DUBLIN--(BUSINESS WIRE )--The "Global Air Compressor Market By Product, By Type, By Lubrication, By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Air Compressor Market size is expected to reach $41.8 billion by 2027, rising at a market growth of 4.7% CAGR during the forecast period.
Air compressors are deployed in several industries like home appliances, semiconductors & electronics, food & beverages, healthcare, oil & gas, manufacturing, and energy.
The growth & demand of the air compressor in the global market is expected to be fueled by the surge in the requirement to reduce CO2 emissions and strict norms related to environmental conservation. In addition, air compressors show many benefits such as being eco-friendly, less maintenance costs, easy handling, and reliable features that are expected to accelerate the market growth.
The demand for air compressors across major end-use industries is expected to be accelerated by the surge in the adoption rate of variable-speed systems, efficient operation, retrofitting for present systems, and low maintenance cost. Energy-efficient compressors are in high demand because of their cost-effective operations. Conversely, the constant increment in the number of gas compressors stations has given rise to growing concerns pertaining to air quality. Therefore, air monitoring systems are extensively being deployed in order to gauge the impact of air and gas compressors. Some of the factors that boost the demand for air compressors are the massive investments in the market and the advent of non-oil and gas-based projects.
Leading players are coming up with eco-friendly and low-maintenance systems in order to motivate end-users to choose advanced products. Companies like Ingersoll Rand Plc and Atlas Copco Inc. have created advanced systems having superior capabilities to differentiate their products in this saturated market. Higher efficiency and declined noise levels are the major features provided by these air compressors.
Increasing demand for positive displacement compressors
Positive displacement air compressor plays a crucial role across various industries. In this type of compressor, the gas is released at the suction stroke of the piston, compressed by reducing the volume of the gas by striking the piston in the opposite direction, and lastly, discharged when the gas pressure surpasses the pressure acting on the outlet valve. Reciprocating compressors are highly beneficial to supply small amounts of gas at elevated pressures.
Booming Oil & Gas Industry
The demand & consumption of natural gas is expected to be huge among all the fuel types. The demand for natural gas is supplemented by the lower cost as compared to the other fossil fuel types. The LNG trade is expected to increase dramatically around the globe, leading to the higher demand for natural gas pipeline networks, thereby creating lucrative growth opportunities for the players operating in the global air compressor market.
Lack of technical expertise and high requirements for maintenance
Air compressors need timely maintenance for smooth operations. A person who has sound technical expertise can do this task. At times, it is difficult for the industries to find such a person due to the low availability of technical expertise in the market. In addition, key players must invest a hefty amount in R&D activities to improve the efficiency of air compressors. However, they are unwilling to put such an investment due to the loss & disruption incurred on them by the COVID-19 pandemic.
Chapter 1. Market Scope & Methodology
2.2 Key Factors Impacting the Market
Chapter 3. Competition Analysis - Global
3.2 Recent Industry Wide Strategic Developments
3.2.2 Product Launches and Product Expansions
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2017, Jun - 2021, Jun) Leading Players
Chapter 4. Global Air Compressor Market by Product
Chapter 5. Global Air Compressor Market by Type
Chapter 6. Global Air Compressor Market by Lubrication
Chapter 7. Global Air Compressor Market by Application
Chapter 8. Global Air Compressor Market by Region
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900