September 19, 2022 07:26 ET | Source: STRATEGIC MARKET RESEARCH LLP STRATEGIC MARKET RESEARCH LLP
New York, USA, Sept. 19, 2022 (GLOBE NEWSWIRE) -- The Global Industrial Air Compressor Market's value was USD 32.42 Billion in 2021 & will reach USD 43.75 Billion by 2030 with a 3.9% CAGR. An industrial-air compressor is referred to as a machine that transforms power into stored potential energy in the form of pressurized air using either an electric motor or diesel or gasoline-powered engine. Some pivotal factors expediting the market growth significantly are rise in the number of oil & gas, petrochemical, transportation, agricultural, and automotive industries worldwide, along with an increase in government funding for the technological advancements of the industrial compressors. Rotary Screw Air Compressor Types
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Industrial Air Compressor Market Overview:
Factors Expediting the Industrial Air Compressor Market Growth:
Industrial Air Compressor Market: A thorough Segmentation Analysis The Worldwide industrial Air Compressor Market has been bifurcated adequately based on Product Type, Output Power, Coolant, End-User, & Geography.
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The Positive Displacement segment led the market growth with a 66.13% share for the Product Type sector. Automotive & Transportation, Construction, packaging, metals and mining, food and beverage, as well as other industries, frequently use positive displacement air compressors. Positive displacement air compressor demand is expected to increase as a result of the rise in investments in these sectors, thereby expediting the market growth. SMR's research has figured out that the most commonly used Positive Displacement Compressor is the Reciprocating-Piston compressor, which is used by almost 70% of the industries worldwide.
The (51 to 250) kW segment of the Output Power section dominated with 48.15% of the market share. This particular range of power has been found as the ideal operating range for air compressors as this generates a perfect pressure range of (0.3 to 20) bars to operate. Air Compressors operating in this range are used widely in transportation, automotive, packaging, and manufacturing industries all over the world.
The Air-cooled segment of the Coolant section dominated with a share of over 57.12%. The Air-cooled compressor inculcates several applications like power generation and the production of PET bottles. The majority of modern compressors are air-cooled, thereby using forced ventilation to cool the fluid using blowers, heat exchangers, and other devices. SMR's research revealed that in every industry worldwide, nearly 10% of all the industrial electricity supplies are consumed by the Air-cooled compressors itself, which means that each (100 to 110) hp air-cooled compressor consumes about 280k BTU/hr on full load.
The Chemical and Petrochemical segment held the lion's share of 41.22% for the End-user section. With the increasing demand for chemical and petrochemical goods coming from emerging economies, the chemicals and petrochemicals category is anticipated to be the biggest user of industrial air compressors throughout the forecast period. Research data revealed that nearly 60% of all the applications of air compressors worldwide are performed in the chemical and petrochemical industries itself.
In the Regional segment, Asia-Pacific comprehensively led the market with a 45.55% market share. The rising investments in LNG, chemical, and mining projects are fuelling the expansion of the Asia Pacific air-compressor market as well as the expansion of the manufacturing sectors in countries like India and China. Statista has reported that last year, the manufacturing industries in China contributed around USD 4.1 trillion to the Chinese GDP, thereby accounting for almost 6.22% of the total GDP share of the country.
Players operating in Industrial Air Compressor Market:
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