Compressor Market Size & Growth (2021-2026):
The compressor market is expected at USD 38.20 billion in 2021 and is predicted to grow to USD 58.30 billion by the end of the assessment period. And is estimated to experience moderate growth to record a CAGR of 4.14% throughout the estimated period (2021-2026).
Compressed air is evolving with advanced technologies and will perform critical functions in various fields, such as robotics, large-scale applications, and household tasks. The widely used characteristics of air compressors in non-industrial activities are appreciated by the world, increasing the air compressor market. The air compressor is a piece of equipment used to convert electrical energy into kinetic energy using compressed air. Compressed air is a gas or gas mixture under extreme compression used to create energy that can be used in pneumatic gears like jackhammers or drills, etc. The popularity of air compressors is because air compressors are a renewable energy source. Stationary and portable are two types of compressors. There are currently two evolving technologies in the air compressor industry: Turbocor Technology - Turbocor technology offers an oil-free design with relatively more minor moving debris. It promises high productivity and consistency. Thermoacoustic Technology - These compressors are powered by a thermoacoustic motor and a positive displacement reciprocating compressor.
In October 2020, Lontra announced that it has agreed with Blade Compressors® LLC, a division of Industrial Air Centers based in Jeffersonville, Indiana (USA), to be the national distributor of Lontra Blade Compressors® and Lontra products and services that will arrive in North America. . This agreement marks the beginning of Lontra's distribution journey, bringing its new technology package (the LP2 Blade Compressor®) to the industry on a global scale. In addition, blade Compressors LLC will coordinate and manage regional distributors in North America to provide nationwide sales and service coverage for Lontra products.
Market Drivers and Restraints:
The main factor that is increasing the demand for air compressors is the rapid industrialization in developing economies. The rapidly rising demand for energy-efficient air compressors from manufacturers worldwide is driving the growth of the market. In addition, the increasing use of air compressors in the food industry due to strict government food safety regulations is expected to drive market growth. Furthermore, technological advancements in air compression methods have a strong influence on the compression capabilities of the equipment. They, therefore, are driving the development of the air compressor market during the forecast period. In addition, the increase in the adoption of rugged and energy-efficient devices is also predicted to raise the demand for air compressors in the firm. In addition, the rise in GDP and the changes done in the population's standard of living, combined with the increasing number of people residing in the middle and upper-income groups around the world, are contributing to an increase in the demand for residential cooling devices.
Furthermore, the increasing inclination of industrial manufacturers towards factory automation is associated with improved productivity and reduced production times. These factors have positively anticipated the growth of the global air compressor market. However, the presence of some obstacles limits the overall development of the market. Primary factors include a shortage of skilled labor, technicians, and engineers, restricting the market's growth. In addition, the high cost of installing and maintaining the equipment is expected to slow growth during the forecast period. However, the technological boom has improved the compression capabilities of air compressors, which is expected to increase the demand for air compressors. Furthermore, the advent of energy-efficient air compressor designs, which are also possible in portable formats, has been broadly utilized by industries worldwide. This will provide lucrative growth potential during the forecast period.
Market Size Available
By type, By technology, By lubrication method, By end-user industry
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Atlas Copco AB, Kobe Steel Ltd., Elgi Equipments Limited, Ingersoll-Rand PLC, Kirloskar Pneumatic Company Limited, Mitsubishi Heavy Industries Ltd., Sulzer Ltd.
The portable segment has the largest market share and is expected to grow fastest over the next several years. Construction and mining projects both use mobile products. The demand for this category is being driven by the variables that can be ascribed to. They are also easier to handle and require less maintenance, which has increased their use in low-duty applications.
The market is divided into reciprocating, rotary, and centrifugal segments based on technology. During the projected period, the centrifugal segment is expected to grow at the fastest rate. Centrifugal systems are more efficient because fewer components are in contact with one other, resulting in less kinetic friction and more airflow.
Based on the lubrication method, the oil-free segment is anticipated to have a significant CAGR in the upcoming years due to the rapid industrialization and growth in the semiconductor, food processing, and manufacturing sectors driving demand.
The market is augmented into Food & Beverage, Oil & Gas, Manufacturing, Power Generation, Medical, and Others based on application. During the projected period, the oil and gas category will have the most significant market share. The product is primarily used in the oil and gas industry for reservoir pressure preservation re-injection.
Impact of covid-19 on Air Compressor Market
COVID-19 has had significant impacts on the global air compressor value chain. The economic impact of the virus is also increasingly apparent. It affected a wide range of activities within the value chain, including sales and distribution, sourcing of raw materials, after-sales services, loss of demand, etc. The main impact of COVID-19 on air compressors has been a significant loss of revenue caused by declining demand from end-user industries, which can be a bottleneck for the compressor market.
The Market for Air compressors has been categorized based on geography to offer a clear understanding of the global market. The world Market for Air compressors has been studied in four regions: Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa. Asia-Pacific is experiencing tremendous industrialization growth in different industries, including small and large scale. According to World Bank estimates, more than 40% of the region's GDP comes from industrial and manufacturing activity. Furthermore, with the growth of the refining and gas market in countries like India and China, an increase in the air compressor market is indisputable.
Additionally, considerable investment in the pipeline industry is expected to boost the air compressor market. Stationary air compressors, including small-size compressors in refrigerators and air conditioners, have a large share of the compressor market. The increasing adoption of the food and beverage industry is expected to drive the air compressor market. The power and energy industry is expected to expand due to high investment in power plants in emerging economies include India and China. It is expected to drive industrial growth, which is expected to stimulate the demand for industrial compressors. North America and Europe regions are anticipated to experience steady growth over the forecast period. However, increased investment in Eastern Europe is expected to increase growth opportunities for industrial air compressors. Additionally, growing consumer attention to easy-to-use and energy-efficient products is expected to drive market growth.
Atlas Copco AB had the largest share of the Air Compressor Market in terms of sales revenue in 2021.
The Air Compressor Market is concentrated with well-established players. Key players in the
Air Compressor Market include
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Air Compressor Market, By Type
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Air Compressor Market, By Technology
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Air Compressor Market, By Lubrication method
6.3.3 Market Size Estimations & Forecasts (2021-2026)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Air Compressor Market, By End User Industry
6.4.2 oil, and gas
6.4.3 food and beverage
6.4.5 power generation
6.4.7 Market Size Estimations & Forecasts (2021-2026)
6.4.8 Y-o-Y Growth Rate Analysis
6.4.9 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Air Compressor Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Technology
7.2.4 By Lubrication method
7.2.5 By End User Industry
7.3.1 By Country
22.214.171.124 Rest of Europe
7.3.2 By Type
7.3.3 By Technology
7.3.4 By Lubrication method
7.3.5 By End User Industry
7.4 Asia Pacific
7.4.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Technology
7.4.4 By Lubrication method
7.4.5 By End User Industry
7.5 Latin America
7.5.1 By Country
18.104.22.168 Rest of Latin America
7.5.2 By Type
7.5.3 By Technology
7.5.4 By Lubrication method
7.5.5 By End User Industry
7.6 Middle East and Africa
7.6.1 By Country
22.214.171.124 Middle East
7.6.2 By Type
7.6.3 By Technology
7.6.4 By Lubrication method
7.6.5 By End User Industry
8. Key Player Analysis
8.1 Atlas Copco AB
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Kobe Steel Ltd.
8.3 Elgi Equipments Limited
8.4 Ingersoll-Rand PLC
8.5 Kirloskar Pneumatic Company Limited
8.6 Mitsubishi Heavy Industries Ltd.
8.7 Sulzer Ltd
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures