The global air compressor market has generated revenue of $30,517.2 million in 2018 and is expected to cross $39,844.6 million by 2026, at a 3.4% CAGR. An air compressor is also known as a pneumatic device that compresses air to higher pressures and harnesses potential energy.
In 2019, the global market for air compressor has witnessed exponential growth due to the significant demand across multiple industries. In 2020, the global market is expected to the observer a slight dip owing to the communal spread of Covid-19. However, the market shall ultimately restore mainly because of air compressors’ crucial significance in the operations of factories and workshops across the industries. Air compressors are used for a comprehensive variety of industrial tasks. Also, some of the equipment that works well with air compressors consist of nail guns, drills, spray guns, grinders, staplers, sanders.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|3.8%||3.4%||Q1/Q2 2023||47||USD 32,772.1 Million||USD 21,301.8 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Significant scope of application in different end-users for vacuum packaging, dehydration, spray painting, air blowing, cleaning, tool powering, and healthcare equipment is expected to surge the need for air compressors in the global market, which will eventually drive the growth of the air compressor market during the analysis period. Furthermore, high investments in offshore oil activities including exploration, drilling, production, and processing in the middle Eastern economies are also projected to offer a significant impact on the air compressor market growth. In addition, effective operational activities at affordable costs, lower operating and maintenance costs, and retrofitting of existing systems are also fuelling the global market growth.
Moreover, government legislation and regulation supportive policies, are also fostering the growth of the air compressor market during the projected period. Furthermore, the implementation of organic as well as in-organic strategies by market players is likely to offer substantial opportunity for the market during the forecast period. For instance, in February 2018, Dearing Compressor & Pump Co. has declared that it has acquired Pittsburgh-based Kruman Equipment company. The company took this strategic step to consolidate its air compressor product portfolio and associated customer base. Likewise, these business activities are anticipated to drive the market.
The unprecedented event of several past months has made it clear that the communal spread of coronavirus across the world is drastically affecting the global market. All governments across the countries are under a lockdown in order to combat the transmission of disease. The lockdown has led to a tremendous decline in business and industrial operational processes. This has hampered the manufacturing sector and it has created disruption in the supply chain. For instance, in March 2020, Elgi Equipments, the global air compressor manufacturer, has announced that they will close all the facilities of the company amid COVID-19 situation. This will ultimately lead to an obstruction in the demand for air compressors, which will restrain the growth of the global air compressor market, during the forecast period.
However, though there is a lockdown imposed in the majority of the developing as well as developed economies, numerous ventures are coming forward to stop the spread and impacts of the COVID-19. For instance, Ingersoll Rand Inc., an American worldwide provider of air compressor, are providing the essential products and support to the pharmaceutical and laboratory operations, the food and beverage industry, transportation and logistics, chemical, oil and gas industries, power stations and many more. Furthermore, this company has started supplying air compressors that are used to manufacture medical gas equipment that operates ventilators. Such implementation of strategies will help to market players to sustain in this chaotic situation.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
In addition, as per the recent publication by Research Dive, the global air compressor market is projected to continue its exponential growth in the coming years, post the COVID-19 outbreak situation. Due to the dramatic downfall in the year 2020, the global market for the air compressor will foresee profitability by Q1/Q2 2023. The extensively increasing emphasis on R&D and innovations, enormously growing number of strategic alliances, and rising demand for highly advanced air compressors from multiple industries such as healthcare, energy, home-appliances are projected to represent noteworthy air compressor market growth after the end of pandemic stress.
Furthermore, astonishingly increasing technological and product innovations for sustainable growth are also anticipated to propel the air compressor market growth during the projected period. For instance, in February 2020, Sullair, a market player in innovative compressed air solutions, has introduced its Perkins portable diesel air compressor. These compressors have excellent durability and high performance along with turbo-charged engine for efficient work at high altitudes. Moreover, during the global health emergency, the company is more concerned about the health and safety of employees, partners and customers. By adopting such strategies, the manufacturers of the air compressor are preparing for the post-pandemic impact.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Air Compressor Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity