Industrial Air Compressor Market Will Register A CAGR Of ~4.6% By 2031 End, FMI

Increased investments in mechanical equipment will pave the way for the industrial air compressor market to expand in the coming years. According to a Future Market Insights (FMI) analysis, the industrial air compressor market is expected to be worth US$ 26.7 billion in 2021.

Manufacturers of industrial air compressors are focusing on the development of digitally controlled systems, such as compression solutions with automation and digitalization. This, in turn, is expected to lead to increased demand for industrial air compressors.

Moreover, rising demand from the oil and gas sector will remain a key growth driver. During the forecast period, the oil and gas, automotive, and transportation industries will account for the majority of market sales, according to the report. 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

• Industrial air compressor market will register a CAGR of ~4.6% over the forecast period of 2021-2031
• Expansion of oil exploration activities have placed the U.S. as a chief market, which accounts for over 70% 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 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.

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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 demands 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.

Industrial Air Compressor Market by Category

By Technology

• Rotary
• Reciprocating
• Centrifugal
• Axial

By Capacity

• Upto 500 HP
• 500 – 2000 HP
• 2000 – 5000 HP
• 5000 – 12000 HP
• 12000 – 20000 HP
• Above 20000 HP

By Compression Stage

• Single Stage
• Double Stage
• Multistage

By Driver Type

• Electric
• Natural Gas
• Fuel Driven

By End Use

• Automotive and Transportation
• Oil and Gas
• Power Generation
• Chemicals
• Food and Beverages
• Pharmaceuticals
• Mining and Metals
• Industrial Air Separation
• Other manufacturing

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)