research analysis on “Industrial Air Compressor Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global industrial air compressor market in terms of market segmentation by product type, lubrication, technology, power, application, and by region.
Growing Setup of Power Generation Facility to Promote Global Market Share of Industrial Air Compressor
The global industrial air compressor market is expected to rise significantly due to increased electricity output. In power plants, air compressors are used for cleaning and cooling. They are employed in the cleaning and removal of garbage from equipment, as well as the cooling of circuits and equipment. At the end of 2023, the global capacity of electricity produced from renewable sources is expected to rise by 4500 gigatonnes, this will be equal to the combined power output capacity of the United States and China. Additionally, across the globe renewable capacity projects are expected to increase by 107 gigatonnes (GW), the largest cumulative increase in history, reaching more than 440 GW by 2023.
On the other hand, growing urbanization and people moving to cities are also predicted to fuel market expansion. With the expansion of metropolitan regions, infrastructural development is rapidly increasing, followed by a surge in commercial institutions such as malls, hospitals, and offices. Urbanization causes an increase in transportation and logistical activities, as well as an increase in industry automation. Cities presently host 56% of the world's population or 4.4 billion people. This growing trend is likely to continue, with the number of urban dwellers more than triple by 2050 when cities are estimated to house about seven out of ten people.
Some of the major growth factors and challenges that are associated with the growth of the global industrial air compressor market are:
Growth Drivers:
• Surging Adoption of Automation in the Manufacturing Sector
• Rising Industrialization and Urbanization
Challenges:
There are numerous alternatives to industrial air compressor present in the market and it is one of the major factors anticipated to hamper the global market size of industrial air compressors. A few examples of air compressor alternatives are hydraulic systems, electric motors, nitrogen generators, battery-powered tools, vacuum pumps, and gas boosters. They all are used as per the specific need of the industry. Besides this, there are strict standards for emissions from industrial air compressors, and the competition among the manufacturers have dramatically increased. These factors are also expected to impede the market growth.
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Based on product type, the global industrial air compressor market is segmented into dynamic and positive displacement. The positive displacement segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth of the segment is attributed to the flexibility of positive displacement and high investment influx in the segment. Furthermore, the positive displacement air compressor is used in the construction sector, therefore growing development of infrastructure is also expected to drive the segment’s growth. On the other hand, by application, the market is further fragmented into food & beverage, construction, mining, oil & gas, pharmaceutical, semiconductor & electronics, agriculture, and manufacturing. Out of all, the oil and gas segment is to dominate the market growth. Moreover, semiconductors and electronics will garner the second-largest market share over the forecast period.
By region, the Europe industrial air compressor market is to generate the highest revenue by the end of 2035. This growth is anticipated by the rising focus of the region on automation. European industries are rapidly owning automation and industry 4.0 technologies, which are frequently dependent on industrial air compressors. Germany is Europe's most automated country, standing fourth in the world with 371 units. In Europe in 2020, annual supply accounted for 33% of total robot sales, with Germany accounting for 38% of operational stock. Furthermore, the growing capacity of renewable and clean energy and rising emphasis on reducing carbon emissions has led to an increase in the industrial air compressors market growth in the region.
This report also provides the existing competitive scenario of some of the key players of the global industrial air compressor market which includes company profiling of Aire Tex Compressor, Atlas Copco, Bauer Comp Holding GmbH, Bel Aire Compressors, Cook Compression, Frank Compressors, Galaxy Auto Service Equipment Co. Ltd., GENERAL ELECTRIC, Ingersoll Rand Inc., and MAT Holdings Inc.
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