North America 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), and by Industry Vertical (Manufacturing, Construction, Oil & Gas, Healthcare, and Others) –Opportunity Analysis and Industry Forecast, 2024– 2030
Industry: Construction & Manufacturing | Publish Date: 19-Jun-2024 | No of Pages: 190 | No. of Tables: 146 | No. of Figures: 111 | Format: PDF | Report Code : N/A
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North America Air Compressor Market Overview
The North America Air Compressor Market size was valued at USD 6.95 billion in 2023, and is predicted to reach USD 9.37 billion by 2030, at a CAGR of 3.9% from 2024 to 2030. In terms of volume, the market size was 288 thousand units in 2023, and is projected to reach 484 thousand units by 2030, with a CAGR of 7.2% from 2024 to 2030. An air compressor is an essential mechanical device used across various industries to generate compressed air, that is vital for many applications.
It primarily converts power from sources such as electric motors or diesel engines into potential energy stored as compressed air. This pressurized air is then used to power pneumatic tools and equipment, inflate tires, supply air to HVAC systems for climate control, and support industrial processes such as spray painting and packaging. Essentially, an air compressor provides a reliable source of compressed air, crucial for a wide range of tasks and operations in diverse business and industrial environments.
Rapid Growth in the Construction Industry Drives the Growth of the Market
Infrastructure development projects, involving tasks such as drilling, nailing, painting, sandblasting, and concrete spraying, drive the demand for the air compressor market in North America. Modern construction techniques and designs often require advanced pneumatic equipment and systems, necessitating the use of robust, high-capacity air compressors.
Whether for large-scale infrastructure projects, commercial construction, or residential developments, air compressors are essential for powering critical operations and ensuring smooth project execution. According to the World Bank Report 2022, the global construction industry is thriving, generating around USD 27.76 trillion in revenue in 2022. This surge in the construction sector heightens the need for reliable, efficient, and technologically advanced air compressor solutions to power complex tools and machinery.
Increasing Demand in the Oil and Gas Industry Boosts the Market Growth
The oil and gas industry significantly drives the growing global demand for air compressors in North America. According to International Agency report 2023, global oil demand is projected to reach 105.7 million barrels per day by 2028. This increasing demand necessitates the use of air compressors in gas compression and processing facilities to optimize production, minimize downtime, and ensure safety and regulatory compliance.
Additionally, drilling, a critical activity in the oil and gas sector, requires compressed air to power pneumatic drills and hammers for borehole drilling, well completion, and extraction of underground oil and gas reserves. From pneumatic drilling and gas compression to refining and offshore applications, air compressors are essential for enhancing efficiency and productivity across the oil and gas industry.
High Initial and Maintenance Costs Hinders the Growth of the Market
The initial cost involved with air compressors, alongside the requirement for regular maintenance such as filter changes, lubrication, and inspections, contributes to the total cost of ownership. This financial constraint acts as a restraining factor in the North America air compressor market growth. Consequently, small and medium-sized businesses hesitate to invest in new air filtration systems or upgrade existing ones, hence potentially slowing down the growth of the market.
The Integration of IoT Sensors and Cloud Platforms is Expected to Create Ample Growth Opportunities for the Market
The incorporation of IoT sensors and cloud platforms into air compressors is poised to unlock future growth opportunities within the North America air compressor market. This integration facilitates remote monitoring, predictive maintenance, and performance optimization of compressors. IoT sensors, embedded within air compressors, continuously gather real-time data on critical parameters such as temperature, pressure, and energy consumption.
Subsequently, this data is transmitted to cloud platforms where advanced analytics algorithms analyse it to identify potential issues, forecast maintenance requirements, and enhance compressor operations. Through harnessing IoT and cloud technologies, organizations can minimize downtime, improve equipment reliability, and optimize energy usage, thereby fueling demand for intelligent air compressor solutions and stimulating market expansion in North America.
U.S. Holds the Dominant Market Share in North America Air Compressor Market
The automotive industry of U.S. significantly increases the demand for air compressors due to their vital role in manufacturing processes. Air compressors empower pneumatic tools used in vehicle assembly, such as paint sprayers and impact wrenches.
According to the Alliance for Automotive Innovation report 2024, the automotive industry supports the American economy and strengthens communities in all 50 states. It generates more than USD 1 trillion into the economy every year through the sales and servicing of autos and flows through the economy, from revenue to parts suppliers to pay checks for assembly plant workers, from income for auto-related small business to revenue for government.
As the automotive sector in the country is expanding, it indicates a continuous need for efficient compressed air systems to support manufacturing processes, enhance productivity, and meet growing demands. Furthermore, as the agricultural production in the country rises, it accelerates the demand for the North America air compressor market for operating pneumatic seeders, sprayers, and irrigation systems, improving efficiency and precision in farming practices.
According to the American Farm Bureau Federation report 2024, the value of agricultural production increased in U.S. rising from USD 389 billion in 2017 to USD 533 billion in 2022 that is 40% nominally and 17% adjusted for inflation. Thus, it indicates a positive outlook for the rising demand for air compressor for efficient crop handling and production.
Mexico to Witness Substantial Growth in the North America Air Compressor Market
The significant growth of the oil and gas industry in the country drives the North America air compressor market demand due to its extensive reliance on compressed air for various critical operations. Compressed air is utilized in extraction processes in this industry, including pneumatic conveyors for transporting materials and pneumatic actuators for controlling valves.
According to the International Trade Administration report 2023, Mexico is one of the largest oil producers in the world with 1.6 million barrels produced daily in 2022, and the fourth largest in Americas after the United States, Canada, and Brazil.
Mexico was ranked at the 13th position globally in crude oil production, 21st in crude oil reserves, 16th in refined capacity, and 5th in logistics infrastructure with total market size of around USD 6.61 billion in 2022. As the oil and gas industry continues to increase, the demand for efficient and reliable air compressor systems rises to facilitate optimal oil processing and manufacturing.
Furthermore, the growth of pharmaceutical industry acts as an important catalyst for increasing demand for air compressors as it is essential for powering pneumatic tools used in pharmaceutical manufacturing, such as tablet presses and packaging machinery.
Compressed air is also used for cleaning, sterilizing, and maintaining aseptic conditions in pharmaceutical facilities. According to the latest report of the International Trade Administration, Mexico is the 15th-largest market for pharmaceuticals at global level and the second largest in Latin America after Brazil.
Approximately 400 laboratories manufacture pharmaceuticals in Mexico with a total sale of around USD 10.12 billion in 2022. Thus, the presence of large pharmaceutical sector necessities the need for reliable air compressor systems to support various pharmaceutical operations.
Competitive Landscape
The market players operating in the North America air compressor industry include Atlas Copco Group, Ingersoll-Rand PLC, Hitachi Ltd., Siemens Energy AG, Kaeser Kompressoren, MAT Holding, Inc., Elgi Equipment Limited, Sulzer Ltd., Mitsubishi Heavy Industries, Ltd., Anest Iwata, and others.
North America Air Compressor Market Key Segments
By Type
-
Portable
-
Stationary
By Technology
-
Rotary Screw
-
Centrifugal
-
Reciprocating
By Lubrication Type
-
Oil-Free
-
Oil-Injected/Flooded
By Power Rating
-
0-100 kW
-
101-300 kW
-
301-500 kW
-
501 kW & Above
By Cooling Method
-
Air Cooled
-
Water Cooled
By Industry Vertical
-
Manufacturing
-
Construction
-
Oil & Gas
-
Healthcare
-
Others
By Country
-
The U.S.
-
Canada
-
Mexico
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 6.95 Billion |
|
Revenue Forecast in 2030 |
USD 9.37 Billion |
|
Growth Rate |
CAGR of 3.9% from 2024 to 2030 |
|
Market Volume in 2023 |
288 thousand units |
|
Unit Forecast in 2030 |
484 thousand units |
|
Volume Growth Rate |
CAGR of 7.2% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Countries Covered |
3 |
|
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 Group
-
Ingersoll-Rand PLC
-
Hitachi Ltd.
-
Siemens Energy AG
-
Kaeser Kompressoren
-
MAT Holding, Inc.
-
Elgi Equipment Limited
-
Sulzer Ltd.
-
Mitsubishi Heavy Industries, Ltd.
-
Anest Iwata
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