The Industrial Air Compressor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industrial Air Compressor Global Market Report 2024, The industrial air compressor market size has grown strongly in recent years. It will grow from $21.4 billion in 2023 to $22.61 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to growth in manufacturing and industrial activities across various sectors, demand for compressed air in automation and pneumatic systems, need for reliable and continuous air supply in industrial processes, focus on energy efficiency and operating cost reduction in industries, adoption of portable and compact air compressor solutions.
The industrial air compressor market size is expected to see strong growth in the next few years. It will grow to $28.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to transition towards electric and hybrid air compressors for sustainability, demand for oil-free and contaminant-free compressed air solutions, customization of compressor systems for specific industrial applications, research and development in next-generation air compressor technologies, expansion of compressed air usage in emerging industries and applications. Major trends in the forecast period include variable speed drive (vsd) and variable frequency drive (vfd) technology, oil-free air compressor systems, energy-efficient and high-efficiency particulate air (hepa) filters, integration of iot for remote monitoring and predictive maintenance, hybrid and dual-power air compressors.
Increasing demand for energy-efficient air compressors is expected to propel the growth of the Industrial Air Compressor market. An industrial air compressor is a device that works in converting potential energy into compressed air form. This energy-efficient air compressor can create an advantage in the world of growing energy costs and increasing accessibility to energy-saving technologies in industrial sectors. For instance, according to the U.S. Department of Energy, on average 10 to 30% of all energy of the industrial facility is used by compressed air systems. Using energy-efficient air compressors in the industries can be improved 20% energy consumption in a better way. Thus, introducing energy-efficient air compressors in the industrial air compressor is a great step.
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The industrial air compressor market covered in this report is segmented –
1) By Type: Rotary Air Compressors, Reciprocating Air Compressors, Centrifugal Air Compressors
2) By Product: Positive Displacement, Dynamic Displacement
3) By Seal: Oil-Free Seal, Oil-Lubricated Seal
4) By Application: Food And Beverage, Oil And Gas, Energy And Mining, Semiconductor And Electronics, Manufacturing, Construction And Municipal, Pharmaceuticals, Agriculture/Farming
Technological developments in the field of air compressors are shaping the industrial air compressor market. Companies that are into Industrial Air compressors are undergoing develop new technologies and products. For instance, in February 2021, CMC introduced the AIRMATICS Aero control system. CMC, an Italian-based manufacturer of air compressors that used to be applicable in the Industrial sector introduced the AIRMATICS Aero control system. They aim to reduce compressed air energy bills at the plant. by which they can save the business $500,721 kWh a year and can reduce the annual energy bill at the plant by $35,050, which includes Industrial Air Compressor, more sustainable and less expensive for manufacturers worldwide.
The industrial air compressor market report table of contents includes:
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