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The industrial air compressor market size is forecast to increase by USD 9.68 billion, at a CAGR of 5.06% between 2023 and 2028. The growth rate of the market depends on several factors such as increasing adoption of industrial air compressors in various industries, increasing launches of new industrial air compressors and ncreasing geographic expansion by market companies. Our report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
The increasing demand for energy in developing countries like China and India is expected to drive the demand for the market. Atlas Copco AB provides a range of industrial A/C, including ZR and ZT oil-free screw air compressors, oil-free air centrifugal compressors ZH and ZH Plus, and high-pressure PET bottle blowing compressors. Similarly, BOGE KOMPRESSOREN GmbH and Co offers industrial A/C such as the Screw Compressor C Series, Piston Compressor SRD, Piston Compressor SRMD, and EO series scroll compressor.
Market Forecast 2024-2028
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Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The use of industrial air compressors in different industries has recently seen a significant rise due to their versatility and efficiency in various applications. Industries such as chemicals, petrochemicals, food and beverage and oil and gas have widely adopted industrial A/C in their processes for various reasons. One of the crucial reasons for the increasing adoption of industrial air compressors is their ability to increase productivity and efficiency in industrial processes.
However, the popularity of industrial A/C is their ability to reduce downtime and maintenance costs. Industrial air compressors are designed and built to withstand harsh industrial environments and perform exceptionally well for prolonged periods. They also require minimal maintenance, which helps to reduce the overall operational cost of these compressors, saving both time and money. Thus, such factors are expected to drive the growth of the market during the forecast period.
There is a rising need to follow energy efficiency regulations in various initiatives, such as the oil and gas industry, to reduce emissions. One of the key objectives of increasing energy efficiency in these industriousness is to reduce carbon emissions and make them environment-friendly. Regional government authorities, especially in Europe and North America, are taking initiatives to guarantee that various types of industrial equipment, including air compressors, conform to the respective regional regulations on carbon emissions. Lowering electricity consumption is also a factor in adopting new energy-efficient A/C in industrial applications.
Moreover, the technology allows compressors to be monitored and controlled from remote locations anywhere in the world with the help of this Sigma controller. The introduction of energy-efficient industrial air compressors has encouraged the oil and gas industry to reduce its power consumption by replacing its old industrial air compressors with new energy-efficient industrial A/C. Thus, the increasing need for energy-efficient industrial air compressor systems, leading to the launch of new products, will drive the growth of the market during the forecast period.
Instability in raw material prices affects the cost of production of industrial A/C. Therefore, many key market vendors establish long-term contracts with suppliers to reduce the impact of raw material price fluctuations on their business operations. The scarcity of raw materials severely hampers the growth of the market. Motors that are used to manufacture industrial A/C require rare-earth magnets such as neodymium. Boron is required to convert the magnet into a permanent magnet motor. These magnets are twice as strong as typical ferrite-based magnets. Rare-earth metals are difficult to mine and process. Such metals are found in limited quantities across the world and are mainly present in China.
As a result, fluctuations in their prices impact the cost of such magnets and, in turn, permanent magnet motors that are integrated into industrial A/C. China is a key supplier of rare-earth magnets. Most compressor vendors procure industrial-grade motors from component providers. The above-mentioned factors reduce the profitability of vendors and adversely affect the growth of the market during the forecast period.
The chemicals and petrochemicals segment is estimated to witness significant growth during the forecast period. Compressed air is used extensively in the chemical and petrochemical industry for a variety of crucial tasks, such as in equipment that supplies oil and gas; in the compression of gases that must be pumped into gas and oil pipelines; and in cleaning and aeration processes of products.
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The chemicals and petrochemicals were the largest and were valued at USD 7.94 billion in 2018. Additionally, compressed air is utilized in pneumatic conveying systems, which, because of the compressed air, can handle chemicals securely, without contamination; pneumatic conveying systems are also used in oil and gas storage facilities or other applications where products are pumped to land from ships or other means. Industrial air compressors keep gases at high pressure for the safe transportation and storage of chemicals, making them essential tools for transporting chemicals in industrial settings. Compressed air is utilized to lower the volume of gases, make it easier to handle and store for aeration, and speed up drying processes. Thus, the increasing demand for chemicals in different initiatives and the increasing demand for petrochemical products will drive the demand for industrial air compressors, which, in turn, will boost the growth of the segment during the forecast period.
Based on the type, the market has been segmented into stationary and portable. The stationary ?segment will account for the largest share of this segment.? Compressed air is used extensively in the chemical and petrochemical endeavor for a variety of crucial tasks, such as in equipment that supplies oil and gas, in the compression of gases that must be pumped into gas and oil pipelines, and in cleaning and aeration processes of products. Additionally, compressed air is utilized in pneumatic conveying systems, which, because of the compressed air, can handle chemicals securely, without contamination; pneumatic conveying systems are also used in oil and gas storage facilities or other applications where products are pumped to land from ships or other means. Thus, the increasing demand for chemicals in different industries and the increasing demand for petrochemical products will drive the demand for industrial A/C, which, in turn, will boost the growth of the chemicals and petrochemicals segment during the forecast period.
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APAC is estimated to contribute 51% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The automobile, food and beverage, construction, and chemical industries are the key end-users of industrial air compressors in APAC. Industrial air compressors are used for applications such as maintaining tyre pressure, air-operated robots, product finishing, plasma cutting, and welding and painting in the automotive industry. APAC is recording a strong growth rate in automotive production and sales. In APAC, In addition, China is one of the fastest-growing economies in the world. Rapid industrialization has increased the pollution levels in the country. To curb emission levels, China has been investing in renewable energy resources.
Moreover, in the pursuit of a sustainable future, the country is increasing its use of natural gas in the transportation sector. Compressed air is used in the chemical and petrochemical industries for a variety of essential functions, including supplying production lines, compressing gases that need to be pushed into pipelines, and reducing the volume of gases that need to be stored. Increasing investments in the oil and gas industry in China, India, and a few other countries in APAC, as well as the increasing focus on optimizing oil and gas production, will spur the demand for industrial air compressors in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Chart Industries Inc. - The company offers industrial air compressors such as SF Series, SFG series, SL Series, ST Series, and SF Process Gas air compressors.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Atlas Copco AB, Baker Hughes Co., BOGE KOMPRESSOREN GmbH and Co. KG, Chart Industries Inc., Coaire Inc., Danfoss AS, Doosan Corp., Elgi Equipments Ltd, EMAX Compressor, Fusheng Precision Co. Ltd., Hitachi Ltd., Ingersoll Rand Inc., KAESER KOMPRESSOREN SE, Kirloskar Pneumatic Co. Ltd., Kobe Steel Ltd., MAT Holdings Inc., Mitsubishi Heavy Industries Ltd., NICE COMPRESSORS CO., Siemens AG, and Sulzer Management Ltd.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The Industrial Air Compressor Market thrives on advanced compressor technology, offering heavy-duty solutions for diverse sectors, including manufacturing, agriculture, and oil and gas operations. It encompasses reciprocating-type and rotary-type compressors known for their reliability in harsh environments. These compressors play a crucial role in various applications such as material handling, spray painting, and machine tools across industries like manufacturing, food, beverage, and pharmaceuticals.
Notable technologies like the Energy-saving ES control system and AirConnect Visualization System enhance overall efficiency. Companies like No Sabe Fallar, SA de CV, BIC Group, and Q Air-California contribute significantly to downstream oil and gas industries, particularly in petroleum gas processing. The market's versatility extends to cooling units, petroleum refining, petrochemical synthesis, and pipeline transportation, making it indispensable for gas injection and downstream oil and gas companies.
Industrial Air Compressor Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.06% |
Market Growth 2024-2028 |
USD 9.68 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.51 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 51% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Atlas Copco AB, Baker Hughes Co., BOGE KOMPRESSOREN GmbH and Co. KG, Chart Industries Inc., Coaire Inc., Danfoss AS, Doosan Corp., Elgi Equipments Ltd, EMAX Compressor, Fusheng Precision Co. Ltd., Hitachi Ltd., Ingersoll Rand Inc., KAESER KOMPRESSOREN SE, Kirloskar Pneumatic Co. Ltd., Kobe Steel Ltd., MAT Holdings Inc., Mitsubishi Heavy Industries Ltd., NICE COMPRESSORS CO., Siemens AG, and Sulzer Management Ltd. |
Market dynamics |
Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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