Air Compressor Market Expected to Reach $46.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Air Compressor Market," The air compressor market size was valued at $28.4 billion in 2021, and is estimated to reach $46.2 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.

An air compressor is a pneumatic device that transforms power from an electric motor, diesel or gasoline engine into potential energy stored in pressurized air.

Products such as nail guns, paint sprayers, pressure washers, cutting tools, polishers, impact wrenches, socket wrenches, screwdrivers, and tire inflators are used more for domestic purposes. Every device makes use of a portable air compressor of some kind. Another significant benefit of air compressors is portability. In many different industries, such as construction and mining, portable tools are necessary to complete a variety of jobs. As mobility is a significant constraint associated with electric and hydraulic equipment in such situations, it is not always practical to carry out such operations with those instruments. In addition, since air-powered tools and their power sources cannot be moved, portable air compressors offer a promising answer to this issue. Therefore, the market for air compressors used in manufacturing such machines is expected to drive air compressor market growth.

Moreover, throughout the pandemic, the consumption of packaged food greatly expanded, affecting consumer preferences. According to the data, there was an increase of 87.6% year over year sales of packed food in the week prior to the announcement of the lockdown in March 2020. Following the easing of constraints, consumer purchasing patterns shifted. Respondents favored purchasing food that was packaged in vacuum-sealed, frozen, and nitrogen-sealed bags. The market is projected to continue to expand as packaged food, vacuum-assisting air compressors, and air compressors with inert gas are still in demand.

The initial expense of purchasing and installing modern rotary screw compressors grew high. Increased costs may discourage customers from purchasing these products. In addition, regular servicing and maintenance are necessary for the correct operation of these compressors. Furthermore, the deployment of knowledgeable and experienced operators is crucial for the system's efficient and trouble-free operation due to the greater complexity of the design, installation, and operations. In addition, to prevent issues such as condensate buildup and rust formations, the user must keep a minimum level of daily use of the compressors. The complicated system must be effectively managed and maintained, which raises the maintenance costs for the processes and lowers their profitability to some extent.

In addition, the outbreak of COVID-19 led to a halt in logistic and manufacturing activities across the globe, which, in turn, led to the interruption of the supply chain, thereby hindering the growth of the air compressor industry. However, this situation is expected to improve as the governments have relaxed norms around the world for resuming business activities.

The development of modern, highly advanced, and fully integrated manufacturing facilities drives the market growth all over the world. High-end compressors, which can deliver high energy throughput and increase production for consumers, are being used by manufacturers. High-performance portable air compressors are being introduced, and they are anticipated to be used in the facilities as portable tools. For instance, in February 2021, Sullair, one of the prominent manufacturers of compressors, launched Mid-Range Series Portable Compressors, integrated with Electronic Spiral Valve Technology. The product will provide better flexibility and higher efficiency in operations. The portable equipment and smaller engine size of the product provide exceptional maneuverability and ease in towing operations for the customers. Application of the oil-free and oil-filled compressor segments in accordance with operational requirements for the industry is expected to open new growth opportunities for the market. In turn, this is anticipated to support the growth of the air compressor market share during the forecast period.

The air compressor market is segmented on the basis of type, technology, lubrication method, and region. By type, the market is classified as portable and stationary. By technology, the market is divided into reciprocating, rotary, and centrifugal. By lubrication method, the market is bifurcated into oiled and oil-free.

Competiton Analysis

The major players profiled in the air compressor market analysis include Atlas Copco AB, Ebara Corporation, Elgi Equipment Ltd., Ingersoll Rand Inc., Kirloskar pneumatic company limited, Kobe Steel Ltd., Mitsubishi Heavy Industries Ltd., Sullair, Sulzer Ltd., and VMAC.

 Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging global air compressor market trends and dynamics.
• Based on type, the stationary segment dominated the market in 2021.
• Based on technology, the reciprocating segment dominated the market in 2021.
• By lubrication method, the oiled segment generated the highest revenue in 2021.
• Region-wise, Asia-Pacific dominated the market in 2021. And LAMEA is anticipated to dominate the global air compressor market exhibiting the highest CAGR during the forecast period.
• The report provides an extensive analysis of the global air compressor market trends and emerging opportunities of the market.
• The global air compressor market forecast analysis from 2021 to 2031 is included in the report.