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NEW YORK , May 12, 2021 /PRNewswire/ --
The global air compressors market by product (stationary air compressor and portable air compressor) and geography (APAC, North America , Europe , South America , and MEA) has been added to Technavio's offering. The global air compressors market is expected to grow by USD 6.93 billion , at a CAGR of almost 4% during 2021-2025.
The outbreak of COVID-19 negatively impacted the air compressor market in 2020. Also, the rise in the number of COVID-19 cases due to the second wave of the outbreak has resulted in partial lockdowns in several countries. As a result, most non-essential and non-urgent industrial operations are closed temporarily. This has subsequently decreased investments in the oil and gas industry, which is expected to have an impact on the growth of the air compressors market in 2021.
The market is expected to be driven by factors such as the increased adoption of variable speed controllers, a surge in HVAC installations, and a shift to more energy-efficient compressors.
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Air Compressors Market: Opportunities The availability of favorable financing options and the reducing price of fossil fuels have led to a surge in the demand for automobiles in the global market. This has subsequently increased the use of air compressors in the automobile industry. In addition, North American countries such as the US and Canada are making significant investments in unconventional oil and gas exploration and production activities. This is expected to increase growth opportunities for market players during the forecast period.
Air Compressors Market: Segmentation by Product Based on the segmentation by product, the market generated maximum revenue in the stationary air compressors segment in 2020. The segment is driven by the increasing demand for stationary air compressors from the manufacturing and oil and gas industries. Also, stationary compressors have higher capacities and store a greater volume of compressed air compared to portable air compressors, which is crucial in driving the growth of the segment.
Air Compressors Market: Segmentation by Geography APAC held the largest market share in 2020 and the market growth in the region is expected to be slower compared to the growth of the market in South America . The growth of the market in APAC can be attributed to the increased demand for air compressors from the automotive and oil and gas sectors. In addition, factors such as rapid economic growth, rising disposable incomes, and increasing traffic congestion are expected to have a positive impact on the growth of the air compressors market in APAC over the forecast period.
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Air Compressors Market: Major Vendors
Atlas Copco AB The company offers reliable air compressors such as oil-free air compressors and oil-lubricated air compressors, for all low, medium, and high-pressure applications.
Deere & Co. The company offers a wide range of air compressors such as HR Series (Electric and Oil-Less), HR Series (Electric), Premium Serie (Gasoline), and AC Series (Gasoline, Diesel, and Electric).
Doosan Portable Power Co. The company is involved in the manufacture of air compressors, light towers, and aftermarket services for industries such as construction, mining, water well, and others. The company offers a full range of portable air compressors from 250-1400 cfm with 100-365 psi.
KAESER KOMPRESSOREN SE The company offers different types of reciprocating compressors including portable, stationary, oil-free, and boosters for use in construction sites, industrial applications, and small trade businesses.
Ingersoll Rand Inc The company offers a variety of wheelbarrow, portable, and truck-mounted reciprocating compressors, centrifugal air compressors, oil-free air compressors, and oil-flooded air compressors.
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Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com Report: www.technavio.com/report/air-compressors-market-industry-analysis
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