Global Industrial Air Compressor Market Trends, Growth Drivers, and Forecast

 


Market overview:

The Industrial Air Compressor Market is expected to reach USD 63.9 billion by 2030, growing at a CAGR of 7.02% between 2023 and 2030. 

The rising demand for industrial air compressors from the oil and gas industry and the rising demand for energy-efficient industrial air compressors are expected to drive market growth during the forecast period.

Despite significant advances in alternative energy sources, market demand for oil and oil-based products grows in lockstep with global population growth.

Large and small businesses rely heavily on industrial compressors in today's oil and gas industry. Furthermore, energy-efficient compressed air solutions are becoming more popular with a growing emphasis on energy costs and increased greenhouse gas (GHG) emissions. During the forecast period, increased automation and rising urbanization in emerging economies are expected to drive market growth. 

For HVAC and other critical units used in compressors, manufacturing industries around the world used to import compressors and their components from China. However, due to the COVID-19 outbreak, Chinese vendors closed their factories, temporarily halting production. Since the number of COVID-19 cases in China has decreased, vendors with manufacturing plants in the region have increased component prices by nearly 2-3% due to a supply shortage caused by factory shutdown.

As a result, the entire supply chain from China has been impacted. The COVID-19 spread has also fueled innovation in the compressors segment, with vendors ramping up production to meet the unexpected surge in demand.

Market segmentation:

The global industrial air compressor market is segmented based on pressure, seal, type and end-user.

According to the pressure:

  • Above 100 bar 
  • 20 – 100 bar
  • Up to 20 bar

According to the seal:

  • Oil-Lubricated seal
  • Oil-Free seal 

According to the type:

  • Positive displacement
  • Dynamic 

According to the end-user:

  • Oil and gas industry
  • Chemicals and petrochemical industry
  • Manufacturing industry
  • Many others

Regional analysis:

The global industrial air compressor market size has been divided into the Middle East and Africa, Asia-Pacific, South America, North America, Europe, and the rest of the world. 

The Asia-Pacific region had the highest revenue share. The region saw a surge in investments in the hydrogen and green energy sectors to meet its energy demand while adhering to decarbonization policies. The demand for air compressors in various applications, including food and beverage, manufacturing, home appliances, and the oil and gas industries, propels the market growth.

Furthermore, multiple manufacturers and Taiwan's significant electronics and semiconductor manufacturing industrial base are likely to drive market growth. 

Furthermore, North America is expected to grow rapidly in the global market. The growing number of industrial infrastructure projects and the ongoing investment in all process sectors, particularly the oil and gas industry, support market expansion across all industry domains. Furthermore, IoT adoption, initiatives such as Industry 4.0, and technological breakthroughs related to new product development are expected to boost market demand.

Recent developments:

  • Gardner Denver and Ingersoll Rand Industrial segment merged in March 2020 to provide a broader portfolio of mission-critical industrial, more robust, medical, energy, and specialty vehicle products and services. 
  • Atlas Copco acquired Dr. Gustav Gail Drucklufttechnik GmbH, a German distributor of industrial compressors and services, in February 2020. 

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