Global Air Compressor Market to Surpass $39,844.6 million by 2026 at a 3.4% CAGR, Despite the COVID-19 Pandemic – Exclusive Report [150 Pages] by Research Dive

The COVID-19 spread across the globe has adversely impacted the global air compressor market due to complete lockdown in various countries and stoppage in industrial operational activities to curb the spread of the coronavirus. The global market is estimated to recover by Q1/Q2 of 2023. The market players have been investing in various strategies to mitigate the impact of the coronavirus pandemic on their revenues.

New York, USA, Sept. 20, 2021 (GLOBE NEWSWIRE) -- A research report published by Research dive on the global air compressor market explains the impact of COVID-19 pandemic on the current scenario and the future of the market. All-inclusive analysis on drivers, restraints, growth opportunities, challenges, COVID-19 impact, major segments of the market, and competitive landscape are provided in the report.

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Highlights of the Global Air Compressor Market

The outbreak of the COVID-19 has had an unfavorable impact on the air compressor market. According to the report, the market gathered $30,517.2 million in 2018, and is projected to garner $39,844.6 million by 2026, and exhibit a CAGR of 3.4% during the forecast period from 2019 to 2026. The anticipated market size in 2020 was $32,772.1 million before the outbreak of COVID-19. But, due to the COVID-19 chaos, the market size decreased to $21,301.8 million due to the complete lockdown in various countries and decline in industrial operational processes across the globe. Moreover the CAGR for the forecast period, as anticipated before the coronavirus pandemic, was 3.8%, which depreciated to 3.4%, as calculated after the pandemic began.

Factors Impacting the Market Growth During the Coronavirus Pandemic

The analysts at Research Dive states that the outbreak of COVID-19 around the world has impacted the growth of the air compressor market in negative way. The unfavorable market growth is mainly due to the shutting down of manufacturing units and the disruption in supply chains to curb the spread of the coronavirus. For example, in March 2020, Elgi Equipments, the leading air compressor manufacturer across the globe, announced to close all the facilities of the company during the COVID-19 pandemic period. This has led to an obstruction in the demand for air compressors, thereby restraining the air compressor market growth.

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

Future Scope of the Market

The global air compressor market is anticipated to recover and restore its growth by 1st/2nd quarter of 2022. The broadly increasing emphasis on innovation and R&D, rise in number of strategic alliances among companies, and the growing demand for advanced air compressors from various industries such as healthcare, home-appliances, energy, and others are the major factors expected to boost the air compressor market growth during the forecast period. Besides, high investments in offshore oil activities such as exploration, production, drilling, and processing in the Middle Eastern economies are projected to drive the market growth.

Furthermore, the supportive policies by governments and the implementation of organic and in-organic strategies by market players are likely to offer massive growth opportunity for the market in the coming future.

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Major Market Players

The key players operating in the global air compressor industry include -

  1. Air Squared, Inc.
  2. Emerson Electric Co.
  3. Gardner Denver
  5. BOGE
  6. Danfoss
  7. Sullair, LLC.
  8. Hitachi, Ltd.
  9. Quincy Compressor

These players are implementing several strategies such as strategic partnerships, business expansion, R&D investments, technological advancements, and others to gain a competitive edge in the global industry. For example, in October 2020, Mark Compressors, a classic air compressor brand, announced the launch of two new product variations in its Piston Compressor range namely the ‘Bluewind’ series and ‘Ironwind’ series. The new air compressors are designed for key industry segments such as tyre retail industry, automobile, fuel stations, small-scale industries, woodworks, and independent professional businesses. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report

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