Air compressors are rightly called as the backbone of the industrial world. This is because they are used in several application areas for a wide range of uses. For several decades, the industrial sector has shown major trust and has been highly dependent upon the energy-efficient, safe, and high-output capabilities of air compressors.
Growing demand for air compressors
Air compressor is a mechanical device that compresses and pressurizes air to convert into usable power for various applications. Nowadays, the rising popularity and demand for air compressors from various application sectors is leading to the growth and development of the air compressor market. This is mainly because of the various benefits offered by air compressors such as easy maintenance, low cost, and reliability. Apart from these benefits, many manufacturing companies are opting for this device due its features such as oil-free lubrication processes and portability of energy efficient models.
Additionally, air compressors are widely used in the oil and gas sector for several purposes. As the demand for F&B and oil & petroleum is growing every other day, the demand for high powered and highly efficient air compressors is also growing. However, strict rules and regulations by government about the level of noise and greenhouse gases emitted by the air compressors are acting like a major barrier for air compressor manufacturers—which is surely going to affect the growth of the global air compressor industry.
Growing developments in the market
Today, technology is advancing at an ever-increasing speed not only by considering the human requirements but also by keeping in mind nature’s safety. Several manufacturers in the air compressor industry are now concentrating on developing environment friendly compressor technologies.
In 2019, Gardner Denver Holdings Inc., an American worldwide provider of industrial machineries, technologies, and related parts and services had entered into a deal to merge with Ingersoll-Rand Plc. Both the companies are into manufacturing of pumps and compressors. This deal has given birth to the world's second-largest manufacturer of industrial pumps and compressor.
Apart from these companies there are various other manufacturers functioning in the air compressor market. Some of these are Atlas Copco, Ingersoll-Rand, Elgi Equipments, Siemens, Kobe Steel, Oasis Manufacturing, Frank Technologies, Grainger Company, Bauer Group, Bel Aire Compressors, VMAC Company, Airtex Compressors, Sullair, Best Aire LLC, and many more. According to a report by Research Dive, the growth in use of quality and technologically advanced components in equipment, medical devices, and other industrial machines are seen as a major booster to the growth of the air compressor market in the next few years. Also, those companies that are using advanced technologies for their compressors are expected to have an upper hand in the industry.
Future scope of the air compressor industry
As air compressors are considered as a much safer option as compared to other equipment, they are gaining popularity in several parts of the world. Currently, Asia Pacific region is showing tremendous growth in the air compressor industry due to the advancements in manufacturing services and increase in investment for infrastructure in emerging countries such as India and China. These countries have strong oil & gas infrastructure and are expected to have most rewarding opportunities for the air compressors market. Hence, the Asia-Pacific region is expected to dominate the market, owing to the rapid industrialization of these countries.
On the other hand, the industry is expected to foresee a significant growth in Middle East & Africa and Latin America due to rise in availability of labors & raw materials, changing regulatory scenario, and growing awareness about eco-friendly products. Considering the geographical growth and growing application areas of the market it can be stated that the global air compressor industry is walking its way toward success.