Press release
Air Compressor Market 2031: Observing Growing Popularity to Reach $46.2 Bn with a CAGR of 4.9%
An air compressor is a pneumatic device that converts power from an electric motor, diesel, or gasoline engine into potential energy stored in pressurized air.Products like nail guns, paint sprayers, pressure washers, cutting tools, polishers, impact wrenches, socket wrenches, screwdrivers, and tire inflators are commonly used for domestic purposes, each utilizing some type of portable air compressor. Portability is a major advantage of air compressors. In various industries such as construction and mining, portable tools are essential for completing a range of tasks. The mobility limitations of electric and hydraulic equipment often make them impractical for such operations. Since air-powered tools and their power sources can be challenging to move, portable air compressors provide an effective solution to this issue. Consequently, the demand for air compressors in manufacturing these machines is expected to drive market growth.
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The air compressor market size was valued at $28.4 billion in 2021, and is estimated to reach $46.2 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.
In numerous industries such as construction and mining, the need for portable tools is essential for accomplishing a diverse range of tasks. Mobility poses a notable challenge for electric and hydraulic equipment in such environments, making it impractical to carry out operations with these tools. Portable air compressors emerge as a viable solution to this challenge, offering mobility where air-powered tools and their power sources can be cumbersome. Consequently, the market for air compressors utilized in manufacturing such machinery is anticipated to propel the growth of the air compressor market.
The initial expense of purchasing and installing modern rotary screw compressors grew high. Increased costs may discourage customers from purchasing these products. In addition, regular servicing and maintenance are necessary for the correct operation of these compressors.
Furthermore, the deployment of knowledgeable and experienced operators is crucial for the system's efficient and trouble-free operation due to the greater complexity of the design, installation, and operations. In addition, to prevent issues such as condensate buildup and rust formations, the user must keep a minimum level of daily use of the compressors. The complicated system must be effectively managed and maintained, which raises the maintenance costs for the processes and lowers their profitability to some extent.
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Competition Analysis:
The major players profiled in the air compressor market analysis include 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., and VMAC.
KEY FINDINGS OF THE STUDY
• The report provides an extensive analysis of the current and emerging global air compressor market trends and dynamics.
• Based on type, the stationary segment dominated the market in 2021.
• Based on technology, the reciprocating segment dominated the market in 2021.
• By lubrication method, the oiled segment generated the highest revenue in 2021.
• Region-wise, Asia-Pacific dominated the market in 2021. And LAMEA is anticipated to dominate the global air compressor market exhibiting the highest CAGR during the forecast period.
• The report provides an extensive analysis of the global air compressor market trends and emerging opportunities of the market.
• The global air compressor market forecast analysis from 2021 to 2031 is included in the report.
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