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NEW YORK , Aug. 23, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, the air compressor market size is set to be $45,888.0 million in 2030, compared to $30,366.3 million in 2021, witnessing a CAGR of almost 5% during this decade. This is attributed to the high pace of industrialization, technological advancements in such devices, and rising demand for eco-friendly compressors.
The stationary category held an almost 60% share in the market in 2021, as the airflow these variants offer is greater than their portable counterparts, which increases the preference for the former in major manufacturing applications.
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The demand for portable variants is expected to rise faster as they are easier to carry around. Moreover, advanced portable air compressors generate not only lower noise but also cleaner air. Additionally, their operations are much more efficient, and they are cost-effective as well.
The rotary classification leads the product segment of the air compressor market as these variants have a robust build and efficient operations. Moreover, their usage is driven by the government initiatives to boost the energy efficiency and output of air compressors, in general.
Manufacturing remains the largest application of these machines because a lot of industrial processes require high-pressure air. Some common applications of these devices in the manufacturing sector are pneumatic nail guns, sandblasters in machine shops, gas tank molding, cutting & welding equipment, and automobile spray painting.
The highest air compressor market CAGR, of more than 6%, is expected in semiconductor & electronics applications, on account of the importance of compressors in cleaning circuit boards, removing chemical deposits from wafers, and cleaning air knives during the production of LCD panels.
In the coming years, oil-free variants will observe the faster rise in demand, at an over 35% CAGR, as the elimination of the oil separator makes them cost-effective and lighter. Moreover, the green and sustainability efforts of governments worldwide are making them preferable across industries.
Because of all these reasons, the APAC region is the largest air compressor market, with a value of over $9,911 million in 2021. The region is home to the largest manufacturing and semiconductor & electronics industries, which leads to a high demand for compressors for various purposes. Other major regional sectors that use these machines are food & beverage, home appliances, healthcare, oil & gas, and energy.
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Europe generates the second-highest revenue in the market because governments have implemented stringent regulations on the energy efficiency of compressors. Together, the U.K. and Germany hold an around 55% share of the regional market owing to the presence of major automotive OEMs and a strong renewable energy sector.
Such developments have made the air compressor market highly lucrative for companies such as Atlas Copco AB, Hitachi Ltd., Mitsubishi Heavy Industries Ltd., Kirloskar Pneumatic Company Limited, Doosan Infracore Portable Power, and Siemens AG.
Air Compressor Market Report Coverage
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