The world will observe extraordinary global air compressor market growth during the forecast period, 2021-2027. In recent years, the demand for oil & petroleum and F&B markets has been rising, enabling many opportunities for market growth.
A report suggests that for the forecasted years 2021-2027, the global air compressor market is expected to grow at 4% CAGR of 2020, which was $65.91 billion.
The increase in the demand for eco-friendly air compressors is geared by the rise in awareness regarding harmful carbon emissions through conventional compressors.
Energy-efficient air compressors have also been increasing in demand over the years. These air compressors help in the prevention of excess use of electricity, in turn, reducing costs. These upcoming technologies and research and development would provide new opportunities in the air compressor market.
However, the main reason for accelerating and contributing to the air compressor market’s global growth includes retrofitting existing systems, innovation of eco-friendly compressor technologies, low maintenance, oil-free lubrication processes, and proficient operation at lesser costs, growing popularity of the portable models, and rising variable-speed systems implementation.
Today, air compressors are used in diverse applications to power various equipment – for instance, material handling, spray painting equipment, separation equipment, and automated tools.
Segments of the Market
As per the report of Research Dive addressing the market analysis of forecasted years 2019-2026, there are various segments of the market based on application, product, and technology that can provide a clear understanding of the place of air compressors in the market.
The portable sub-segment is the most lucrative and generates the highest revenue during the analysis period, increasing from $9,119.9 million in 2018 to $11,916.6 million. The main factor contributing to the growth is that the demand is growing by the end-users such as construction and mining industries and oil & gas.
Rotary Sub-Segment is expected to be the most profitable air compressor technology, which will generate the highest revenue during the forecast period of 2019-2026 of $17,575.1 million, which was $12,841.9 million in 2018. These compressors are primarily used in heavy manufacturing and industrial applications because of their power, efficiency, and noise reduction ability, which will lead them to generate maximum market.
The sub-segment of home appliances is anticipated to earn the maximum revenue, which will go up to $1,322.1 million during the years 2019-2026 because of the high accuracy, efficiency, and low noise.
The increasing applications of air compressors in automotive, healthcare, mining, construction, industries, and oil & gas industries are said to be the reason to support the growth of this market. Besides this, other driving factors include low maintenance cost, high energy efficiency, portability, environmental friendliness, and the delivery of variation in supplied pressure.
Moreover, since the awareness of energy-efficient and eco-friendly compressors is increasing, it will boost the market growth. Other factors adding to the growth opportunities of the air compressors’ market are the increasing demand for technological advancements from emerging economies provide numerous growth opportunities in the coming years.