How big is the air compressor market?
The global air compressor market size reached US$ 17.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.76% during 2023-2028.
Industry Overview of Air Compressor Market:
An air compressor is a mechanical device that increases the pressure of air by reducing its volume. It functions by capturing air and compressing it within a confined space, which raises the air’s pressure and energy potential. This compressed air can then be stored in a tank or used directly for various applications.
Air compressors are categorized into different types based on their design and operating principles. The most common types include reciprocating, rotary screws, and centrifugal compressors. Each type serves specific purposes and has unique characteristics. The applications of air compressors are diverse and widespread across numerous industries. They are used to power pneumatic tools such as drills, hammers, and wrenches, providing a reliable energy source in the manufacturing and construction sectors.
In the automotive industry, they play a crucial role in inflating tires. Medical facilities use air compressors to supply controlled and clean air for respiratory equipment. Furthermore, air compressors are vital in HVAC systems for cooling and heating processes and are commonly found in household products like air conditioners and refrigerators.
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Air Compressor Market Drivers and Trends:
Expansion in key industries, such as manufacturing, construction, automotive, and energy leads to increased demand for air compressors which represents one of the key factors driving the growth of the market across the globe. These sectors rely on compressed air for various applications, from power tools to control systems.
Advancements in air compressor technology, including energy-efficient designs and smart, integrated systems, are attracting investment which is acting as a growth-inducing factor. Innovations that enhance performance and reduce operational costs are particularly influential. Economic growth in developing countries is rising industrialization, which, in turn, is boosting the demand for air compressors thus fueling the growth of the market. The expansion of manufacturing hubs in regions such as Asia-Pacific contributes to this trend. Governments and international organizations are imposing regulations that emphasize energy efficiency and environmental sustainability. These regulations encourage the adoption of energy-saving air compressors.
The oil and gas industry relies heavily on air compressors for various operations, such as extraction and refining. Fluctuations in this industry are significantly impacting the air compressor market. The increasing investment in infrastructure development projects, including roads, bridges, and urban development, is driving the need for air compressors in construction applications.
As air compressors are essential components in various systems, the demand for regular maintenance, repair, and replacement parts contributes to the market growth. The growing healthcare industry requires specific types of air compressors for medical air supply, dental applications, and laboratory use, which is fostering growth in this specialized segment.
The global shift towards automation in manufacturing processes increases the reliance on compressed air systems, which is boosting demand for advanced and reliable air compressors. The rising demand for household appliances like air conditioners and refrigerators, which utilize air compressors, is further creating a positive outlook for the market across the globe.
Competitive Landscape With Key Players:
Air Compressor Manufactureres:
- Atlas Copco AB (OTCMKTS: ATLKY)
- Bauer Compressors Inc.
- Berkshire Hathaway Inc. (NYSE: BRK.A)
- Ciasons Industrial Inc.
- Desran Compressor (Shanghai) Co.Ltd
- Doosan Corporation (KRX: 000150)
- ELGi Equipments Limited (NSE: ELGIEQUIP)
- Hitachi Ltd. (OTCMKTS: HTHIY)
- Ingersoll Rand Inc. (Trane Technologies plc) (NYSE: IR)
- Rolair Systems and Suzler Ltd.
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What Is Included In Market Segmentation?
Based on Type:
Based on Technology:
Based on Lubrication Method:
Based on Power Rating:
- 0-100 kW
- 101-300 kW
- 301-500 kW
- 501 kW and Above
Based on End User:
- Semiconductors and Electronics
- Food and Beverages
- Home Appliances
- Oil and Gas
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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