The North America Air Compressor Market would witness market growth of 4.5% CAGR during the forecast period (2021-2027).
The air compressor would witness bright growth prospects due to the increase in consumer awareness about the product quality, favorable government policies, and high demand for better air quality. At workplaces, air compressors are needed to follow the Occupational Health & Safety (OHS) norms, which is likely to positively affect the growth of the market during the forecasting period.
The growth of the air compressor market would be fueled by the technological developments in air compression techniques that have a positive impact on the compression capabilities of the device. Additionally, the growth of air compressors would witness lucrative opportunities owing to the increasing adoption of reliable and energy-efficient equipment. Moreover, the device needs the application of advanced technology with technical expertise for developing high power rated and effective air compression equipment. Conversely, the growth of the market would be hindered by the huge cost of installation and maintenance for the equipment.
Factors such as huge energy efficiency, less maintenance cost, portability, eco-friendly, and capability to offer variation in supplied pressure would boost the growth of the regional market. Additionally, the growth of the regional market would witness bright prospects due to the growing end-use industries, increase in need for next-generation products, and surge in application areas. In addition, the rapid industrialization in the region would open new growth avenues for the regional market. The major countries of this region like the US and Canada are putting heavy investments in non-traditional oil & gas exploration and production activities.
Moreover, increasing industrial infrastructural projects and the growing investments across every process industry, particularly oil & gas industry would create lucrative growth opportunities for the players operating in the regional market. Additionally, penetration of IoT, initiatives like Industry 4.0, and technological developments in the product are expected to augment the growth of the regional market.
The US market dominated the North America Air Compressor Centrifugal Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $3,210.2 million by 2027. The Canada market is experiencing a CAGR of 6.8% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 6.1% during (2021 - 2027).
Based on Product, the market is segmented into Rotary/Screw, Centrifugal and Reciprocating/Piston. Based on Type, the market is segmented into Stationary and Portable. Based on Lubrication, the market is segmented into Oil-Filled and Oil-Free. Based on Application, the market is segmented into Manufacturing, Retail, Food & Beverage, Healthcare, Oil & Gas, Energy and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Air Compressor Market is Estimated to Reach USD 41.8 Billion by 2027 at a CAGR of 4.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Atlas Copco, Bauer Group (BAUER COMP Holding GmbH), Cook Compression (Dover Precision Components), Compressor Products International (CPI) (EnPro Industries, Inc.), Galaxy Auto Stationary Equipment Co. Ltd., Gast Manufacturing, Inc. (IDEX Corporation), General Electric Company, Ingersoll Rand Plc, Kaeser Kompressoren SE, and MAT Industries, LLC (MAT Holdings, Inc.).
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