COVID-19 Outbreak: Industrial Air Compressor Market to Reach US$ 26.6 Bn by 2030
The global industrial air compressor market is anticipated to reach US$ 26.6 Bn by 2030. The industrial air compressor market is projected to expand at a CAGR of ~4% from 2020 to 2030 based on revenue. According to the report, Asia Pacific was a significant contributor to the industrial air compressor market in terms of revenue in 2019. The prominent market share of the region is due to the high adoption of industrial air compressors. In Asia Pacific, China is a prominent revenue contributor to the industrial air compressor market. The industrial air compressor market in Asia Pacific is expected to expand at a high CAGR during the forecast period.
Increase in Demand for Energy-efficient Air Compressors Driving Industrial Air Compressor Market
Energy efficiency is the major concern associated with the use of air compressors. The growing consumer awareness about energy-efficient models primarily fuels the growth of the air compressor market. Commercial, residential, and industrial sectors utilize about one trillion kilowatt-hours of electricity annually. Consumers are looking for an energy-efficient model that would consume less energy and lower the electricity bill as well as carbon emission. Governments of different countries are imposing stringent regulations to protect the environment and stabilize greenhouse gas levels in the atmosphere. Thus, the increasing demand for energy-efficient air compressors is expected to drive the industrial air compressor market during the forecast period.
Industrial Air Compressor: Market Segmentation
The global industrial air compressor market has been segmented in terms of product type, lubrication, form factor, industry, and region. Based on product type, the industrial air compressor market has been classified into reciprocating, rotary, and centrifugal. The rotary segment dominated the global industrial air compressor market in 2019 and is expected to maintain its dominance during the forecast period.
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Based on lubrication, the industrial air compressor market has been categorized into oil-filled and oil-free. The oil-filled segment is projected to account for a leading share of the global industrial air compressor market. The segment is likely to continue its dominance in the upcoming years. Based on form factor, the industrial air compressor market has been split into portable and stationary. Based on industry, the industrial dust collector market has been segregated into oil & gas, manufacturing, healthcare/pharmaceutical, food & beverages, energy & utility, consumer goods, metal & mining, transportation, and others (construction, automotive, etc.).
Industrial Air Compressor Market: Regional Outlook
In terms of region, the global industrial air compressor market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific dominated the industrial air compressor market in 2019. The industrial air compressor market in Asia Pacific is expected to expand at a high CAGR during the forecast period. North America is likely to hold the third largest market share and Europe is anticipated to hold the second largest share of the industrial air compressor market.
The U.S. is expected to lead the North America industrial air compressor market. In the U.S., oil and natural gas production and exploration is growing rapidly. Technological innovations in drilling and production is projected to lead to rapid growth in the U.S. oil and natural gas production during the forecast period. The market in Middle East & Africa and South America is projected to expand moderately during the forecast period.
The report provides in-depth segment analysis of the global industrial air compressor market, thereby providing valuable insights at macro as well as micro levels. In-depth geographic analysis has also been included as part of the industrial air compressor market.
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Industrial Air Compressor Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global industrial air compressor market. Key players profiled in the report include Ariel Corporation, Burckhardt Compression AG, Howden Group Ltd., IHI Corporation, Ltd., Kaeser Kompressoren Co., Ltd., Kobe Steel, Ltd., Mayekawa Mfg. Co., LTD, Mikuni Kikai Kogyo Co., LTD., Mitsui E&S Holdings Co., Ltd., Siemens AG, The Japan Steel Works, LTD., Hitachi Ltd., Ingersoll Rand Inc., Parker Hannifin Corporation, Elgi Equipments, Mitsubishi Heavy Industries Ltd., Sulzer Ltd., Danfoss A/S, and Baker Hughes.
