Air Compressor Market to Reach $46.2 Billion, Globally, by 2031 at 4.9% CAGR: Allied Market Research
NEW CASTLE, DE, UNITED STATES, December 9, 2024 /EINPresswire.com/ — Allied Market Research published a report, titled, “Air compressor market by Type (Portable, and Stationary), Technology (Reciprocating, Rotary, and Centrifugal), and Lubrication Type (Oiled, and Oil-free): Global Opportunity Analysis and Industry Forecast, 2022-2031”. According to the report, the global air compressor market was valued at $28,362.3 million in 2021, and is projected to reach $46,145.3 million by 2031, registering a CAGR of 4.9% from 2022 to 2031.
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Prime determinants of growth
The growth of the global air compressor market is driven by factors such as energy efficient compressors, rise in demand of air compressor in different industries, surge in application in food and beverage industries, and increase in applications of portable air compressor. However, the increase in rental demand for air compressors restricts sales and purchases of new air compressors, thereby reducing the industry’s growth. Additionally, the implementation of the oil-free and oil-filled compressor segments in accordance with operational needs for the sector is anticipated to create new market potential prospects during the forecast period.
The stationary segment to maintain its leadership status throughout the forecast period
Based on type, the stationary segment held the highest market share in 2021, accounting for nearly three-fifths of the global air compressor market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to a rise in high-capacity air compressor requirement in manufacturing and other industries. However, the portable segment is projected to manifest the highest CAGR of 5.3% from 2022 to 2031, owing to increasing demand for portable air compressors for the mining industry.
The rotary segment to maintain its leadership status throughout the forecast period.
Based on technology, the rotary segment held the highest market share in 2021, accounting for more than two-fifths of the global air compressor market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to rising demand for the different sector such as food & beverage, industrial and others. However, the centrifugal segment is projected to manifest the highest CAGR of 5.4% from 2022 to 2031, owing to the rising requirement for centrifugal air compressors in oil refineries, and natural gas processing plants.
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The oiled segment to maintain its lead position during the forecast period.
Based on lubrication type, the oiled segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global air compressor market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the ease of availability of different capacity products. However, the oil-free segment is expected to portray the largest CAGR of 5.2% from 2022 to 2031. This is owing to the increasing demand for oil-free air compressors in a variety of industries including food & beverage and the medical industry.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global air compressor market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rising automation and industrialization in developing countries such as India, Japan, China, and others. However, LAMEA is expected to witness the fastest CAGR of 5.7% from 2022 to 2031, owing to rising industrial growth in different sectors of manufacturing, food & beverage, and other industries in the region.
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Leading Market Players: –
ATLAS COPCO AB
EBARA CORPORATION
ELGI EQUIPMENT LTD.
INGERSOLL RAND INC.
KIRLOSKAR PNEUMATIC COMPANY LIMITED
KOBE STEEL LTD.
MITSUBISHI HEAVY INDUSTRIES LTD.
SULLAIR
SULZER LTD.
VMAC
The report provides a detailed analysis of these key players of the global air compressor market. These players have adopted different strategies such as new product launches, collaborations, expansion, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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