Air Compressors Market to Reach $46.2 Billion by 2031
PORTLAND, OR, UNITED STATES, September 13, 2023/EINPresswire.com/ — Air compressor, as the name suggests, compresses the ambient air from the surroundings and stores it for future discharge at a higher pressure. Air compression systems, thus, convert mechanical energy to potential energy by storing air or gas under high pressure for future use. From manufacturing and construction to agriculture and energy generation, etc., air compression systems are used in almost all industries. The air compressor market size was valued at $28.4 billion in 2021, and is estimated to reach $46.2 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.
Application of air compressors in different sectors
The most common application of air compressors in the manufacturing sector is for powering conveyer belts and pneumatic tools. Air compression systems are also used in the food and beverage industry as an essential component of packaging equipment. They are used in packaging equipment to ensure that the packaging is contaminant-free and is tightly sealed to avoid entry of air from outside. Air compression systems find huge applicability in the construction sector as well; they are used to power essential tools and equipment like drills, power hammers, nail guns, etc. Due to their unique advantage to offer uninterrupted power supply, air compressors can be used in remote projects where there is an inconsistent electricity supply.
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Agriculture is another area where air compression systems are regularly used to power ploughing machines, tractors, irrigation pumps, and fertilizer sprays. Oil drilling equipment powered by air compression systems are slowly replacing traditional equipment owing to air compressor’s stable power output. The home and décor industry, too, employs air compression systems for spray painting and pressure washing of furniture and mattings.
Factors pushing the air compressors industry forward
One factor which has directly impacted the global air compressor market in a positive way is the rising demand and usage for portable tools like impact wrenches, portable jackhammers, nail guns, screwdrivers, etc. All these tools use portable air compression systems which aids in the market’s growth. Additionally, in the past few years or so, there has been a gradual rise in the consumption of packaged foods. This has naturally led to an increase in demand for air compression systems from the packaging industry for clean, safe, and hygienic packaging.
Apart from the drivers mentioned above, a surge in demand for air compression systems from various end-use industries such as oil & gas industry, mining, home and décor industry is predicted to help the air compression systems industry flourish. A growth in the automobile manufacturing industry, too, is expected to influence the air compressor market significantly.
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Product launches by leading companies
To cater to the demands of various industries satisfactorily, many companies in the market have launched their flagship products. For instance, in May 2023, Rotair, a leading machinery manufacturing company, announced the launch of sustainable and portable air compression systems MDVN34E and MDVN32B. The company was awarded the “Innovation Award” for these systems due to their sustainable electrification models and the operational flexibility that they offered.
Similarly, in July 2023, Atlas Copco India, an industrial tools manufacturing company, announced the launch of 8 Series Utility range air compression systems which are suitable for highway works and crash barrier repairs.
This competitive spirit shown by the leading players of the market along with the growing demand for air compression systems from different end-use industries is projected to widen the scope of the market in the coming period.
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COMPETITION ANALYSIS
The major players profiled in the air compressor market analysis include Atlas Copco AB, Ebara Corporation, Elgi Equipment Ltd., Ingersoll Rand Inc., Kirloskar pneumatic company limited, Kobe Steel Ltd., Mitsubishi Heavy Industries Ltd., Sullair, Sulzer Ltd., and VMAC.
Author Bio: Akhilesh Prabhugaonkar holds a bachelor’s degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the field of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.
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