Norway 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: 20-Jun-2024 | No of Pages: 143 | No. of Tables: 108 | No. of Figures: 73 | Format: PDF | Report Code : N/A
Norway Air Compressor Market Overview
The Norway Air Compressor Market size was valued at USD 183.2 million in 2023, and is projected to reach USD 305.2 million by 2030, at a CAGR of 7.1% from 2024 to 2030. In terms of volume, the market size was 5 thousand units in 2023, and is projected to reach 10 thousand units by 2030, with a CAGR of 10.3% 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.
Presence of Maritime Industry Creates Demand for Air Compressors in Norway
The presence of a large maritime industry in Norway drives the demand for air compressors, which are crucial for ship maintenance and operations. In shipbuilding and maintenance, air compressors are indispensable for powering pneumatic tools used in welding, cutting, and painting processes, enhancing efficiency and precision.
According to the International Trade Administration report 2023, Norway is one of the world’s largest maritime offshore nations and has been a major player in shipping and shipbuilding for over 150 years. The country controls the world’s 4th largest merchant fleet, with around 1,634 Norwegian-controlled ocean-going ships registered in 2023. The ability of air compressors to maintain proper pressure in pneumatic equipment and systems ensures the smooth functioning and safety of maritime operations.
Oil and Gas Sector fuelling the Norway Air Compressor Market
The crucial role of air compressors in Norway’s oil and gas production is further accelerating their demand. Air compressors are essential for compressing natural gas during extraction, processing, and transportation. They power pneumatic tools for maintenance tasks, assist in gas processing and separation, facilitate material handling through pneumatic conveying, and support instrumentation and control systems for precise operation.
According to the International Trade Administration report 2024, Norway is the 8th largest natural gas producer in the world and ranks as the 4th largest exporter of natural gas globally. In 2022, Norway replaced Russia as the largest supplier to the European natural gas market, exporting 122 billion standard cubic meters. The expansion of natural gas production calls for the growing adoption of air compressors to support infrastructure growth and operational optimization.
High Initial and Maintenance Costs Hinders the Growth of the Market
The initial cost of air compressors, coupled with the need for regular maintenance such as filter changes, lubrication, and inspections, adds to the total cost of ownership. This financial burden serves as a limiting factor for the growth of the air compressor market. As a result, small and medium-sized businesses often hesitate to invest in new air compressor systems or upgrade their existing ones and it is slowing down the market expansion.
The Integration of IoT Sensors and Cloud Platforms is Expected to Create Ample Growth Opportunity for the Market
The incorporation of IoT sensors and cloud platforms into air compressors is poised to unlock future growth opportunities within the 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.
Competitive Landscape
The market players operating in the Norway 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., and Anest Iwata, among others.
Norway 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
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 183.2 Million |
|
Revenue Forecast in 2030 |
USD 305.2 Million |
|
Growth Rate |
CAGR of 7.1% from 2024 to 2030 |
|
Market Volume in 2023 |
5 thousand Units |
|
Unit Forecast in 2030 |
10 thousand Units |
|
Volume Growth Rate |
CAGR of 10.3% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
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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