Air Compressor Market is Predicted to Witness 3.4% CAGR till 2028

The global air compressor market size was valued at USD 32.02 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2028.

The global Air Compressor Market size is anticipated to reach USD 40.98 billion by 2028, registering a CAGR of 3.4% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. AireTex Compressor; Atlas Copco; Bauer Group; BelAire Compressors; Cook Compression are some of the key players in this industry. Air compressors are used in various industries, such as food and beverages, home appliances, oil and gas, semiconductors and electronics, healthcare, manufacturing, and energy. The rising need for the reduction of CO2 emissions and stringent regulations pertaining to environmental conservation is anticipated to boost market growth. Moreover, eco-friendly, reliable features, ease of handling, and low maintenance costs offered by the product are propelling its demand.

The onset of the COVID-19 pandemic resulted in lockdowns and declining investments across industries and verticals, which hampered the growth of the market. However, after a short slowdown, the market is expected to rebound and witness a healthy growth rate in the post-pandemic era.

The growing consumer awareness regarding product quality, the need for improved air quality, and supportive government policies on energy conservation are anticipated to boost the market growth. At workplaces, air compressors are required to comply with the Occupational Health & Safety (OHS) regulations, which would positively impact the market over the forecast period.

Oil-free air compressors are expected to emerge as the fastest-growing lubrication segment. The growth is attributed to the increased proliferation in the manufacturing sector. Moreover, oil-free compressors reduce the operating costs by evading compressor oil separator elements and down-streaming filter replacement costs.

Asia Pacific dominated the market for air compressor in 2020 owing to rapid industrialization in emerging economies, such as India and China. The need for efficient and next-generation compressors has propelled the product demand across different industries in the region.

Related Press Release@ Air Compressor Market Report

Air Compressor Market Report Highlights

• The stationary type segment dominated the market in 2020, while the portable segment is anticipated to emerge as the fastest-growing segment from 2021 to 2028
• The oil-filled compressor segment is likely to lead the market over the forecast period. These compressors are widely adopted for commercial applications by the chemical, energy, and manufacturing industries
• The rotary/screw air compressor segment is expected to account for a 46.4% market share by 2028. These compressors offer continuous airflow at different discharge pressure and operate through positive displacements. Furthermore, features such as easy maintenance and longer product life are expected to fuel the demand for these compressors over the forecast period
• Asia Pacific held the largest market share in 2020. The growing oil and gas sector in countries such as China and India is, in turn, expected to lead the growth of the market