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2024 Global Analysis: Stationary Air Compressor Market Growth and Outlook
Stationary Air Compressor Market Growth
According to The Business Research Company's, The stationary air compressor market size has grown marginally in recent years. It will grow from $55.91 billion in 2023 to $56.85 billion in 2024 at a compound annual growth rate (CAGR) of 1.7%. The growth in the historic period can be attributed to industrialization and manufacturing growth, construction boom, automotive industry expansion, energy efficiency concerns, maintenance and repair needs.
The stationary air compressor market size is expected to see marginal growth in the next few years. It will grow to $61.36 billion in 2028 at a compound annual growth rate (CAGR) of 1.9%. The growth in the forecast period can be attributed to renewable energy projects, e-commerce and logistics growth, focus on sustainable practices, urbanization and infrastructure development, advancements in materials and design. Major trends in the forecast period include technological integration, technological advancements, energy efficiency and sustainability, smart technology integration, digitalization of operations.
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Market Drivers and Trends:
The increasing demand from the manufacturing sector is expected to propel the growth of the stationary air compressor market. The manufacturing sector is a critical segment of the economy involved in transforming raw materials and components into finished products that can be sold to consumers or used in other industries. The stationary air compressors are required in the manufacturing sector to provide a reliable source of compressed air for industrial applications. They are designed to produce and store compressed air at a much greater capacity than portable air compressors. For instance, in December 2022, according to the 2021 Annual Survey of Manufactures (ASM) published by the U.S. Census Bureau, a principal agency of the U.S. Federal Statistical System, the value of shipments in the country's manufacturing sector climbed by 16.8% between 2020 and 2021, reaching $6.1 trillion. Therefore, increasing demand from the manufacturing sector is driving the growth of the stationary air compressor market.
Major companies operating in the stationary air compressor market are forming partnerships in which two or more organizations develop stationary air compressors to meet larger customer bases, more sales, and increased revenue. For instance, in June 2023, Power Equipment Direct, a US-based e-commerce company, partnered with ABAC Air Compressors, a US-based air compressor manufacturing company. With this partnership, they aim to offer their customers a high-quality product from a trusted brand, gain access to ABAC's innovative integrated block technology, and develop air compressors. Further, in December 2021, Sullair LLC, a UK-based manufacturing company, partnered with Altorfer Rents, a US-based industrial air compressor equipment and tool rental provider. With this partnership, they aim to meet the growing demand for compressed air solutions in the construction industry, expand their distribution network, and provide their customers with a convenient one-stop shop for compressed air solutions.
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Major Key Players of the Market:
Phillips 66 Company, Idemitsu Kosan Co. Ltd., Dow Chemical Company, Bharat Petroleum Corporation Limited, Atlas Copco AB, Ingersoll-Rand plc, Calumet Branded Products LLC, Mat Holdings Inc., Gardner Denver, Kaeser Compressors Ltd., LIQUI MOLY GmbH, Elgi Equipments Limited, Sullair LLC, Quincy Compressor, Puma Industrial Co. Ltd., Chicago Pneumatic, Fusheng Group, Bauer Compressor Ltd., ABAC Air Compressors, Sullivan-Palatek Inc., Vanair Manufacturing Inc., Gast Manufacturing, Rolair Systems, Kulmec Compressor, MAX-Air, Saylor-Beall Manufacturing Company, Ciasons Industrial Inc., EMAX Compressor, Hubei Teweite Power Technology Company Limited, Zen Air Tech Private Limited
Stationary Air Compressor Market 2024 Key Insights:
• The stationary air compressor market size is expected to grow to $61.36 billion in 2028 at a compound annual growth rate (CAGR) of 1.9%.
• Manufacturing Sector Drives Growth In The Stationary Air Compressor Market
• Increasing Focus On Strategic Partnerships To Drive The Revenues
• Asia-Pacific was the largest region in the stationary air compressor market in 2023. The regions covered in the stationary air compressor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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