Air Compressor Market by Type (Portable and Stationary), by Technology (Rotary Screw, Centrifugal, and Reciprocating), by Lubrication Type (Oil-Free and Oil-Injected/Flooded), by Power Rating (0-100 kW, 101-300 kW, 301-500 kW, and 501 kW & above), by Cooling Method (Air Cooled and Water Cooled), by Industry Vertical (Manufacturing, Construction, Oil & Gas, Healthcare, and Others)– Global Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Construction & Manufacturing | Publish Date: 29-Aug-2024 | No of Pages: 592 | No. of Tables: 311 | No. of Figures: 276 | Format: PDF | Report Code : CM17
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Market Overview
The Air Compressor Market size was valued at USD 29.89 billion in 2023, and is predicted to reach USD 40.82 billion by 2030, with a CAGR of 4.6% from 2024 to 2030. An air compressor is a mechanical device that converts power, often from an electric motor, gasoline engine, or other sources, into compressed air. It does so by compressing and pressurizing atmospheric air. Such compressed air can be used for various applications. The compressed air generated by an air compressor can find application in a wide range of industries and settings, including powering pneumatic tools, inflating tires, providing air for industrial processes, and others. Air compressors come in various sizes and types, ranging from small portable units for household use to large industrial systems, depending on their intended application and capacity.
Growing construction and infrastructure industry across the globe drives the market growth
The expanding construction and infrastructure industry is significantly driving the growth of the air compressor market. Air compressors are indispensable in construction, powering various tools and equipment, from nail guns to heavy machinery. Their versatility, cost-efficiency, and environmental friendliness make them a preferred choice for the construction industry. With the increasing urbanization and infrastructure development in emerging markets, the demand for air compressors is rising.
According to the most recent report from McKinsey, the construction sector ranks among the world's largest industries, contributing 13% to the global GDP. Due to the rapid growth of urbanization and population, the demand for construction machinery, including air compressors, is expected to rise. This surge in demand is expected to stimulate the growth of the air compressor market.
Increasing utilization in the automotive industry boosts the growth of the market
The air compressor market is experiencing substantial growth, driven by the automotive industry's increasing adoption of these versatile machines. Air compressors are essential for many automotive tasks, including inflating tires and powering pneumatic tools such as impact wrenches. Moreover, they enhance the precision and uniformity of painting and spray coating, which is critical for vehicle design. The adaptability of air compressors is a prime reason for their surging demand in the automotive sector, in which they cater to a range of needs, spanning manufacturing, repair, maintenance, and finishing processes. Technological advancements, particularly in energy-efficient models, further fuel this growth. This is due to automotive manufacturers aiming to reduce energy consumption and environmental impact. As a result, the air compressor market continues to play a pivotal role in improving the efficiency and quality of automotive operations.
For instance, in April 2023, ZF, the automotive technology company, launched an electric high-speed air compressor designed for fuel cell-powered medium and heavy commercial vehicles (M&HCVs). This innovative compressor is intended to enhance the efficiency and performance of fuel cell systems in the transportation sector. The development signifies a significant step in improving the sustainability and eco-friendliness of commercial vehicle fleets, especially those relying on fuel cell technology. The high-speed air compressor is expected to play an important role in the development of fuel cell-powered M&HCVs by delivering efficient and reliable compressed air for their operations.
Rising use of air compressors in HVAC and refrigeration systems drive the market growth
The growing adoption of heating, ventilation, and air conditioning (HVAC) and refrigeration systems in commercial and industrial sectors is a key driver of the expanding air compressor market. These systems are essential for maintaining precise environmental conditions in various settings, ranging from offices to manufacturing facilities. They rely on air compressors as they become vital components to operate efficiently. Several factors including a heightened focus on energy efficiency and sustainability, complex functionality needs, and evolving regulatory standards fuel the surge in air compressor demand in the HVAC and refrigeration sector. This trend underlines the dynamic nature of these systems and their diverse applications across various industries, contributing to a thriving air compressor market.
For instance, in May 2023, Mitsubishi Electric India's substantial investment in setting up a manufacturing unit for air-conditioners and compressors in Tamil Nadu is significant for the growth of the air compressor market. With the establishment of the plant, the demand for air compressors, both for powering tools and facilitating the production process, is anticipated to increase. Air compressors play an essential role in various aspects of air conditioner and compressor manufacturing, including assembly, testing, and maintenance, contributing to the growth of the air compressor market in the region.
Noise and air pollution restrain the air compressor market growth
The air compressor market faces notable constraints due to the increasing noise and air pollution concerns associated with compressor operations. The significant noise generated by air compressors, especially in industrial settings, poses challenges to compliance with noise regulations and community tolerance. Additionally, emissions and particulate matter released during compressor operation contribute to air pollution, raising environmental concerns and health risks. These issues are prompting businesses and manufacturers to seek quieter and cleaner compressor technologies, aligning with customer demands for eco-friendly solutions.
The IoT integration in air compressors creates market opportunities
The introduction of air compressors integrated with the Internet of Things (IoT) technology is poised to unlock substantial growth opportunities within the air compressor market. These IoT-enabled air compressors are expected to enhance efficiency, reduce downtime, facilitate predictive maintenance, and provide real-time monitoring and control, presenting a promising path for the market's expansion. As industries increasingly embrace smart and connected solutions, the introduction of IoT-enabled air compressors is likely to play a pivotal role in shaping the future of this market.
For instance, in September 2023, Elgi Equipments, a leading manufacturer of air compressors, introduced "AirAlert," an IoT-based real-time air quality monitoring system for air compressors. This innovative system is designed to provide accurate and continuous monitoring of the air quality in industrial and construction settings. It offers real-time data on air quality parameters, helping industries maintain safe and healthy working environments.
Asia-Pacific dominates the air compressor market
The growing construction and infrastructure industry in the Asia-Pacific region is significantly propelling the demand for air compressors market. With burgeoning urbanization, increased population, and expanding industrial activities, there is a surging need for construction and development projects. As the construction and infrastructure sectors in the Asia-Pacific region continue to flourish, the air compressor market is experiencing substantial growth. It provides the essential compressed air power needed for these dynamic and rapidly evolving industries. For instance, in August 2022, the Chinese government made a significant announcement, revealing plans for a substantial investment of about USD 1 trillion in infrastructure megaprojects. This ambitious investment is anticipated to have a considerable impact, giving a major boost to the construction and infrastructure sectors in China.
The growth of manufacturing industries in the Asia-Pacific region is crucial in driving the air compressor market. These industries, including sectors such as automotive and electronics, rely heavily on air compressors for various tasks. As the region's population grows and urbanization continues, there is an increased need for consumer goods, further boosting demand for air compressors. Additionally, industries are focusing on energy efficiency and sustainability, making modern and eco-friendly air compressors even more essential. This factor along with technological advancements contribute to the growth of the air compressor market in the Asia-Pacific region.
According to statistics from the Korea Employment Information Service, manufacturing industries in South Korea are growing rapidly, driven by the compelling force of nearly 349,000 active manufacturers engaged in the production of materials, parts, modules, finished products, and equipment. This surge in manufacturing activities has emerged as a prominent driver of the air compressor market growth. Air compressors have become an indispensable component in this dynamic landscape, providing the essential power for tools, assembly processes, and manufacturing operations across various industries, further bolstering the market's expansion.
North America is expected to show steady growth in the air compressor market
The presence of one of the largest oil and gas industries in North America plays a major role in driving the growth of the air compressor market. The oil and gas sector relies extensively on air compressors for various critical operations, including powering pneumatic tools, facilitating drilling processes, maintaining good productivity, and ensuring the integrity of pipelines and equipment. As the oil and gas industry experiences a resurgence and expansion in this region, the demand for reliable and high-performance air compressors has substantially increased.
According to the Council on Foreign Relations report, the U.S. is the world's top producer of oil & natural gas, producing 11 barrels of oil and 100 billion cubic feet of natural gas on a daily basis in 2021. This robust industry’s presence is driving innovation and expansion within the air compressor market, boosting the growth of the air compressor market in North America.
Moreover, the presence of key market players in this region boosts the growth of the air compressor market. For instance, in March 2023, Elgi Equipments launched its latest GP35FP portable air compressor. This innovative compressor is designed for the fiber optic cable-blowing industry. Its exceptional qualities include high maneuverability, ease of transport, and the option for installation on a utility truck or trailer. It also features a moisture separator unit, providing reliable functionality immediately.
Competitive Landscape
Several market players operating in the air compressor market include Atlas Copco AB, Kobe Steel Ltd., Elgi Equipment Limited, Ingersoll-Rand PLC, Kirloskar Pneumatic Company Limited, Mitsubishi Heavy Industries Ltd., Sulzer Ltd., Ebara Corporations, Porter Cable, VMAC Global Technology, Inc., and others. These companies are adopting various strategies such as product launches to remain dominant in the market.
For instance, in August 2023, Doosan Bobcat introduced a new 150 HP industrial air compressor, further expanding its product offerings in the industrial equipment sector. The launch was aimed toward the diverse needs of industrial applications, delivering reliable compressed air solutions. The new 150 HP industrial air compressor exemplifies Doosan Bobcat's commitment to providing high-quality equipment for industrial operations.
Moreover, in May 2023, Atlas Copco launched its battery-driven portable screw air compressor, marking a significant step toward sustainable and emission-free construction equipment. The new battery-driven compressor offers enhanced flexibility, reduced environmental impact, and a quieter operation, aligning with the industry's growing focus on sustainability.
Key Market Segments
By Type
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Portable
-
Stationary
By Technology
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Reciprocating
-
Rotary
-
Centrifugal
By Lubricant Method
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Oil-free
-
Oiled
By Power Ratings
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1–100 KW
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101–300 KW
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301–500 KW
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More than 500 KW
By End User
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Food & Beverage
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Oil & Gas
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Manufacturing
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Power Generations
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Medical
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Others
By Region
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North America
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The U.S.
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Canada
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Mexico
-
-
Europe
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The U.K.
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Germany
-
France
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Italy
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Spain
-
Denmark
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Netherlands
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Finland
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Sweden
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Norway
-
Russia
-
Rest of Europe
-
-
Asia-Pacific
-
China
-
Japan
-
India
-
South Korea
-
Australia
-
Indonesia
-
Singapore
-
Taiwan
-
Thailand
-
Rest of Asia-Pacific
-
-
Rest of the World (RoW)
-
Latin America
-
Middle East
-
Africa
-
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 29.89 Billion |
|
Revenue Forecast in 2030 |
USD 40.82 Billion |
|
Growth Rate |
CAGR of 4.6% from 2023 to 2030 |
|
Analysis Period |
2022–2030 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
The expanding construction and infrastructure sector The increasing utilization of air compressors in the automotive industry Rising use in the heating, ventilation, air conditioning (HVAC) systems and refrigeration |
|
Countries Covered |
28 |
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Atlas Copco AB
-
Kobe Steel Ltd.
-
Elgi Equipment Limited
-
Ingersoll-Rand PLC
-
Kirloskar Pneumatic Company Limited
-
Mitsubishi Heavy Industries Ltd.
-
Sulzer Ltd.
-
Ebara Corporations
-
Porter Cable
-
VMAC Global Technology, Inc.
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