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iCrowdNewswire Dec 29, 2020 6:27 PM ET

Industrial Air Compressor Market to Develop at 5.63% CAGR by 2023


iCrowd Newswire - Dec 29, 2020

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Market Analysis 

The industrial air compressor market will grow at a healthy 5.63% CAGR between the forecast period 2017- 2023, states the recent Market Research Future (MRFR) analysis.

An air compressor market, simply put, is a device which converts power by using electric motors, gasoline or diesel engine and others into potential energy that is stored as pressurized air. Various factors are propelling the industrial air compressor industry growth. According to the recent MRFR report, such factors include ease of maintenance and energy efficiency, increasing industrialization, growing demand for energy-efficient compressors, rising energy consumption, expanding liquefaction facilities, advancements in compressor technology, focus on energy savings, growing investments to improve cross-border oil and gas transportation network, demand for processed food, need for an efficient and advanced air compressor, and growth of various industries such as food and beverage, pulp and paper, power generation, manufacturing, pharmaceuticals, chemicals and petrochemicals. 

On the contrary, high maintenance cost, availability of rental services, strict government legislation related to greenhouse gas emissions and noise pollution, and the current COVID-19 pandemic are factors that may impede the global air compressor market growth over the forecast period. 

Market Segmentation

The MRFR report highlights an inclusive segmental analysis of the global industrial air compressor market based on end use, pressure, seal, and type. 

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Regional Analysis 

By region, the industrial air compressor market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), South America, and the Middle East and Africa (MEA). Of these, the APAC region will lead the market over the forecast period. Rising industrialization, expansion of liquefaction and re-gasification plants, expansion of re-gasification facilities, positive displacement, booming pharmaceuticals, food and beverage, and power generation sectors, and proactive & new policy reforms to support the manufacturing sector in China and India are adding to the global industrial air compressor market growth in the region. 

In North America, the industrial air compressor market is predicted to have healthy growth over the forecast period and in Europe is predicted to have sound growth over the forecast period. 

In South America and the MEA, the industrial air compressor market is predicted to have steady growth during the forecast period for the huge number of reservoirs coupled with the growing demand for air compressors in different manufacturing industries. 

Key Players

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