Air compressor market 2020
The demand for air compressors is expected to spur considerably over the coming years, partly due to its essential application across cold storage facilities. Technological advancements have led to the development of energy-efficient air compressors that offer reduced maintenance costs and have a lower impact on the environment.
Availability of compressors that come with multiple configurations and provide a varied range of supply pressures is aiding product demand. While the advent of high-capacity, portable air compressors that offer better performance and versatility could fuel new revenue proceeds in the industry.
According to a study led by Global Market Insights, Inc., the air compressor market is estimated to surpass US$107.56 billion by 2026.
The manufacturing sector is anticipated to amass a noteworthy share to this growth owing to rising demand for heavy-duty compressors that offer higher air pressure capacity for running diverse industrial applications. For the record, centrifugal air compressors are mostly used across such industrial operations. The product is renowned for its high air power output and pressure capacities. Notably, on the other hand, oil & gas, energy, construction and mining are some other areas where air compressors are gaining prominence.
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However, heavy duty models of air compressors are usually expensive owing to their bulky nature, manufacturing & operational complexities and higher efficiencies. Nevertheless, with increasing investments aimed at driving new construction and mining activities, the adoption rate of such air compressors could spur considerably over time.
The food and beverage sector is also garnering a major share in the air compressor market. Growing consumer inclination towards packaged and perishable food products has led to the demand for efficient refrigerant compressors.
These systems are mostly installed across cold storage facilities and warehouses for maintaining and preserving various food products. Development of new food processing plants and warehouses to increase storage capacity may augment product demand. While estimates suggest that the food & beverage segment make accrue maximum gains of over 6% CAGR over the projected period.
According to regional share, Latin America air compressor market is expected to register a 3.4% CAGR between 2020 to 2026. Factors like easy availability of low cost labor, raw materials, and abundance of land have motivated manufacturing industries to expand their business capacity.
For the record, air compressors are widely used in the region across manufacturing processes like industrial good & machinery manufacturing. Supportive government initiatives to augment expansion of industrial hubs and manufacturing plants are likely to favor product penetration across LATAM.
Meanwhile, on a global scale, the demand for air compressors is expected to proliferate on account of surging infrastructural development activities and growing construction of green buildings. According to reports, countries like China, Indonesia, Vietnam and Thailand are undertaking AC manufacturing line conversion projects for supporting the Montreal Protocol. Initiatives such as these may favor the growth of global air compressor market size over 2026.
Author Name : Mateen Dalal