AIR COMPRESSOR MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Air Compressor Market Analysis:

The Air Compressor Market is anticipated to experience growth from USD 36.11 billion in 2023 to USD 45.41 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 4.69% during the forecast period (2023–2028).

The COVID-19 pandemic had a negative impact on the market due to reduced demand from industries and end-users. For example, Atlas Copco, a major player in the market, experienced a decline in its compressor segment from SEK 48.286 million in 2019 to SEK 47.329 million in 2020. However, the company reported an increase in revenue after the second quarter of 2020. The air compressor market is expected to be driven by factors such as the growing oil and gas market, particularly gas production in countries such as the United States, China, and India, and increasing global energy consumption. The Food and Beverage (F&B) market is also driving demand for air compressors for processes such as processing, packaging, cutting, shaping, and more. However, the high power consumption and heat release of air compressors are significant restraints to the market due to environmental concerns.

Positive displacement air compressors are expected to grow significantly due to their increased market share in applications such as air conditioners, refrigerators, and larger industrial applications such as metallurgy and mining, papermaking and printing, electronic and electrical, electric power, and mechanical and electrical machinery. Technical advancements in the air compressor industry are leading to the development of products that require less operational and maintenance investment. For example, oil-free systems are expected to reduce maintenance expenses during certain intervals.

Asia-Pacific is expected to witness significant growth in the air compressor market due to ongoing growth in the oil and gas industry in India, China, and Japan. A broad industrial base for semiconductor and electronics manufacturing in China and Taiwan is also projected to drive the market further.

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