April 01, 2022 18:00 ET | Source: Precedence Research Precedence Research
Tokyo, April 01, 2022 (GLOBE NEWSWIRE) -- The global air compressor market size was valued at US$ 33.31 billion in 2021. The global air compressor market is expected to grow rapidly during the forecast period owing to the surging demand for the air compressors across various end use verticals such as food and beverages, mining, electronics, healthcare/medical, oil and gas, construction, and others.
The growing demand for the innovative air compressors to effectively provide power to the tools at low cost is driving the market growth. Moreover, the surging investments in the development of enhanced oil and gas pipeline networks in the countries like US and the rapid industrialization of the developing regions are the most prominent market drivers. The constant product launches by the key market players is further fueling the growth of the market across the globe.
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Asia Pacific accounted for a market share of over 30% and dominated the global air compressor market in 2020. Asia Pacific is characterized by the presence of numerous industries. The government policies and investments has significantly fostered the development of various industries in the region. The countries like China, India, South Korea, and Taiwan are some of the major manufacturing centers of the globe. The availability of cheap labor and raw materials has propelled the growth of the manufacturing sector in Asia Pacific, which has resulted in the huge demand for the air compressors. The rapid industrialization of the Asia Pacific region is further expected to spur the demand for the air compressors in the forthcoming future.
North America is expected to grow at a significant rate throughout the forecast period. The innovative eco-friendly air compressors are gaining rapid traction in the various end use verticals in North America. The rising adoption of the latest technologies to increase operational efficiency and reduce costs along with the enhanced production is driving the adoption of the various air compressors in the industries in North America.
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Rising demand for the durable compressors
The demand for the highly durable air compressor is boosting for the applications in the drilling process. The increment in the use of various machineries in the manufacturing and other industries has fueled the market growth. The rapidly growing oil and gas industry owing to the rising demand for power and fuel across the globe is significantly boosting the demand for the durable air compressors. The surging consumption of oil all over the globe is expected to drive the demand for the air compressors among the oil producers to increase productivity at lower costs.
The installation cost of the modern compressors in high
The installation of modern and innovative air compressors like rotary air compressor involves a high procurement and installation costs. The high capital investments may restrict the end users with restricted financial capacities to adopt the modern air compressors. This is major restraining factor that may hamper the market growth during the forecast period.
The manufacturers are investing heavily in the R&D and are constantly engaged in the introduction of new and innovative features in the air compressors. For instance, in February 2021, Sullair introduced its Mid-Range Series Portable Compressors. This product is integrated with the electronic spiral valve technology that offers flexibility and enhanced operational efficiency. These new features may provide various growth prospects in the foreseeable future.
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Low penetration in the underdeveloped market
The industrial growth in the underdeveloped economies is very low. The low presence of the industries in the underdeveloped markets is limiting the growth of the air compressor market.
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