Industrial Air Compressor Market to grow at a CAGR of 5.06% during 2024-2028
The Industrial Air Compressor Market is expected to grow at a CAGR of 5.06% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9.68 billion. In today's business landscape, industrial organizations are under increasing pressure to adhere to energy efficiency regulations and reduce carbon emissions, particularly in industries such as oil and gas. Compliance with these regulations is not only essential for environmental sustainability but also for maintaining a competitive edge. Regional authorities in Europe and North America are taking proactive measures to ensure that industrial equipment, including air compressors, conform to regional carbon emission standards. To enhance the energy efficiency of industrial processes, it is crucial for end-users to invest in advanced air compressor systems equipped with efficient and reliable control systems. By doing so, they not only lower electricity consumption but also contribute to a greener industrial sector.
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Technavio analysts predict that the Chemicals and petrochemicals subsegment will lead the End-user segment during 2024 and 2028 In the industrial sector, stationary air compressors are a preferred choice for applications demanding continuous compressed air supply and larger capacities. Due to their substantial size, these compressors are designed for stationary installation, making them less portable than their counterparts. Stationary compressors boast larger air tanks, enabling them to store and dispense greater volumes of compressed air. However, their stationary nature necessitates a reliable AC power source, as they consume more electricity than portable compressors and cannot operate on battery power alone. Consequently, stationary industrial air compressors are typically deployed in industrial settings where consistent, high-volume compressed air is essential.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increasing adoption of industrial air compressors in various industries
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The Industrial Air Compressor Market is a significant sector that caters to various industries requiring compressed air for their operations. The market offers a range of air compressors with diverse power ranges and operating modes, including oil-free air compressors and oil-filled air compressors. Oil-free compressors, known for their lubricant-free operation, are increasingly popular due to their energy efficiency and sustainability. Product innovation continues to drive the market, with a focus on developing oil-free, energy-efficient products using sustainable technology. However, the market concentration is high, with a few key players dominating the scene. Industries such as steel, pharmaceuticals, food & beverage, and oil & gas are significant consumers of industrial air compressors, driven by the need for high-quality air in their processes. The market is influenced by factors like strict regulations, environmental concerns, and crude oil prices. Asia Pacific countries are expected to lead the market growth due to industrialization and increasing demand from various end-use industries.
The industrial air compressor market is a significant segment of the global electrical components and equipment market, which encompasses companies involved in the manufacturing of various electrical products. According to Technavio, this market falls under the broader electrical equipment category. The electrical components and equipment market size is determined by the consolidated revenue generated by key sectors such as water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components.
The Industrial Air Compressor Market is experiencing significant growth, fueled by the increasing adoption of industrial air compressors in various industries. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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