Industrial air compressor market is projected to witness a CAGR of 6.56% during the forecast period 2024-2031, growing from USD 15.04 billion in 2023 to USD 25.01 billion in 2031. The market thrives at a decent CAGR, attributed to industrialization, technological advancements, and urbanization.
Air compressors are vital to the manufacturing industry due to their versatility and essential role in various sectors. By compressing atmospheric air to higher pressures, these machines generate compressed air used in a wide range of manufacturing applications. Compressed air is flexible and cost-effective, making it a great choice for manufacturing. It delivers pressure when required, perfect for driving pneumatic tools, controlling systems, and precise assembly tasks. Additionally, safety and eco-friendly features, make it a smart pick for powering jobs in various industries.
The rising focus on efficient air compressors, along with smart technological integration, is likely to fuel the market growth. The combination of intelligent technology and the Internet of Things (IoT) is on the rise. Contemporary air compressors come with sensors and features for connectivity that enable continuous tracking, anticipatory upkeep, and diagnostics from a distance, improving the efficiency of the entire system and minimizing periods of inactivity. Air compressors deliver compressed air for sustainable energy alternatives.
For instance, in March 2024, Atlas Copso AB launched its next-generation GA and GA+ fixed-speed smart industrial air compressor. The latest models are top-tier mid-range industrial compressors that provide increased airflow at a reduced expense in energy, compared to their earlier versions. Each is equipped with a new compression component, an IE4-efficient motor, larger cooling units, and a cutting-edge hybrid bearing that boosts the durability of the drivetrain by 33%.
Higher Efficiency and Advent of Portable Air Compressors to Fuel Market Growth
More efficient air compressors consume less energy, which leads to lower operational costs. As energy expenses represent a significant portion of total costs for industrial operations, higher efficiency translates into substantial savings for businesses. Industries are increasingly seeking air compressors with advanced efficiency features, such as variable speed drives (VSDs) and improved motor technologies. This directs the market for high-performance models and spurs innovation in compressor technology. Furthermore, quick portability delivers higher industrial benefits and cuts operational time and effort.
Portable air compressors are favored in industries where mobility is essential, such as construction, mining, and maintenance. Their ability to be easily transported to different job sites makes them highly versatile and desirable for various applications. The demand for portable compressors has led to a segmentation of the market, with a focus on developing models that balance portability with performance. Hence, companies are rapidly introducing new air compressors with easy mobility.
For instance, in March 2023, Elgi Equipments Limited launched the new GP35FP portable air compressor at CONEXPO-CON/AGG 2023. In addition to the GP35FP, the latest addition to the portable compressor portfolio, ELGi displayed the D185T4F model. The ELGi GP35FP is uniquely crafted and produced to cater to the requirements of professionals who work with fiber optic cable blowing. The GP35FP is agile and simple to move and carry. It comes with a skid option for setting it up on a utility vehicle or trailer.
Increased Role in Modern Manufacturing and Higher Efficiency Fuels Market Growth
The period of the Industrial Revolution saw rapid technological advancements and innovations. The development of more efficient and reliable air compressors was part of this broader trend, as engineers and inventors sought to improve machinery and industrial processes. Technologies such as AI, machine learning, connected systems through IoT, and new future-ready designs for higher efficiency are anticipated to shape the market dynamics.
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Role of air compressors in manufacturing is crucial in modern industrial operations, playing a key role in various critical processes like powering pneumatic tools, painting and finishing, assembly line operations, cleaning and maintenance, and material handling. The increased role in modern manufacturing has propelled the market expansion with more companies’ air compressors through technological integrations. The end-user industry prefers smart air compressors that are future-ready with IoT capabilities. These smart air compressors allow one to monitor the compressing performance while optimizing energy use, helping with the maintenance requirements.
For instance, in March 2024, Hitachi Global Air Power LLC (Hitachi Ltd.) launched Sullair TS 190-260, a series two-stage rotary screw air compressor. Based on the most recent efficiency data released in compliance with the Compressed Air and Gas Institute’s (CAGI) third-party verification methodology, the series is engineered for excellence, offers best-in-class efficiency.
Easy Mobility, Lower Logistic Cost, and Wide Range of Applications to Propel Segmental Growth
Based on design, portable industrial air compressors segment is growing at a higher pace. The increased adoption of portable air compressors is attributed to factors, such as flexibility and mobility, space efficiency, and decreased setup time. For instance, portable air compressors can be easily moved from one location to another, allowing for on-site operations and flexibility in job sites. This mobility is helpful for fields such as field maintenance, mining, and construction. Portable compressors are smaller and take up less space than stationary compressors, making them perfect for spaces that must be used effectively or for situations where space is at a premium. When compared to stationary systems, these compressors frequently require less setup. In dynamic work contexts where efficiency is critical, this rapid deployment may be essential.
For instance, in July 2023, Atlas Copso AB introduced the XATS 900E electric portable compressor. The compressor is equipped with a highly efficient and quiet 160kW motor. The XATS 900E is an energy-efficient substitute for conventional diesel-powered compressors. It can supply compressed air at pressures between 7 and 10 bar (100 to 150 psi) and up to 25 m3/min (900 cfm), while saving consumers money on maintenance and operating expenses.
Asia-Pacific Dominates Industrial Air Compressor Market Share
Asia-Pacific leads in the global industrial air compressor market in terms of market size. The rapid industrialization and urbanization in emerging economies such as China and India are projected to contribute to market share. The other factors that are attributed to the growth of the regional market are an adaptation of the elements of Industrial Revolution 4.0, such as machine learning, the Internet of Things (IoT), and artificial intelligence.
China and India’s economies have grown exponentially, with manufacturing and industries being at the center. Rapid industrialization covers various industries such as automotive, electronics, and consumer goods. The constant infrastructural development in these nations adds value to the thriving market. India’s expanding industrial sector, including manufacturing, automotive, and pharmaceuticals, increases the demand for air compressors. Companies target Asia-Pacific and launch specific air compressors in nations such as China and India.
For instance, in February 2024, Elgi Equipments Limited introduced the PG 550-215 trolley-mounted portable screw air compressor at the 12th edition of India Stonemart 2024 at the exhibition held in Jaipur, India. ELGi’s electric-powered PG110 E, PG 55 E, and PG 75 E portable air compressors for the mining industry were at display.
Future Market Scenario (2024 – 2031F)
1. Highly efficient air compressors with sensory technology and energy saving dynamics are expected to shape the future of the industrial air compressor market.
2. Companies working on high-end research and development for enhanced performance and portability are expected to add value to the market.
3. Integration with technologies such as artificial intelligence, machine learning, and effects of industrial automation are expected to transform the industrial air compressors in the forecast period.
Report Scope
“Industrial Air Compressor Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global industrial air compressor market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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