently affected the industrial air compressor market, causing a significant drop in the growth. However, the industrial air compressor market is expected to recover as the economic activity resumes following the containment of the pandemic.
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 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 opportunities for growth in the near future.
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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 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 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.
Challenges: Adherence to stringent quality standards
Countries such as the US, Canada, the UK, and other European countries have introduced new emission standards for compressors to improve air quality by decreasing the discharge of contaminants. The standards are regularly updated time-to-time, which may require the manufacturer to make drastic adjustments in the design and performance of the industrial air compressors. Moreover, contamination of compressed air is a severe issue for several industries such as food & beverages, healthcare, pharmaceuticals, and chemicals. A safer compressed air supply is required to uphold an efficient and cost-effective production.
The majority of the industrialized nations have imposed stringent rules and regulations, which must be adhered to during the use of compressors, to limit the emission of contaminants by air compressors and prevent health hazards due to contaminated compressed air. For instance, the US has released a Tier 4B regulation for compressor manufacturers.
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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, 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.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
5. Global Industrial Air Compressor Market Demand Analysis 2016–2020 and Forecast, 2021–2031
5.1. Historical Market Volume (Units) Analysis, 2016–2020
5.2. Current and Future Market Volume (Units) Projections, 2021–2031
5.3. Y-o-Y Growth Trend Analysis
6. Global Industrial Air Compressor Market - Pricing Analysis
7. Global Industrial Air Compressor Market Demand (in Value or Size in US$ Mn) Analysis 2016–2020 and Forecast, 2021–2031
7.1. Historical Market Value (US$ Mn) Analysis, 2016–2020
7.2. Current and Future Market Value (US$ Mn) Projections, 2021–2031
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
TOC Continue…
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