The Industrial Air Compressor Market is expected to be worth $33.3 billion in 2022. Due to increasing utilisation in end-use industries, industrial air compressor demand is estimated to reach $46.6 billion by 2032, growing at a CAGR of 3.8% between 2022 and 2032.
Since their initial introduction, air compressors have become incredibly popular, and this trend is predicted to continue. The market for industrial air compressors is anticipated to expand steadily between 2021 and 2031 as a result of rapid industrialization and rising investments in mechanical equipment.
Future Market Insights, an ESOMAR-certified market research and consulting firm, provides information about the major factors influencing the demand for industrial air compressors in its latest study. The report analyses the effect COVID-19 has had on both the end use industries and the industrial air compressor industry, as well as tracking the global sales of industrial air compressors in 20+ high-growth markets.
Get Sample of the Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-2885
Key Takeaways from the Industrial Air Compressor Market Study
- Industrial air compressor market will register a CAGR of ~4.6% over the forecast period of 2021-2031
- Expansion of oil exploration activities have placed the U.S. as a chief market, which accounts for over 70% sales within North America
- Improving production in the automotive sector will fuel demand in the U.K., enabling above 6% y-o-y growth in 2021 in terms of value
- Application across diverse sectors will drive growth in industrial air compressor market in Germany and France
- Rising demand for power generation will push growth in Japan and China
“The main catalyst behind the growing popularity of air compressors is the innovation that goes into newer models in the market. In economic downturns, sales of air compressors are less likely to witness significant gains in some of the world’s more developed markets. Nonetheless, the technology will always have thriving markets as long as there are developing countries are eager to compete with the industrialized world.” says a Future Market Insights analyst.
The industrial air compressor market is expected to be a high-opportunity market in the forecast period owing to increasing demand from various manufacturing and production industries as well as investments in oil & gas and power generation sectors, which are expected to drive the demand through the forecast period. Moreover, manufacturers are emphasizing on developing digitalized and customized products as per customer demands along with improved technology, life cycle, higher efficiency and less maintenance cost. These factors are expected to positively influence growth in demand for Industrial air compressors during the forecast period.
Challenges: Adherence to stringent quality standards:
Countries such as the US, Canada, the UK, and other European countries have introduced new emission standards for compressors to improve air quality by decreasing the discharge of contaminants. The standards are regularly updated time-to-time, which may require the manufacturer to make drastic adjustments in the design and performance of the industrial air compressors. Moreover, contamination of compressed air is a severe issue for several industries such as food & beverages, healthcare, pharmaceuticals, and chemicals. A safer compressed air supply is required to uphold an efficient and cost-effective production.
The majority of the industrialized nations have imposed stringent rules and regulations, which must be adhered to during the use of compressors, to limit the emission of contaminants by air compressors and prevent health hazards due to contaminated compressed air. For instance, the US has released a Tier 4B regulation for compressor manufacturers.
The industrial air compressor market is highly consolidated, in which the leading players account for more than three fourths of the market share. The penetration of small regional players makes this market more competitive. Some of the key players in the market are Atlas Copco, Baker Hughes, Anest Iwata Corporation, General Electric, Hitachi Industrial Equipment Systems Co., Ingersoll Rand, Burckhardt, MAN SE, Siemens Energy AG, Ariel Corp., and Bauer Kompressoren GmbH, among others. These players have higher shares in the global market, and have longstanding relationships with a number of end users, giving them an upper hand over their peers.
Get More Insights On this Article: https://www.futuremarketinsights.com/reports/industrial-air-compressor-market