The COVID-19 pandemic has hugely impacted the global air compressor market in a negative way. However, the market is expected to recover by Q1/Q2 of 2023. The noise pollution created by air compressors is anticipated to hinder the market growth during the forecast period. The key players of the market are implementing organic as well as in-organic strategies to offer lucrative opportunity to sustain in these unprecedented situations. For instance, Dearing Compressor & Pump Co. acquired Kruman Equipment Company to consolidate its air compressor product portfolio and related customer base.
New York, USA, Sept. 16, 2020 (GLOBE NEWSWIRE) -- The Global Air Compressor Market is likely to witness a decline in the growth rate due to the COVID-19 pandemic all over the world. According to a new research report published by Research Dive, the global market is estimated to surpass $ 39,884.6 million and grow at a CAGR of 3.4% during the period of forecast from 2019 to 2026.
Though there is a decline in the growth rate, the market is projected to recover by the end of Q1/Q2 of 2023. Comprehensive analysis on drivers, growth opportunities, restraints, vital segments, and strategies implemented by major market players are further provided in the report to better understand the pandemic effect on the global industry.
CAGR- Pre COVID-19
CAGR - Post COVID-19
*Estimate market Size, 2020, Pre COVID
**Real Time market Size, 2020, Post COVID
USD 32,772.1 Million
USD 21,301.8 Million
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
Key Features of the Market
Our analysts stated that the cost-effectiveness of air compressors, availability of energy-efficient models, high operational feasibility, and wide-ranging adoption by various industries are the major factors boosting the growth of global air compressor market.
The predicted market size of the air compressor industry post COVID-19 pandemic is $21,301.8 million in 2020, which is a drastic decline from $32,772.1 million before the pandemic situation.
On the contrary, the significant scope of air compressors in multiple end-users for vacuum packaging, dehydration, air blowing, spray painting, healthcare equipment, tool powering, and cleaning is anticipated to sustain the market growth during the period of forecast.
As per the report, the global air compressor market is anticipated to experience an impressive growth post-COVID-19 pandemic. The growing demand from various industries all across the globe will be a major factor propelling the market growth during the forecast period. In addition, effective operational activities at affordable cost, low operative and maintenance costs, and retrofitting of present systems are other factors contributing to the growth of the market during after COVID-19 pandemic.
Sustaining in the Pandemic Situation
The major players of the global air compressor market include
Emerson Electric Co.
BAUER COMPRESSORS, INC.
Air Squared, Inc.
ZEN AIR TECH PRIVATE LIMITED.
These players are adopting both organic as well as in-organic strategies to grow exponentially during the forecast period.
For instance, in February 2020, Sullair introduced its Perkins portable diesel air compressor. These compressors provide high performance and have excellent durability. In addition, the engine of compressor is turbo-charged, which helps to work efficiently in high altitudes.
In March 2020, the global air compressor manufacturer, Elgi Equipments announced that they will close all the facilities of the company due to COVID-19 chaos. Eventually, this has led to obstruct in demand for the air compressor, thereby restraining the market growth.
The report offers the performance, business tactics, financial performance, and product/service offerings of these players along with Porter Five analysis and SWOT analysis. – Quick Download Top Companies Development Strategies Summary Report [75 pages]
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