Air Compressor Market to Generate Revenue Worth $45,888.0 Million by 2030

The global air compressor market is projected to generate $45,888.0 million revenue by 2030, advancing at a CAGR of 4.7% during 2021–2030. This will be on account of the rising inclination toward the improvement of energy efficiency, decarbonization of various industries, such as manufacturing and semiconductors & electronics; digitalization in industrial operations, and implementation of automation and cloud-chain technologies in several industrial operations.

Rising Need for Energy-Efficient Compressors

Many industries, including manufacturing, oil & gas, chemical, and electricity generation, use air compressors. To address the shortcomings of conventional production procedures, several industries have introduced cost-effective manufacturing strategies. Due to advantages such as efficient energy distribution and cost-effectiveness, many sectors have a significant need for energy-efficient compressors. The demand for these devices has also increased as a result of the strict environmental regulations implemented by several emerging economies, including China and India.

End users choose variable-speed drive (VSD) control systems over on-and-off-control compressors to achieve maximum energy efficiency, because the former provides the necessary flow, maintains a steady pipe pressure, and enables leakage detection. A monitored VSD device offers high energy savings. It features an AC drive, which keeps track of the speed of the functional unit and avoids using extra energy, when compared to a predetermined-speed equivalent. It also lengthens the product life by reducing the need for motor maintenance, thereby intensifying the air compressor market growth.

Manufacturing is one of the most-significant sectors implementing cost-efficient strategies to boost profitability. The industry’s market contribution is expected to grow as a result of an increase in the demand for these systems for efficient energy distribution and cost-saving.

Portable Category To Witness Faster Growth

The portable air compressor category is expected to have the higher CAGR, of around 4.9%, during 2021–2030, on account of the promulgating construction activities, technological advancements, and emergence of new companies manufacturing portable air compressors, especially energy-efficient ones. For instance, in June 2021, Doosan Infracore announced the launch of four new evolution series of portable air compressors. Out of these four series, three possess the Doosan FlexAir technology, which provides adjustable air pressure to operators.

APAC Leads Market

APAC leads the global air compressor market, with a revenue share of around 30.0% in 2021. This is primarily due to the burgeoning domestic manufacturing sector and rising investments in mining, chemical, and LNG projects.

Mergers & Acquisitions Are Most-Effective Strategic Measures

Companies in the market have been actively engaged in mergers & acquisitions to outlast the competition. For instance,

• In June 2021, Kobe Steel Ltd. signed an agreement with Miura Co. Ltd. to implement various strategies focusing on the standard air compressor business.
• In December 2020, Hitachi Global Life Solutions signed an agreement with Midea Electric Trading Co. Pte. Ltd. Under this agreement, the former company transferred its outstanding shares to the latter, which manufactures air compressors for refrigerators in Thailand.

The major players operating in the global air compressor market are ELGi Equipments Limited, Atlas Copco AB, Sulzer Ltd., Hitachi Ltd., Ingersoll Rand, Campbell Hausfeld, Mitsubishi Heavy Industries Ltd., Doosan Infracore Portable Power, Kirloskar Pneumatic Company Limited, Elliott Group Ltd., and Siemens AG.