Air Compressor Market

Global Air Compressor Market

Air Compressor Market- By Type, Product, Lubrication, Application, and Region.

Market Synopsis:

The Global Air Compressor Market is valued at USD 32.96 Billion in the year 2022 and is forecasted to reach a value of USD 41.76 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 3.00% over the forecast period.

An Air Compressor is a device that converts potential energy generated by an electric motor, diesel engine, or gasoline engine into pressured air, or compressed air. This conversion is accomplished by compressing the air inside and releasing it in short bursts. Negative displacement and positive displacement technologies are two of the most often utilized Air Compressor methods. The Air Compressor Market is primarily driven by rapid industrialization in emerging economies. Industries all over the world have embraced the introduction of energy efficient Air Compressor models, which are also available in portable versions. Because the new technology promises a significant reduction in maintenance costs, it is well embraced by a wide range of consumers from various industries. Those who are stuck with older versions, on the other hand, will continue to deal with noisy oil-free compressors and lubrication issues with oiled air compressors.

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Industrial expansion has resulted in rising income levels in developing regions in recent years, following the crisis. As a result, population in major countries around the world is increasing. This has resulted in an increase in surplus money, which stimulates demand for numerous every day and comfort goods. Newer and more compact versions with user-friendly ways of operation derive from rising income levels along with the ability and willingness to purchase home appliances. This will boost the Air Compressor Market even further.

Market Segmentation:

The Air Compressor Market can be segmented based on Type, Product, Lubrication, and Application. On the basis of Type, the market is segmented into Portable and Stationary. On the basis of Product, the market is segmented into Reciprocating/Piston, Rotary/Screw and Centrifugal. On the basis of Lubrication, the market is segmented into Oil-Filled and Oil-Free. On the basis of Application, the market is Manufacturing, Semiconductors & Electronics, Food & Beverage, Healthcare/Medical, Home Appliances, Energy, Oil & Gas, and Others.

Based on Product:

On the basis of Product, the market is segmented into Reciprocating/Piston, Rotary/Screw and Centrifugal. The demand for rotary air compressors has risen in 2021, due to benefits such as lower installation and maintenance costs and improved efficiency. Rotary compressors with larger capacity and reduced energy usage have been intensively researched by manufacturers. This portion is further broken down into screw, scroll, and other rotating forms like vane, lobe, and so on. Because of its low initial cost, reliability, higher heat resistance, and easy and low-cost maintenance, rotary screw air compressors will have the fastest growth rate of the three. Screw compressors have surpassed piston compressors in terms of flow surging, continuous operation, and capacity. When compared to screw compressors, the scroll compressor industry will benefit from its superior energy efficiency.

Based on Lubrication:

The market has been divided into oil-filled and oil-free segments based on lubrication. In the energy, manufacturing, and chemical industries, oil-filled air compressors are frequently used for commercial applications. They are long-lasting and quiet when compared to oil-free compressors. Due to the implementation of new rules to reduce emissions and governments' increased focus on environmental safety, the oil-free category is predicted to grow at the fastest rate over the projection period. In addition, factors including growing industrialization and the rise of the manufacturing, food processing, and semiconductor industries are driving up demand for air compressors.

Due to effective lubrication, these compressors are large and long-lasting. Furthermore, due to their durability and design, these items are widely used for heavy-duty applications and are capable of delivering compressed air with increased capacity. The oil filled air compressors market will see significant growth as the manufacturing sector expands, since the product is widely employed in manufacturing plants, as well as the energy and oil and gas industries.

Asia Pacific is Observed to be the Largest Share Holding Region in the Market

Asia Pacific acquired the largest market share during the year 2021 with a share of 31.20%. The market's growth is mostly driven to the rising atomization and mechanization of production facilities in developing countries around the region. Manufacturers are also paying close attention to the lucrative markets of India and Japan, where they are concentrating their efforts on the construction of manufacturing facilities and the establishment of well-established supply chain activities. Furthermore, in the recent past, most consumers from various end-use sectors have been wanting to invest in the Asia Pacific region's growing economies, which is driving the growth of manufacturing clusters in those countries and increasing product sales for the manufacturing industry. The Asia Pacific area will benefit from Australia's developed and well-functioning mining industry. In addition, due to the development of booming end-use sectors such as manufacturing, energy and electricity, and oil and gas industries, India is expected to post the fastest growth. Sales of compressors in the region are being boosted by the expanding market share of indigenous manufacturers in the regional market, as well as the increased manufacturing of foreign companies in India's domestic market.