Air Compressor Market is expected to Reach USD 40.82 Billion by 2030
The growing construction & infrastructure industry, the increasing utilization in the automotive industry, and the growing application of air compressor in heating, ventilation, and air conditioning (HVAC) systems and refrigeration is driving the growth of the air compressor market.
The Air Compressor Market was valued at USD 29.89 billion in 2023, and is expected to reach USD 40.82 billion by 2030, with a CAGR of 4.6% during the forecast period, 2024–2030. The growth of the air compressor market is driven by the booming construction and infrastructure industry globally.
Air compressors are essential for various tasks in the construction sector, as they power different tools and equipment, from nail guns to heavy machinery. Their versatility, cost-effectiveness, and eco-friendly nature make them the preferred choice in construction. As emerging markets urbanize and develop infrastructure, the demand for air compressors is increasing.
Moreover, increasing utilization of air compressors by the automotive industry for various automotive tasks, such as inflating tires for safety and performance and powering pneumatic tools. They also help achieve precision and consistency in painting and spray coating, which is essential for vehicle design. Air compressors are in high demand in the automotive sector due to their adaptability, which serves various purposes, including manufacturing, repairs, maintenance, and finishing work.
Furthermore, the growing use of heating, ventilation, and air conditioning (HVAC) and refrigeration systems in commercial and industrial settings is a major factor behind the expansion of the air compressor market. These systems are crucial for maintaining precise environmental conditions in places such as offices and manufacturing facilities, and they depend on air compressors to work effectively.
The increased demand for air compressors in the HVAC and refrigeration sector is driven by several factors, including a growing emphasis on energy efficiency and eco-friendliness, complex operational requirements, and evolving regulatory standards. They are contributing to a thriving and diverse air compressor market.
On the contrary, the air compressor market is constrained due to the noise and air pollution caused by the compressors. The considerable noise produced by air compressors and particulate matter released during compressor operation adds to air pollution, giving rise to environmental and health concerns and restraining the growth of the market.
However, the integration of the Internet of Things (IoT) technology into air compressors is set to open up significant growth prospects for the air compressor market. These IoT-equipped air compressors are anticipated to boost efficiency, decrease downtime, enable predictive maintenance, and offer real-time monitoring and control, offering a promising avenue for market growth. As industries increasingly adopt smart and connected solutions, the introduction of IoT-enabled air compressors is expected to play a crucial role in shaping the market's future.
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According to the report, leading players operating in the air compressor market include Atlas Copco AB, Kobe Steel Ltd., Elgi Equipment Limited, Ingersoll-Rand PLC, Kirloskar Pneumatic Company Limited, Mitsubishi Heavy Industries Ltd., Sulzer Ltd., Ebara Corporations, Porter Cable, VMAC Global Technology, Inc., and others.
Key Insights from the Air Suppressor Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the air compressor market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of the players in the global air compressor market along with their competitive analysis are provided in the report.