In 2022, it is anticipated that the market for industrial air compressors will be worth US$33.3 billion. Industrial air compressor demand is expected to reach US$46.6 billion by 2032 due to the growing use in end-use industries, 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.
Industrial air compressor manufacturers are concentrating on the development of digitally controlled systems, such as compression solutions with automation and digitalization. This, in turn, is expected to create positive growth prospects for industrial air compressor demand.
Furthermore, rising demand from the oil and gas sector will continue to be a key growth driver. According to the report, the oil and gas and automotive and transportation industries will account for the majority of market sales during the forecast period. As these industries expand, attractive opportunities for growth will emerge in the near future.
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Key Takeaways from the Industrial Air Compressor Market Study
The industrial air compressor market will register a CAGR of ~4.6% over the forecast period of 2021-2031
Expansion of oil exploration activities has placed the U.S. as a chief market, which accounts for over 70% of 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 the 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 demand 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.
Competitive Landscape
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.
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