Air Compressor Market Share, Size, Trends, Industry Analysis Report, By Type (Stationary, Portable); By Product; By Lubrications; By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM1079
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global Air Compressor Market size was valued at USD 23.55 billion in 2023. The market is anticipated to grow from USD 24.76 billion in 2024 to USD 37.16 billion by 2032, exhibiting the CAGR of 5.2% during the forecast period.
The increasing utilization of variable-speed systems, coupled with their low maintenance costs, efficient performance, and adaptability for retrofitting existing systems, is driving the demand for air compressors in key end-use industries. The heightened demand for energy-efficient compressors is attributed to their cost-effective operations. However, the rising presence of gas compressor stations has raised apprehensions regarding air quality, leading to the widespread installation of air monitoring systems to assess the impact of air and gas compressors. Furthermore, the introduction of projects not reliant on oil and gas, along with sustained investments in the industry, is contributing to the continued demand for air compressors.
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In response to the imperative to curb the transmission of COVID-19, global governments enforced stringent national lockdowns in 2020, impeding the progress of diverse sectors and industries. The air compressor market, similarly, experienced a notable downturn in sales and profits due to the pandemic's repercussions. Additionally, the resurgence of COVID-19 cases in different countries during the second wave led to the implementation of partial lockdowns worldwide, thereby affecting investments in the oil and gas industry and influencing the overall market growth.
Following the COVID-19 era, a growing emphasis on energy efficiency, energy recovery, and CO2 emissions reduction is projected to boost the demand for air compressors. Anticipated revenue growth is driven by increased demand for services and monitoring of compressed air installations. Moreover, the market is expected to be propelled by a surge in air compressor demand from the food and beverage sector, driven by stringent regulations on food safety and health. Additionally, increased investments in oil and gas extraction activities in North American and Middle Eastern countries are anticipated to contribute to the overall growth of the air compressor market.
Industry Dynamics
Growth Drivers
Increased Adoption of Industry 4.0 Technologies, Elevating Operational Efficiency and Smart Capabilities
Air compressors play a vital role in both small-scale industries and large manufacturing facilities, with the need for clean air being crucial for the operation of pneumatic and advanced equipment in various industries. Companies typically allocate 15-40% of their energy costs to compressors, creating a gap that efficient air compressors aim to fill. In the expanding compressor industry, precise control of airflow is paramount. Leading players in the air equipment sector are addressing complex industrial challenges and optimizing operations by leveraging Industry 4.0 technologies such as IIoT, cloud computing, and Big Data, among others. This integration enhances the smart capabilities of compressors, contributing to the global growth of the air compressor market in the forecast period.
Report Segmentation
The market is primarily segmented based on type, product, lubrications, application, and region.
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By Type |
By Product |
By Lubrications |
By Application |
By Region |
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By Type Analysis
The Stationary Segment Held the Largest Revenue Share in 2022
The manufacturing sector has witnessed extensive adoption of these compressors. Moreover, in the oil and gas industry, these compressors find widespread use in powering pneumatic equipment for tasks such as pipeline operations, oil extraction and refining, and various other processes.
The portable air compressor segment is projected to achieve the CAGR during the forecasted period, driven by the increasing utilization of these products in construction and mining operations. Portable air compressors serve as dependable power sources for machinery and tools in the construction industry and various other sectors. Additionally, their lower maintenance requirements and ease of handling contribute to a growing demand for these compressors in applications with lower duty requirements.
By Product Analysis
The Rotary/Screw Segment Accounted for the Highest Market Share During the Forecast Period
This is attributed to the extensive utilization of rotary air compressors across a range of industrial applications, encompassing areas such as, metallurgy and mining, papermaking and printing electric power, electronic and electrical, as well as mechanical and electrical machinery.
The centrifugal segment is expected to record the CAGR during the forecast period. These compressors exhibit energy efficiency, fewer frictional components, and greater airflow compared to other compressors. Additionally, they find extensive use in applications such as gas turbines, oil refineries, petro-manufacturing, food and beverage, and manufacturing plants. These factors collectively contribute to the anticipated growth of the segment throughout the forecast period.
Regional Insights
Asia Pacific Dominated the Largest Market in 2022
This is attributed to ongoing governmental investments in infrastructure development and rapid industrialization. The market expansion is propelled by the increasing demand for air compressors across diverse applications, including food and beverage, manufacturing, home appliances, and oil and gas. Additionally, the presence of numerous compressor manufacturers in India and China, coupled with the substantial industrial base for electronics and semiconductor manufacturing in China and Taiwan, is anticipated to fuel market growth.
Steady growth is anticipated in North America and Europe during the forecast period. The rise in investments in Eastern Europe is expected to enhance growth opportunities for industrial air compressors. Furthermore, the growing consumer emphasis on user-friendly and energy-efficient products is projected to contribute to market expansion.
Key Market Players & Competitive Insights
The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include:
- AireTex Compressor
- Atlas Copco
- Bauer Group
- BelAire Compressors
- Compressor Products International (CPI)
- Cook Compression
- Frank Compressors
- Galaxy Auto Stationary Equipment Co. Ltd.
- Gast Manufacturing, Inc.
- GENERAL ELECTRIC
- Ingersoll Rand Plc
- Kaeser Compressors
- MAT Industries, LLC
Recent Developments
- In June 2023, Atlas Copco extended its manufacturing facility in Wuxi, China, with the purpose of accommodating compressor research and development (R&D) as well as manufacturing operations.
- In April 2023, BAUER introduced three new lines of industrial air compressors, namely the K22, BK 23, and BM series. These series showcase directly coupled units, offering a seamless blend of compact design and efficient performance.
Air Compressor Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 24.76 billion |
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Revenue forecast in 2032 |
USD 37.16 billion |
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CAGR |
5.2% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Type, By Product, By Lubrications, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
FAQ's
The global Air Compressor market size is expected to reach USD 28.38 billion by 2032.
Key players in the market are AireTex Compressor, Atlas Copco, Bauer Group, BelAire Compressors, Compressor Products International (CPI).
Asia Pacific contribute notably towards the global air compressor market
The global air compressor market is expected to grow at a CAGR of 5.6% during the forecast period.
The air compressor market report covering key segments are type, product, lubrications, application, and region.
