The COVID-19 pandemic has negatively impacted the global air compressor market. The key players functioning in the global market are implementing several strategies and the market is expected to recover by Q1/Q2 of 2023.
The COVID-19 pandemic has adversely affected the global air compressor market and a slight drop is witnessed in the growth rate from former predictions. As per new Research Dive published report, the global air compressor market is anticipated to grow at a CAGR of 3.4% by 2026, generating a revenue of $39,884.6 million in the period of forecast from 2019 to 2026. While there is a decrease in the growth rate owing to the COVID-19 crisis, the market is estimated to recover by Q1/Q2 of 2023.
As per our analysts, the accessibility of energy efficient models, cost-effectiveness of air compressors, high operational feasibility are the significant factors impelling the growth of global air compressor market.
The projected market size for the air compressor industry prior to COVID-19 chaos was $32,772.1 million in 2020 and this number is predicted to decrease down to $21,301.8 million post the coronavirus pandemic settles.
The significant scope of air compressors in various industries for air blowing, vacuum packaging, healthcare equipment, spray painting, cleaning, and tool powering are projected to drive the demand for air compressor in the coming future.
• Adopting Several Strategies to Sustain in Pandemic Crisis
The leading players of the global air compressor industry include Emerson Electric Co., Air Squared, Inc., BAUER COMPRESSORS, INC., Gardner Denver, Sullair, LLC., Danfoss, Quincy Compressor., BOGE , ZEN AIR TECH PRIVATE LIMITED., and Hitachi, Ltd. These players are implementing various strategies such as mergers and acquisitions to sustain in this unprecedented situation. For instance, in February 2020, Perkins was introduced by Sullair, which is a portable diesel air compressor. These compressors have excellent durability and provides high performance. In addition, Perkins has a turbo-charged compressor engine, which helps in working efficiently in the high altitudes.
Elgi Equipment’s, the global air compressor manufacturer announced that they will close all the facilities of the company due to coronavirus pandemic. Eventually, this is obstructing the growth of global market.
• Global Industry to Witness Noteworthy Growth Post-COVID-19 Chaos
Research Dive states that the global air compressor market is projected to witness a noteworthy growth post-coronavirus pandemic. The industry players are getting immense support from the governments to grow in the global market.
The rising demand from several industries all over the world will be a driving factor for the market growth. Moreover, retrofitting of existing systems, low operative and maintenance costs, and effective operational activities will propel the market growth after COVID-19 pandemic.