Originally published on Technavio:The anticipated growth of the industrial air compressor market size is USD 9.68 billion between 2023 and 2028, with a compound annual growth rate (CAGR) of 5.06%. This growth is influenced by factors such as the rising adoption of industrial air compressors in diverse industries, the introduction of new compressors, and the expanding geographical reach of market players. The report analyzes historical data from 2018-2022 while examining the present and projected market scenarios.

Market Dynamics
Researchers studied market research and growth data, using 2023 as the base year and 2024 as the estimated year. Key drivers, trends, and challenges for the market were identified.

Market Drivers
The surge in the adoption of industrial air compressors across various industries, such as chemicals, petrochemicals, food and beverage, and oil and gas, has significantly increased due to their versatility and efficiency. Industrial air compressors enhance productivity, reduce downtime, and minimize maintenance costs. Their ability to endure harsh industrial environments makes them a cost-effective solution, contributing to increased market growth.

Market Trends
A growing emphasis on energy-efficient industrial air compressor systems is observed, particularly in sectors like oil and gas. Compliance with energy efficiency regulations, especially in Europe and North America, is a key objective to reduce carbon emissions. The adoption of energy-efficient industrial air compressors, capable of remote monitoring and control, is driven by the need to lower power consumption. This trend, addressing environmental concerns, is expected to fuel market growth through the launch of new energy-efficient products.

Market Challenges
Fluctuations in raw material prices, particularly rare-earth magnets like neodymium used in industrial air compressors, pose challenges. The scarcity and mining complexity of these materials, mainly sourced from China, impact the production cost of compressors. Long-term contracts with suppliers are established to mitigate the impact of raw material price fluctuations. The challenge lies in securing a stable supply of rare-earth magnets, essential for the production of industrial air compressors, to maintain profitability and market growth.

Market Segmentation
The chemicals and petrochemicals segment is projected to experience substantial growth due to the extensive use of compressed air in critical tasks, including equipment for oil and gas supply, gas compression for pipelines, and cleaning and aeration processes. The segment accounted for USD 7.94 billion in 2018, emphasizing the vital role of industrial air compressors in these industries.

Type Segment Analysis:
The market segmentation into stationary and portable types indicates that the stationary segment is poised to hold the largest share. The demand for industrial air compressors in chemical and petrochemical applications, such as oil and gas supply and compression, is a key driver for the growth of the stationary segment.

Regional Analysis
Asia-Pacific (APAC) is anticipated to contribute 51% to market growth by 2028. The automotive, food and beverage, construction, and chemical industries are key end-users of industrial air compressors in the APAC region. Increasing automotive production, particularly in China, and the region's commitment to renewable energy and environmental sustainability initiatives are significant factors driving market growth in APAC.

Major Market Companies
Companies are implementing diverse strategies, including alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to bolster their market presence. Chart Industries Inc., offering air compressors like SF Series and SL Series, is an example of a company adopting such strategies.

To Learn deeper into this report , View Sample PDF

Detailed analyses of the competitive landscape cover 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. These companies are categorized based on their business approaches and strengths.

For more information please contact.

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/