Air Compressor Market 2020: Business Revenue, COVID – 19 Outbreak, Growth Prospective till 2023

Air Compressor Market Overview

The global Air Compressor Market is expected to exhibit a strong 7.5% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global air compressor market is mainly driven by the growing demand for air compressors in home appliances and industrial refrigeration units, according to the report.

Air compressors are a vital industrial tool and are used in a wide variety of end uses for refrigeration and other air-related purposes. The growing industrial sector worldwide has been the major driver for the global air compressor market and is likely to remain the key driver for the market over the forecast period, as the demand for industrial refrigeration is likely to grow over the forecast period. The increasing demand for cold storage units in the industrial sector is likely to be a major driver for the global air compressor market over the forecast period. Cold storage has become a key part of several industries in the last few years, leading to a growing demand from the air compressor market.

The growing development of energy-efficient air compressor units is likely to be the major driver for the global air compressor market over the forecast period. With many industrial players still using legacy air compressor systems that rank low in terms of energy efficiency and environmental viability, there is significant scope for energy-efficiency air compressor units that deliver comparable results at a lower energy footprint. This is likely to be a major trend in the global air compressor market over the forecast period.

Drivers and Restraints

Global air compressor market has observed gradual growth in recent years, and is expected to witness phenomenal growth in the forecast period. Rapid industrialization in emerging economies, is the major driving factor for the global air compressor market. The introduction of energy efficient models of air compressors, which are also available in portable designs, has widely been adopted by industries across the world. The recent technology promises a substantial reduction in maintenance costs, which is why it is accepted by a huge number of consumers, hailing from various industrial backgrounds.

On the other hand, for those who are stuck with more unoriginal models are enduring noisy maneuvers of oil-free compressors and lubrication concerns in oiled air compressors. Industrial development, since the past few years, post-recession, has ensued in the augmented income levels in the developing regions. Consequently, population, in major countries across the world, is also on the surge. This had led to growing surplus income, which sequentially, fuels the demand for numerous daily use and comfort goods. Growing income levels, coupled with the ability and readiness to by home appliances, result in newer and compact models paired with user-friendly modes of operation. This will further expand the air compressor market.

Competitive Analysis:

Leading players in the global air compressor market include Hitachi Industrial Equipment Systems Co. Ltd., Emerson Electric Co., Bauer Compressors Inc., Elgi Equipments Ltd., Sullivan-Palatek Inc., Doosan Portable Power, Rolair Systems, Ingersoll Rand, Kaeser Compressors SE, Gardner Denver, Sullair LLC, and Atlas Copco AB.

In May 2019, Doosan expanded its small air compressor product lineup with the introduction of the high-pressure XP185.

Segmentation:

The global air compressor market is segmented on the basis of product, technology, lubrication type, end use, and region.

By product, the global air compressor market is bifurcated into portable and stationary. The stationary air compressor segment is likely to dominate the global market over the forecast period due to their increasing demand in home appliances as well as industrial units. The long-term guarantee and stability provided by stationary air compressors is likely to drive their demand over the forecast period.

By technology, the global air compressor market is segmented into rotary, reciprocating, and centrifugal. The rotary air compressor segment is likely to remain the leading revenue generator in the global air compressor market over the forecast period, as rotary air compressors are highly efficient and entail lower operational costs than other types of air compressors.

By lubrication, the global air compressor market is segmented into oil-free and oil-filled. The oil-free air compressor segment is likely to exhibit the highest growth in the global air compressor market over the forecast period due to the increasing use of air compressors in industries involving products directly consumed by consumers, such as healthcare and food and beverage.

By end use, the global air compressor market is segmented into home appliances, food and beverage, oil and gas, energy, semiconductors and electronics, manufacturing, and healthcare. The home appliances segment is likely to exhibit the highest share in the global air compressor market over the forecast period due to the growing demand for home appliances in emerging Asia Pacific, Eastern European, and Latin American economies.

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Regional Analysis:

Asia Pacific is the largest regional market for air compressors and is likely to hold on to this position over the forecast period due to the growing demand for home appliances in developing countries such as India, China, South Korea, and the Philippines. The growing demand for refrigeration and HVAC units in Asia Pacific is likely to be the major driver for the air compressor market in the region over the forecast period, as the rising disposable income of consumers in the region has driven the demand for advanced home appliances.

Europe and North America are also likely to emerge as major regional markets for air compressors over the forecast period due to the increasing demand for advanced, energy-efficient home appliances and the growing demand for energy-efficient air compressor units in the industrial sector.

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