Explore the booming global air compressor market, projected to reach USD 53.90 billion by 2032. Fueled by industrial growth, learn about key drivers, restraints, and regional dynamics shaping this industry.
The global air compressor market was valued at USD 32.16 billion in 2022, growing at a CAGR of 5.30% from 2023 to 2032. The market is expected to reach USD 53.90 billion by 2032. The increasing investments in LNG and mining and the rise of the domestic industrial sector, particularly automotive and food & beverage, propel market growth.
In various industries, an air compressor serves as a handy tool that harnesses power from diesel, electric motors, or gasoline engines. This power is then transformed into stored potential energy within compressed air. With its versatility, air compressors find themselves used for a range of purposes, from filling gas cylinders with highly pressurized, clean air to operating pneumatic HVAC control valves in office and school buildings. Additionally, mining, oil, and gas industries frequently employ air compressors for tasks such as aerating mud during underbalanced drilling, flushing mediums, and air pigging pipelines. High-pressure air is required to power instruments and equipment in industries such as construction, automotive, and manufacturing. In this regard, air compressors find widespread application. These versatile machines come in a range of sizes, from compact portable models to heavy-duty industrial compressors.
Market Dynamics:
Drivers
The growing oil and gas industry: The rapid industrialization and growing investments to enhance the oil and gas pipeline networks drive the market growth. Further, the rising adoption of variable-speed systems, and oil-free lubrication processes, is expected to drive market growth. Also, the increasing use of air compressors in various applications due to their variable speed control, ability to retrofit existing systems, and low maintenance cost are expected to drive market growth over the forecast period. Additionally, the presence of several top manufacturers and the new product launches are expected to drive market growth.
Restraints:
The lack of skilled labour: The availability and cost of skilled labour for maintaining & repairing air compressors is the restraining factor of the market growth. Furthermore, the limited availability of raw materials & elements for manufacturing air compressors is expected to hinder the market growth over the forecast period.
Opportunities:
The growing demand for portable air compressors: The increasing tendency of industrial manufacturers towards plant industrialization is associated with improved productivity & reduced factory lead times. These factors are also helping to boost the market growth. Further, the rapid growth of industries across developing & developed regions are also helping to boost market growth. However, the increased demand for compressed air in different industries for power instruments is helping to boost the market growth over the forecast period.
Regional segmentation analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the largest global air compressor market, with a 46.33% market revenue share in 2022. Customers’ increasing focus on easy-to-use & energy-efficient products is anticipated to propel market growth in this region. Moreover, China and Taiwan’s large industrial base for electronics and semiconductor manufacturing is expected to drive market growth in this region. Additionally, the increasing focus of consumers on easy-to-use and energy-efficient products is also propelling the market growth over the forecast period. However, the presence of several manufacturers of screw compressors in China and India and ongoing projects are helping to stimulate market growth. The North American region will account for the largest market share with revenue growth. This growth is attributed to the growth in the popularity of portable models. Further, the increasing spending on industrialization and infrastructure development and the raised expenses and capacity expansions are expected to drive market growth. Moreover, the increasing investments in infrastructural development in both regions are also helping to stimulate market growth.
Lubrication Segment Analysis
The lubrication segment is divided into oil-free and oil-filled. The oil-free segment dominated the market, with a share of around 55.14% in 2022. This growth is attributed to the increasing focus of governments towards reducing carbon emissions for environmental security.
Product Segment Analysis
The product segment is divided into reciprocating/piston, centrifugal, and rotary/screw. The centrifugal segment dominated the market, with a market share of around 42.18% in 2022. This growth is attributed to various applications, including gas turbines, chemical plants, petrochemicals, food & beverage, and oil refineries.
Type Segment Analysis
The type segment is divided into stationary and portable. The stationary segment dominated the market, with a market share of around 58.12% in 2022. This growth is attributed to the increase in the usage of air compressors in the automotive industry and many other heavy engineering industries. The portable segment is anticipated to dominate the market by 45.08% in 2032 due to the rising adoption of compressors to power pneumatic tools such as grinders, sanders, and wrenchers.
Application Segment Analysis
The application segment is divided into semiconductors & electronics, manufacturing, healthcare/medical, food & beverage, education, home appliances, oil & gas, and others. The oil & gas segment dominated the market, with a market share of around 22.15% in 2022. This growth is attributed to the raised demand for air compressors to re-inject reservoir pressure preservation.
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