The Impact of Covid-19 on the Global Market of Air Compressor and Business Strategies
The air compressor market has witnessed a huge decline because of the shutdown across the globe. This is the diverse impact of the Covid-19 outbreak that has lowered the graph of the growth of the market. However, with proper planning and strategies, the market is focusing on sustaining its position in the market.
Air compressors, generally, are mechanical devices used to perform a variety of industrial tasks. These compressors are used in different industries to power air tools, to provide instrument air, paint sprayers, and abrasive blast equipment. Some of the equipment that works well with air compressors consist of drills, spray guns, nail guns, staplers, grinders, sanders.
The substantial opportunities for application in various industries for spray painting, dehydration, vacuum packaging, tool powering, air blowing, and healthcare equipment cleaning are the major attributes of growth of the industry till date. The market is growing owing to the high number of investments in offshore oil activities such as exploration, production, drilling, and processing in the Middle-Eastern territories. Moreover, lower maintenance and operating costs, high-quality operational activities at minimal costs, and retrofitting of existing systems are the other factors contributing to the growth of the market. However, with the coronavirus outbreak, this growth has come into a sudden halt.
Effect of Coronavirus Outbreak on the Industry
With the emergence of novel coronavirus and the ongoing shutdown imposed across the nations, the majority of the businesses are experiencing massive loss and decline. The air compressor market is also no exception. The global market of air compressor is expected to witness a slight decline during the current and upcoming years. However, it has been expected that the market will ultimately restore after the pandemic given to the air compressors’ crucial significance across the industries.
The shutdown across the nations has hindered the industrial sector and has disrupted the entire supply chain.
Elgi Equipments, which is a leading air compressor manufacturer, has proclaimed that they are terminating all the facilities of the company amid the COVID-19 shutdown. The announcement was made in the month of March 2020. This resulted in an impediment in demand for air compressors declining the growth possibility of the air compressor industry worldwide.
Designing Smart Business Tactics
The leading companies are focusing on creating unfailing strategies for the industry so that it can survive the diverse effect of the dangerous coronavirus. A significant number of ventures are coming forward to help and support to fight the pandemic.
Ingersoll Rand Inc., for instance, an air compressor solution provider from America, is providing support by supplying the essential products to industries such as food and beverage, the pharmaceutical and laboratory operations, oil and gas, chemical, transportation and logistics, power stations to name a few during the shutdown. Apart from this, this company also has started supplying air compressors used to manufacture medical gas equipment that runs ventilators, a remarkable contribution to the treatment of Covid-19 patients.
In February 2020, Sullair, a leading provider of innovative compressed air solutions, has introduced its Perkins portable diesel air compressor. These compressors come with excellent durability and high performance along with a turbocharged engine for efficient workflow at high altitudes.
By adopting such strategies, the manufacturers of the air compressor are preparing for the post-pandemic impact.
As per a recent research report published by Research Dive, the air compressor market worldwide is expected to sustain its growth in the post-pandemic years. The industry will get restored from the diverse effects of the pandemic and will regain the graph of profitability by Q1/Q2 of 2023. According to the report, the global air compressor market is expected to generate a revenue of $39,844.6 million by 2026, at a CAGR of 3.4%.
The increasing focus on Research &Development, new innovations, appealing number of strategic coalitions, and rising demand for highly advanced air compressors from numerous industries such as energy, healthcare, home-appliances are going to restore the growth percentage of the air compressor market once the pandemic is over.
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