Air Compressors Market to Grow at 3.6% CAGR by 2030
Constant technological advancement linked with the surge in the energy efficient devices along with the consistently expanding applications of air compressors are expected to drive the growth of air compressors industry during the forecast period of 2020-2030.
The Air Compressors Market is expected to grow at the CAGR of 3.6% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Air compressors are the equipment’s which reduce the air by increasing the pressure which in turn generate kinetic energy. This energy is later on used in various industries to provide power to other machines, equipment’s for their proper with effective functioning. It also helps in the transportation of fluids & gases safely over a long distance with wide applications for different purpose by various end users.
According to the report, consistently expanding applications of air compressors in different industries linked with rising demand from emerging economies, and technological advancement in the air compressors are major factors driving the air compressors market growth. In addition, surge in the household appliances followed by the growth in disposable income along with easy availability of raw materials drive the market growth. There has been rapid growth in industrialization owing to the surge demand in productivity from different industries has created the demand for air compressors. There has been development in designs which has made the air compressors portable which in turn reduces the maintenance cost likely to shift the market trends over the forecast period.
However, high cost of installation along with the emission of green house gases further contributed by sound pollution caused by air compressors may create restrain for the market growth. Moreover, rising demand for energy efficient equipments along with the growing adoption of advanced air compressors is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of types, the air compressors market share is segmented into water-based portable and stationary. Portable air compressors dominate the global air compressors market in terms of CAGR and will be the dominant during the forecasted period.
On the basis of technology, the air compressors market is categorised into reciprocating, rotary, and centrifugal. Reciprocating technology accounts for the significant market share owing to the simple construction and maintain its growth till 2030.
Based on lubrication, the market fragmented into oiled and oil free. Oiled air compressors accounts for the maximum market share as well as likely to dominate the market over the forecast period.
On the basis of power rating, the market is categorized into 0-100 kW, 101-300 kW, 301-500 kW, and 501 kW & above. Burgeoning demand of heavy duty air compressors form different industries along with surge adoption of home appliances expected to augment market growth over the forecast period.
Based on end user, the market is fragmented into food & beverage, oil & gas, manufacturing, medical, power generation, and others. Medical segment is likely to develop with significant growth rate in near future.
North America is likely to account for the highest market size & share of the air compressors market in the forecast period 2020–2030 owing to the rising adoption of air compressors. Moreover, presence of advanced technology along with surge in disposable income followed by growing adoption of home appliances are likely propel market growth. Europe accounts for the second leading position in the air compressors market size. Asia Pacific is expected to be the fastest developing region in the air compressors market which is majorly driven by wide expansion of applications & use with rapid industrialization, low labour cost and presence of developing economies.
According to the report, some the key players in the air compressors market are AireTex Compressor, Bauer Group, Atlas Copco, BelAire Compressors, Cook Compression, Frank Compressors, Compressor Products International (CPI), Galaxy Auto Service Equipment Co. Ltd., Gast Manufacturing, Inc., Ingersoll Rand Plc, GENERAL ELECTRIC, MAT Industries, LLC, Kaeser Compressors and Sullair LLC..
Browse key industry insights from the report at https://www.nextmsc.com/report/air-compressor-market in detail along with the table of contents:
Key Insights from the Air Compressors Market Report:
- Asia Pacific is the fastest growing Air Compressors market owing to the rising demand for the air compressors from different industries followed by technological advancement along with rapid industrialization.
- The portable air compressors along with medical use of air compressors dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are AireTex Compressor, Bauer Group, Atlas Copco, BelAire Compressors, Cook Compression, Frank Compressors, Compressor Products International (CPI), Galaxy Auto Service Equipment Co. Ltd., Gast Manufacturing, Inc., Ingersoll Rand Plc, GENERAL ELECTRIC, MAT Industries, LLC, Kaeser Compressors and Sullair LLC.
The report Air Compressors market – segmented by type, technology, lubrication, power rating, end user and geography
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