Moreover, smart compressors that enable capabilities, such as planned predictive maintenance through Big Data analytics and an ability to remotely monitor the equipment parameters through cloud technology, are dominant in the market. Compressors are supplements that help in regulating and transporting this new age fuel, propelling market growth over the forecast period. Hydrogen is a possible solution that enables a quicker and more robust energy transition in Europe and all over the globe. The market has further recorded the use of hybrid fuel such as hydrogen which is developing very rapidly and establishing trends in the market with an organized framework. This is expected to help manufacturers to develop operational strategies and expenditure techniques for product portfolio expansion.įor instance, in November 2022, Atlas Copco launched SmartLink 2.0, an app that enables users to optimize performance by providing data to users at their fingertips. In the growing digitalization world of the Industrial Internet of Things (IIoT), communication is the one key element that enables users to store and capture real-time essential parameters such as pressure, moisture, and temperature. Growing Capital Expenditure, Increasing Hybrid Fuel Infrastructure, and Big Data Analytics to Escalate the Market Growth Request a Free sample to learn more about this report. During the pandemic, leading players in the air compression industry were focusing on crafting reliable strategies to endure the diverse effects of the dangerous coronavirus and market dynamics. This compressed air equipment was easily regulated and designed to clean the air even in extreme circumstances and environments. Also, industrial air compressors are used in the petrochemical 7 gas, manufacturing, and other industries. Air compressing are a few key components of production lines in several industry verticals such as manufacturing, automotive, and electronics & semiconductor. However, the market was restored in 2021 owing to positive demand from the medical sector after the pandemic. The global market recorded a minor decline during the COVID-19 pandemic. COVID-19 IMPACTĭisturbed Trade Flow and Inadequate Strategies Causing Business Shutdowns Hampered the Market Growth Significantly, demand for compressors in the dominant regions of the world is expected to boost market growth during the forecast period. This has propelled the usage of compressors in various industrial applications such as manufacturing, oil & gas, energy and power, electronics, and semiconductor industries. Also, oil-filled compressors are widely used for various operations such as cleaning, blowing, sandblasting, and others. However, for the forecast period, the market is anticipated to grow progressively. The global compressor industry saw a slight decline in the past few years due to strict norms and less infrastructure development and investments. Stationary compressors, which are mostly preferred by commercial manufacturing and industrial sectors, lead the market. These types of compressors are more efficient and dominating in the industry owing to their ease of maintenance.įurthermore, centrifugal and reciprocating compressors are widely used in various operations such as air filling, gas filling, and others. Rotary compressors are varied by design that uses a screw-type mechanism to compress air. The market is projected to grow from USD 17.22 billion in 2023 to USD 25.60 billion by 2030, exhibiting a CAGR of 5.8% during the forecast period.Īir compressors are mechanical equipment that operates on three basic modes - rotary, centrifugal, and reciprocating types. The global air compressor market size was valued at USD 16.51 billion in 2022.
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