DUBAI, UAE, Feb. 5, 2024 /PRNewswire/ — As per the latest report published by Kings Research, the global Air Compressor Market size was recorded at USD 26.18 billion in 2022 and is estimated to grow to USD 37.98 billion by 2030, registering a CAGR of 4.76% through the projection period of 2023-2030. The market is poised to undergo substantial growth in the near future due to the rapid expansion of the industrial sector, especially in emerging economies. Sectors such as manufacturing, construction, and automotive heavily rely on compressed air for diverse applications, which is fueling the need for air compressors. Moreover, infrastructure development across varied sectors viz., transportation, energy, and construction necessitate dependable and efficient compressed air systems, thereby stimulating the demand for air compressors in these industries.
Air compressors are mechanical devices that function in three primary modes: reciprocating, centrifugal, and rotary. There are several designs for rotary compressors, which compress air using a screw-like mechanism. As they require less maintenance and are efficient, these compressor types are more popular in the market. Additionally, a variety of procedures, including gas filling and air filling, make extensive use of centrifugal and reciprocating compressors. The market is led by stationary compressors, which are typically used by the industrial and commercial production sectors.
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Competitive Landscape
Leading companies in the global air compressor market are prioritizing mergers and acquisitions as their key strategy to increasing their market share. For instance, in July 2023, the distribution and cryopump servicing division of ZEUS Co., Ltd. was acquired by Atlas Copco in July 2023. This company is in charge of providing CTI and Polycold product sales, distribution, and service in South Korea. The acquired company was set to be incorporated into the Vacuum Technique Business Area’s Semiconductor Service Division. Following the takeover, it started doing business as Edwards.
Key participants in the global air compressor market include:
- Atlas Copco AB
- Ingersoll Rand
- Hitachi Global Air Power US, LLC.
- Kirloskar
- Cook Compression
- Frank Technologies Private Limited
- IDEX Corporation
- MAT Holding, Inc.
- ELGi
- KAESER KOMPRESSOREN
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Trending Now: ZF and Liebherr Collaborate on Electric High-Speed Air Compressor for Fuel Cells
ZF’s CVS (Commercial Vehicle Solutions) division introduced a novel high-speed electric air compressor for fuel cells in April 2023. ZF entered into an exclusive development agreement with the Aerospace & Transportation product segment of Liebherr Group. Under this partnership, the two companies collaborated on the advancement of fuel cell air compressor systems tailored to their distinct customer bases, with ZF exclusively providing this technology for commercial vehicles.
The efficiency of fuel cell systems hinges on a consistent air supply, making the compressor a pivotal component within high-performance fuel cell systems. Leveraging over forty years of expertise in high-power density and high-speed turbo machinery, specifically in air bearing technology, Liebherr-Aerospace & Transportation SAS draws upon its extensive experience initially acquired from aircraft applications. Additionally, the company has successfully developed various applications tailored to the automotive sector.
The global Air Compressor Market is segmented as:
By Compressor Type
- Stationary
- Portable
Widespread Use of Stationary Compressors in Manufacturing and Energy Sectors to Boost Demand
In terms of compressor type, the stationary segment is expected to lead the global air compressor market through the review period of 2023-2030. The widespread utilization of stationary compressors in the manufacturing and energy sectors is the leading factor contributing to the growth of the segment. The demand for portable compressors is also on the rise due to their expanding applications in a variety of industries, including food and beverages, medical, and construction. However, the air compression capacities needed in these sectors are generally lower compared to the requirements of the manufacturing industry.
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By Lubrication
- Oil Filled
- Oil Free
Oil Filled Compressor Integration in Commercial and Heavy-Duty Uses to Propel Market Revenue
On the basis of lubrication, the oil filled segment is projected to hold the largest share of the global air compressor market in the forthcoming years. Considering the increasing demand for heavy-duty and commercial applications, lubrication is essential to prevent maintenance problems. Oil filled compressors offer users the desired operational capabilities while maintaining a smooth flow, which is boosting their adoption.
Expansion of Industrial Sectors in Emerging Nations to Augment Air Compressor Market Progress
The air compressor market is fueled by the expansion of industrial sectors in emerging economies. Rapid industrialization in countries such as China, India, and Brazil has led to an increased demand for compressed air systems. Industries such as manufacturing, construction, and automotive heavily depend on compressed air for a wide range of applications, such as powering pneumatic tools, operating machinery, and ensuring clean and dry air for manufacturing processes.
Furthermore, the market is expanding due to ongoing infrastructure development initiatives across the globe. To promote economic growth and enhance quality of life, governments are making significant investments in the energy, transportation, and building sectors. For a variety of uses, including HVAC systems, air-powered tools, and pneumatic control systems, these projects need dependable and effective compressed air systems. The increasing demand for air compressors in these industries is projected to experience substantial growth, creating opportunities for manufacturers of air compressors.
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North America to Lead Air Compressor Market Due to Growing Focus on Conserving Energy
North America accounted for the largest share of the global air compressor market in 2022 and is expected to maintain its standing over the assessment timeline. The demand for air compressors in the region is primarily fueled by the robust industrial sector, which includes manufacturing, oil and gas, and construction. Moreover, the market growth is bolstered by the implementation of advanced technologies and automation across different industries.
Furthermore, the increasing focus on conserving energy and promoting ecological practices has led to a rise in the need for advanced and environmentally friendly air compressor systems. The domestic market benefits from the presence of prominent manufacturers and a strong emphasis on research and development endeavors, which contribute to its continuous growth.
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Key Points for TOC:
1 Introduction of The Global Air Compressor Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Air Compressor Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Air Compressor Market, By Compressor Type
7 Global Air Compressor Market, By Application
8 Global Air Compressor Market, By Operating Technology
9 Global Air Compressor Market, By Lubrication
10 North America
11 Europe
12 Asia Pacific
13 Middle East & Africa
14 Latin America
15 Global Air Compressor Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
16 Company Profiles
16.1 Atlas Copco AB
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Compressor Type Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Ingersoll Rand
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Compressor Type Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 ELGi
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Compressor Type Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 Hitachi Global Air Power US, LLC.
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Compressor Type Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 KAESER KOMPRESSOREN
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Compressor Type Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
Continued……
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