The US air compressors market is all set to achieve record market value in the forecasted period of 2023-2027. The US air compressors market is the largest market in North America and the third largest globally only behind China and Germany. The market is driven by factors such as high growth in the household appliance market, development of the automotive industry, and technological advancements in air compressors.
Story Outline
- The home appliances segment of air compressors dominates the market by capturing a market share of 60%.
- Around 70% of manufacturers of small-scale industries use compressed air systems in their operations.
- In 2020, Sulzer Ltd purchased a 25% share of Tamturbo Plc, an oil-free air compressor manufacturer and developer company by making a crucial investment in the company.
According to Ken Research, The US air compressor market is growing immensely owing to different factors influencing the market. The US air compressor market is the third largest market for air compressors in the world with an export value of 1.96 Bn in 2022, only behind China and Germany. The home appliances segment of the market is dominating the market. The home appliances market is anticipated to grow around 30 Mn units by 2027. The growth of the air compressor market is interlinked with developments in industries such as automobiles, manufacturing, pharmaceuticals, and electronics.
1. Influence of Covid-19 on US AIR Compressor Market
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- The US air compressor market suffered substantial revenue losses owing to plummeting demand from several industries during COVID-19. The demand for air compressors in the United States declined by 25 % in the year 2020 compared to 2019.
- The value chain of air compressors was affected significantly during the restrictions of the pandemic. Additionally, Elgi Equipment, one of the leading players in the market, closed 100% of its facilities due to the restrictions of the pandemic in 2020.
- During the global pandemic due to the temporary closure of the market, companies invested hugely in the research and development field to strengthen the area of innovation and technological advancements. Sullair, a leading air compressor manufacturer in the country launched Perkins, a portable diesel air compressor. Perkins compressors are capable of high ability and durability.
2. Current Scenario of the US Air Compressor Market
- The US market of air compressors is dominating the global air compressor market and is anticipated to grow at a CAGR of 5.9% in the forecasted period of 2022-2027.
- The US air compressor market offers various application types. The home appliances segment of air compressors is dominating the market by capturing a market share of 60%. Followed by transportation, manufacturing, and commercial.
- The demand for oil-free and lightweight products is increasing in the industry as these air compressors are more effective industry operations. The market for oil-free air compressors in America is estimated to reach $1Bn by 2026.
3. Growth drivers of the US Air Compressor Market
- The market is impacted by different factors affecting the market. Some of the major growth drivers of the market are high growth in the household appliance market, development of the automotive industry, technological advancements in air compressors, the mature manufacturing industry, and high demand from small-scale industries.
- The enhanced demand for air compressors from small-scale industries is contributing immensely to the expansion of the market. Several industries such as chemicals & petrochemicals, oil & gas, construction, commercial, automobile, and pharmaceuticals require air compressors for a wide range of applications. Around 70% of manufacturers of all industries use compressed air systems in their operations.
- The technological advancements in the industry are lifting the US air compressor market. Recently, the market made a significant development in the IIoT (Industrial Internet of Things). This innovation has enabled to monitoring of air compressor systems remotely. Air compressors connected to the Internet of Things (IoT) give more than 150 data measures every second, giving the current state of its internal components like the motor, belt, oil barrel, etc.
4. Major Players of the US Bio-stimulants Market
- Some of the significant players in the market are Atlas Copco, Sullair LLC, Gardner Denver Inc., Kaser Kompressoren, Ingersoll-Rand Plc, Rolair System, Elgi Compressor USA Inc., Hitachi Industrial Equipment Systems Co. Ltd., Ciasons Industrial Inc., Aerzener Maschinenfabrik Gmbh, Quincy Compressor, Bauer Compressors Inc, and Others.
- In June 2023, Chat Industries started a strategic partnership with Avina Clean Hydrogen Inc. to supply chart industries’ Howden compressors for Alvina’a green hydrogen plant in southern California.
- Recently, Altas Copco introduced its ZR/ZT series of oil-free, 100% certified, and rotary screw compressor-equipped air compressors. Alongside, the company has also acquired a UK-based airflow compressor & Pneumatics for an undisclosed amount. In the year 2021.
- In 2020, Sulzer Ltd purchased a 25% share of Tamturbo Plc, an oil-free air compressor manufacturer and developer company by making a crucial investment in the company.
Conclusion
The US air compressor industry is balanced for exceptional development, anticipated to reach a market value of $31 billion during 2023-2027. Despite the effect of the pandemic, the market has bounced back due to its pivotal role across differing businesses. The home appliances section, anticipated to develop around 30 million units by 2027, maybe a prevailing force, whereas divisions such as automobiles, manufacturing, pharmaceuticals, and electronics altogether impact its direction. The market’s recovery is credited to components like innovative progressions, advancements in oil-free and lightweight products, and the advancement of the automotive industry. With a solid foothold in North America and a CAGR of 5.9%, the US market remains energetic, driven by increased demand from small-scale businesses and the transformative potential of IIoT. Major players like Atlas Copco and Sullair LLC continue to contribute to the market’s development through key associations and innovations.