The industrial air compressor market is on track for significant growth, with an estimated value of approximately USD 3.12 billion in 2023 and a forecasted compound annual growth rate (CAGR) of 8.2%. This analysis, conducted by Future Market Insights (FMI), highlights several key factors driving this upward trend.
The COVID-19 pandemic disrupted global economies, halting supply chains and manufacturing operations. Consequently, the industrial air compressor market experienced a notable decline. However, as economic activities resume and the pandemic is brought under control, the market is expected to rebound.
A significant trend shaping the market is the increasing focus on developing digitally controlled systems, including automated and digitalized compression solutions. These innovations are projected to create favorable growth opportunities in the industrial air compressor sector.
The oil and gas industry is expected to remain a crucial growth driver for industrial air compressors. According to the report, both the oil and gas sector and the automotive and transportation industries are anticipated to generate the highest sales throughout the forecast period, presenting attractive growth prospects in the near future.
Growth Forecast: The industrial air compressor market is projected to register a CAGR of approximately 4.6% over the forecast period from 2021 to 2031.
Regional Highlights:
The United States is identified as a primary market, accounting for over 70% of sales within North America, largely due to expanding oil exploration activities.
The United Kingdom is expected to see above 6% year-on-year growth in 2021 in value, driven by improvements in the
Countries like Germany and France will experience growth due to diverse applications of industrial air compressors.
Rising demand for power generation in Japan and China will further propel market expansion.
The industrial air compressor market is highly consolidated, with leading players holding over three-fourths of the market share. The presence of small regional players intensifies competition.
The future of the industrial air compressor market looks promising, bolstered by increased investments in mechanical equipment and advancements in technology. FMI, a leading global provider of market intelligence and consulting services, remains committed to offering insights that help stakeholders navigate the evolving landscape of the industrial air compressor market.
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