Air Compressed Equipment Market
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Air Compressed Equipment Market was valued at USD 18 billion in 2023 and is estimated to register over 5.5% CAGR from 2024 to 2032. The growth is attributed to the growing industrialization around the globe, which is fueling the demand for compressed air solutions across a range of industries including automation, construction, and manufacturing. Pneumatic tools, control systems & machinery are powered by compressed air and used in a variety of industrial processes. The increasing need for dependable and effective compressed air solutions to support industrial operations is further spurring market growth.
An air-compressed equipment utilizes compressed air to power various tools and machinery. It includes air compressors that generate pressurized air, which is stored in tanks or released through hoses to operate pneumatic tools such as drills, sanders, and impact wrenches. These systems are versatile, efficient, and widely used across industries for their reliability & ability to perform various tasks.
Report Attribute | Details |
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Base Year: | 2023 |
Air Compressed Equipment Market size in 2023: | USD 18 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2023 - 2032 CAGR: | 5.5 |
2023 Value Projection: | USD 28 Billion |
Historical Data for: | 2018 - 2023 |
No of Pages: | 200 |
Tables, Charts & Figures: | 239 |
Segments Covered: | Component, End-use Industry and Region |
Growth Drivers: |
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Pitfalls Challenges: |
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High energy consumption during the compression process contributes to elevated operational costs, impacting the overall economic feasibility for businesses. As industries increasingly prioritize energy efficiency and sustainability, the substantial power requirements of air compressed equipment become a deterrent. This challenge prompts businesses to explore alternative solutions, hindering the wide adoption of air compressed equipment and emphasizing the need for more energy-efficient technologies in the market.
The market for air-compressed equipment is influenced by a number of trends. The market is witnessing the increased integration of Industry 4.0 technologies including the use of IoT for real-time monitoring and predictive maintenance in smart compressors. Moreover, the continuous focus on energy efficiency is resulting in the development of variable-speed drives and sophisticated control systems. The growing importance of sustainable practices is prompting manufacturers to develop environmentally friendly refrigeration solutions and oil-free compressors. For flexibility and space optimization, compact & modular designs are gaining popularity.
Additionally, a shift toward rental services over ownership is observed, providing cost-effective solutions for businesses. Manufacturers are improving compressed air system usability by emphasizing remote accessibility and user-friendly interfaces. All things considered, these patterns demonstrate the industry's dedication to effectiveness, durability, and flexibility in response to changing consumer needs & environmental concerns.
Based on end use, the market is segmented into manufacturing, pharmaceuticals, food & beverage, oil & gas, construction & mining, energy & chemical, automotive, and others. The manufacturing segment dominated the global market with a share of over 40% in 2023.
Based on component, the market is divided into compressor, treatment equipment, and distribution system. The compressor segment is anticipated to register a CAGR of over 7% through 2032.
North America air compressed equipment market held a share of over 38% in 2023. The growth is credited to increasing industrial activities, infrastructure development, and the demand for energy-efficient solutions. The expanding manufacturing sector in the region along with increased investments in oil & gas projects is boosting market growth. Furthermore, strict laws encouraging energy efficiency and the uptake of cutting-edge technologies also drive market expansion. The demand for dependable compressed air equipment is further fueled by the emphasis on automation and smart manufacturing techniques, propelling significant growth in the North America air compressed equipment.
Major participants focus on implementing different growth strategies to strengthen their offerings and expand their market reach. These strategies involve new product developments & launches, partnerships & collaborations, mergers & acquisitions, and customer retention. These players also heavily invest in research & development to introduce innovative and technologically advanced solutions in the market.
Some of the major players operating in the air compressed equipment industry are:
Market, By Component
Market, By End-use Industry
The above information is provided for the following regions and countries:
North America region dominated 38% share of the air compressed equipment industry in 2023 and is expected to grow at a lucrative pace over 2023-2032, driven by the increasing industrial activities, infrastructure development, and the demand for energy-efficient solutions.
Atlas Copco, Ingersoll Rand, Kaeser Kompressoren SE, Quincy Compressor, Campbell Hausfeld, Elgi Equipments, Powerex Inc. are some of the major industry contenders.
The manufacturing end-use segment held a market share of over 40% in 2023 and is poised to grow steadily through 2032, driven by the growing need for automation and pneumatic tools in manufacturing processes.
The market size of air compressed equipment was worth USD 18 billion in 2023 and is anticipated to grow at a CAGR of over 5.5% between 2024 & 2032, driven by the growing industrialization around the globe, which is fueling the demand for compressed air solutions across a range of industries.