Market Research Future (MRFR) projects the global industrial air compressor market to reach USD 63.9 Billion at a CAGR of 7.02% from 2023 to 2030 (forecast period).
Multiple Factors to Augment Market Growth
The need for industrial air compressors is expanding in the global market as a result of rising energy consumption, development of liquefaction facilities, and rising demand for energy-efficient compressors all over the world. The usage of compressed air in material handling, machine tools, separation equipment, spray painting, and other applications to ensure ease and safety drives market demand.
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Furthermore, the demand for the industrial air compressor global market is fast expanding in the global industry, providing numerous potential prospects during the forecast period. The market’s use in high-explosive and fire-hazard zones gives a variety of potential prospects. Furthermore, technological advancements, combined with a growing emphasis on energy conservation, give market growth potential.
The Global Market to Recover Amid COVID-19 Pandemic
With the spread of the global pandemic of COVID-19, firms have experienced massive losses, pushing economies into forced recession. The increasing wave of the global pandemic has smothered the individual in the face of financial and health issues. The lockdown situation has resulted in the shutdown of most industrial units, resulting in a significant drop in the market’s sales revenue all over the world. Supply chain networks have also been affected, resulting in lower profit margins.
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However, the global market for industrial air compressors is likely to recover from the global pandemic of COVID 19 by effectively strategizing to satisfy the needs of their customers. It is also predicted to recover by the end of the third quarter of this year.
The global industrial air compressor market has been divided based on the seal, pressure, type, and end-user.
Based on the seal, the global industrial air compressor market has been divided based on the seal into oil-free seal and oil-lubricated seal.
Based on the pressure, the global industrial air compressor market has been divided based on the pressure into up to 20 bar, 20 – 100 bar, and above 100 bar.
Based on the type, the global industrial air compressor market has been divided based on the type into the dynamic type and positive displacement.
Based on the end-users, the global industrial air compressor market has been divided into the manufacturing industry, chemicals, and petrochemical industry, oil and gas industry, and many others.
Browse In-depth Market Research Report (110 Pages, Charts, Tables, Figures) Industrial Air Compressor Market –
APAC to Rule the Global Market
The Asia Pacific region has the biggest market share due to the increasing growth of liquefaction and regasification combined with industrialization, particularly in China, and the Asia Pacific region dominates the global market.
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