air compressor industry was estimated at approximately USD 24.35 billion in 2022.
Air Compressor Industry | Forecast 2030
The economic value generated by the air compressor industry was estimated at approximately USD 24.35 billion in 2022. With the burgeoning need to control the spread of the COVID-19 infection, governments worldwide implemented strict national lockdowns in 2020. This, in turn, hampered the growth of various sectors and industries. Likewise, the market for air compressors was also affected by the pandemic, witnessing a significant decline in sales and profits. Furthermore, the increasing cases of COVID-19 in various countries due to the second wave resulted in partial lockdowns across the globe. This has subsequently impacted the investments in the oil and gas industry along with the market’s growth.
Access the Global Air Compressor Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
The growing adoption of variable-speed systems, low maintenance cost, effective operation, and retrofitting for existing systems are some factors propelling the demand for air compressors across key end-use industries. Energy-efficient compressors are witnessing a surge in demand owing to their cost-effective operations. However, the growing number of gas compressor stations has increased concerns about air quality. Hence, air monitoring systems are widely being installed for measuring the impact of air and gas compressors. Additionally, the subsequent introduction of non-oil and gas-based projects, and continuous investments in the industry, are driving the demand for air compressors.
Prominent players are developing eco-friendly and low-maintenance systems to encourage end-users to opt for next-generation products. Companies like Ingersoll Rand Plc and Atlas Copco Inc. have developed next-generation systems with high-performance capabilities to differentiate their products in a highly competitive market. Some of the key features offered by these air compressors include increased efficiency and reduced noise levels.
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Reciprocating Air Compressor Market Insights
The global reciprocating air compressor market size was estimated at USD 5.26 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.1% from 2023 to 2030. Reciprocating air compressors are employed in a variety of sectors, including manufacturing, oil & gas, chemical, and electrical generation. To address the shortcomings of conventional production procedures, several industries have introduced cost-effective manufacturing strategies. Owing to the advantages such as efficient energy distribution and cost-effectiveness, these industries have a significant need for energy-efficient reciprocating air compressors. These factors are expected to positively impact the market demand during the forecast period.
Rotary Air Compressor Market Insights
The global rotary air compressor market size was estimated at USD 11.44 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2030. Growth in demand for energy-efficient products, expansion of the rotary air compressor’s application areas, increase in the number of infrastructure projects, penetration of IoT, and Industry 4.0 are the major factors driving the market growth. In addition, these compressors are ideal pneumatic solutions for any task that needs secure, ongoing access to compressed air. In a variety of industrial settings, including oil & gas, manufacturing, food packaging, construction, automotive, chemical, pharmaceutical, and energy, these compressors also power pneumatic tools. These aforementioned factors are further anticipated to propel the market growth over the forecast period.
Centrifugal Air Compressor Market Insights
The global centrifugal air compressor market size was estimated at USD 7.66 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. The oil and gas industry is a major consumer of centrifugal air compressors, using them in various applications such as gas processing, offshore drilling, and pipeline transportation. The expansion of oil and gas projects globally contributes to the market’s growth. Ongoing advancements in compressor technology have led to improved performance, reliability, and efficiency of centrifugal air compressors, making them more attractive to various industries.
Company Profiles
Competitive Insights
Major players in the air compressor market include Atlas Copco, Baker Hughes Company, Howden Group, Hitachi Global Air Power US, LLC, Danfoss, HPC Compressed Air Systems, United Air Power Ltd., Kaeser Compressors, ELGi, Kaishan USA, Ingersoll-Rand Plc, Frank Compressors, and Sollant Group. The air compressor manufacturers adopt several strategies, including mergers & acquisitions, partnerships & joint ventures, new product developments, distributor agreements, new online channels, and geographical expansions, to augment their market presence and cater to the ever-changing consumer requirements.
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