Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Air Compressor Market Product overview
Compressors are the device that works on mechanical principle of compressing gas. It increases the pressure of the gas by decreasing the volume. An air compressor is a machine which converts electrical energy into kinetic energy, specifically by utilizing compressed air. It is similar to pump both have the same role of compression. The Law on which compressor is based is Boyle’s Law. It is mainly of two types Gas Compressors and Air Compressors. An air compressor is a distinct type of gas compressor. It is a device that converts Power into Kinetic energy. The distinct types of Air Compressor are positive displacement compressor and Dynamic displacement compressor. They are used in process industries, which include sectors such as petroleum, power generation, chemicals, automotive, pharmaceuticals, mining, food & beverages, and others. These devices play an important role in improving the efficiency, safety, and profitability of the industries.
Market Size and Forecast
The CAGR of Air compressor market is expected to be 4% during the year 2018-2027. It is expected to achieve a market of around USD 26 Bn by 2027. Rapid industrialization especially in developing countries has significant emphasis on energy conversion which has led to advancements in compressed technology. Industrial air compressors are specially designed to compress extensive volume of air to high pressure and harness this air as a major potential energy source. Various applications of the end uses industrial air compressors are supply clean air to fill gas cylinders, drive pneumatic HVAC systems and drive Pneumatic tools.
The Asia-Pacific region is witnessing the rapid increase in sale of Air Compressors. The developing countries such as China and India are rapidly undergoing industrialization on the account of which the demand for air compressors is rapidly increasing. The countries are creating various investment opportunities for key market players to establish themselves.
The US air compressor market is likely to expand significantly owing to large base of automotive sector in the country. It is anticipated that automotive sales in the country will grow by 0.7%. It is currently the second largest market in the world. Huge investment in automobile sectors in North America is also a reason for the expansion of the market.
The Europe is the third largest market in this industry. The demand for the Reciprocating compressor is increasing amongst end user industries which are present in Europe (especially power generations and manufacturing companies) on the account of rapid industrialization in automotive industry. This is anticipated to foster the growth of the market of compressors in Europe. Germany is a major market in the Europe as the country has the significant number of companies in car manufacturing.CLICK TO DOWNLOAD FREE SAMPLE
MARKET SEGMENTATION
Our in-depth analysis segmented global air compressor market in the following segments:
By Type
By Lubrication Method
By Power Rating
By End-User Industry
By Region
Global air compressor market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The efficient design of models of air compressors which increases the efficiency of the compressor has been adopted by the industries around the world. The recent technology is of low cost which is received by large number of buyers hailing from different background. The new models are more conventional in nature providing less noisy and oil free lubrications concerned in the compressors. The market has witnessed an upsurge in energy efficient products. The remote sensing technology is anticipated to gain significant traction in the air compressor market.
The substantial increase in the energy efficient and cost effective products which has positive impact on the efficiency is expected to foster the market growth of air compressor market during the forecast period. The technological developments such as development of IoT (Internet of Things) and key industry initiative such as Industry 4.0 will propel the growth of air compressor market.
Key Players
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