Industrial Air Compressor Market is set to register 5.7% CAGR through 2027; Global Market Insights Inc.
Industrial Air Compressor Market is poised to grow with a lucrative CAGR from 2021 to 2027 owing to increasing number of oil exploration and mining projects.
Selbyville, Delaware, United States – August 9, 2021 /MarketersMedia/ —
The industrial air compressor market is set to herald in a period of remunerative growth on account of increasing number of oil exploration and mining projects. Additionally, rising disposable income levels are fueling improvements in lifestyles across the globe, which is subsequently elevating the demand for automobiles, and also driving advancements in the power & energy generation sector. These two factors would play a major role in outlining the overall industry landscape. Based on a report published by Global Market Insights, the industrial air compressor market size is likely to exceed USD 17.8 billion by 2027.
Air compressors are used in a wide range of applications in homes and businesses around the world. From portable, small units that distribute consistent compressed air on the go, to large-scale viable installations that power complex industrial processes, available models range considerably in configurations and size configuration.
Through the analysis timeframe, the demand for stationary industrial air compressors is estimated to exceed tremendously in the APAC owing to strong industrial development. A majority of the product demand would be covered by the extensive usage of compressed air in manufacturing activities.
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Following are three major trends that would be shaping the industrial air compressor market landscape in coming years:
1. Increasing industrial development in APAC and LATAM
Rising industrial development in emerging economies of Latin America and the Asia Pacific will play a major role in contributing to the overall development of the industrial air compressors market. The product is extensively utilized in multiple heavyweight applications to power pneumatic tools and equipment and deliver compressed air for cleaning purposes.
Industrial air compressors are incorporated in almost all the manufacturing processes across the globe, and the rising production of electronics and automobiles in the Asia Pacific would be creating lucrative business opportunities for the market.
Meanwhile, the growing number of construction as well as infrastructure development projects being undertaken in countries like Brazil, China, India, and other emerging economies would also be making noteworthy contributions to the revenue stream.
2. Rising demand for portable compressors
The portable compressor segment will account for over 20% of the overall industry by 2027. Portable air compressors give instant access to compressed air wherever needed, especially at remote construction sites. They are used in many industrial areas like construction, agriculture, pharmaceuticals, manufacturing, and oil & gas.
They often come in trailer-mounted configurations, allowing for easy towing with a vehicle around work sites. As they are available in various tank dimensions, PSI capacities, and CFM, it’s not difficult to find a machine that matches the exclusive compressed air generation requirements of a particular job.
3. Expanding application scope of the product
In terms of application, the overall industrial compressor business landscape is classified into food & beverage, semiconductor & electronics, oil & gas, pharma, manufacturing, mining & energy, agriculture, and municipal & construction among others.
Given the ongoing boom of the global pharmaceutical sector, fostered by the ongoing COVID-19 pandemic, the pharma application segment has been earmarked to record growth at a CAGR of more than 5.5% through the analysis timeframe.
The key players operating in the industrial air compressor market include Rolair Systems, Doosan Portable Power, Elgi Compressors, Emerson Climate Technologies, Ciasons Industrial, Aerzener Maschinenfabrik, Sullivan-Palatek, Sullair, Gardner Denver, Atlas Copco, Bauer Compressors, Kaeser Kompressoren, Mat Holdings, Quincy Compressor, Ingersoll-Rand, Hitachi, and Heyner, Frank Technologies. The key players are constantly focusing on novel product launches and mergers & acquisitions for staying competitive in the market.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Organization: Global Market Insights Inc.
Address: 4 North Main Street, Selbyville, Delaware 19975 USA
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/industrial-air-compressors-market
Source: MarketersMedia
Release ID: 89040808
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