January 19, 2023 10:00 ET | Source: GreyViews GreyViews

Pune India, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the air & gas compressor market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the air & gas compressor market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, application and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global air & gas compressor market are Atlas Copco, Ingersoll Rand, GE, BOGE, Siemens (Dresser-Rand), Accudyne Industries, Doosan, Ebara, Fusheng among other. To achieve a substantial market share in the worldwide air & gas compressor market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Air or gas compressors pump the material into the required location. Air and gas are utilized in several industrial processes, including petrochemicals, gas processing, and a wide range of industrial applications, such as air gas feeds and bottling. True all-around is the oil-free and oil-lubricated gas compressors. Maximum output pressures are up to 480 bar, and the range includes high flow rates up to 10,000 m3/h (5885 cfm) (6962 psi). Types of gas compressors provide for complete control over gas purity levels and come in oil-less, oil-free, and oil-lubricated designs. One of the main elements fostering a favorable outlook for the gas compressors market is the significant growth of the oil and gas sector globally. The market is expanding as a result of the extensive use of gas compressors in the processing and long-distance transportation of renewable energy sources like natural gas. As a result, they are also employed in hospitals for surgical procedures and in air filtration duct systems to preserve air quality and shield patients from pollution and illnesses. Other growth-promoting aspects include a variety of product developments, such as the creation of energy-efficient portable compressors for automation in industrial operations.

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Scope of Air & Gas Compressor Market Report

The stationary segment is expected to be the fastest-growing segment in 2022. 

The type segment is portable and stationary. The stationary segment will witness the highest growth rate during the forecast period. Growth in this market is attributed to the growing uptake of these compressors in the manufacturing sector worldwide. For instance, air and gas compressors are used widely in the oil and gas industry to handle pneumatic equipment used for pipelines, oil extraction & refining, and other processes. The ease of use and low maintenance requirements of air and gas compressors are further factors that are expected to boost product demand in this market.

The  manufacturing segment is expected to be the fastest-growing segment in 2022. 

The application segment is oil & gas, manufacturing, petrochemical and chemical industry, power sector, and others. The manufacturing segment is expected to witness the highest growth rate during the forecast period. Rapid industrialization in developing countries like China, India, South Korea, and Brazil is recognized as a driving reason for the category growth, as is the manufacturing sector's increased demand for energy-efficient air and gas compressors.

The regional analysis provides a detailed perception of the key regions and the countries. Some key countries analyzed for air & gas compressors include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

Germany's air & gas compressor market size was valued at USD 12.25 billion in 2022 and is expected to reach USD 17.30 billion by 2030, at a CAGR of 2.7% from 2023 to 2030. There is an increasing need for air and gas compressors in the area from air blast circuits, transportation, cars, chemical facilities, food and beverage, oil extraction, and pharmaceutical industries. Automation in facilities and plants is projected to have a favorable effect on market progress.

China’s air & gas compressor market size was valued at USD 13.49 billion in 2022 and is expected to reach USD 18.68 billion by 2030, at a CAGR of 4.2% from 2023 to 2030. The creation of portable, energy-efficient compressors is predicted to be widely used in several industrial processes, propelling the air and gas compressor market expansion in the region throughout the forecast period.

India's air & gas compressor market size was valued at USD 13.45 billion in 2022 and is expected to reach USD 18.60 billion by 2030, at a CAGR of 3.8% from 2023 to 2030. End-use industries like the automotive, food and beverage, and pharmaceutical industries have increased demand for compressed air in the region. Covid-19 Impact Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of the air & gas compressor market is mainly driven by the soaring need for air and gas compressors in the oil extraction, pharmaceutical, chemical, automotive, transportation, and food and beverage industries.

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