The Portable Air Compressor market is anticipated to grow with a CAGR of 4.2% over the forecast period of 2019-2028. Portable air compressors became an excellent deal during this era, with uses starting from simply inflating footballs and tyres, filling of gas cylinders, to powering of pneumatic tools such as jackhammers, grinders, wrenches and paint sprayers. A portable compressor is also used in emergency situations such as backup compressors for factories. Mostly, compressors are driven by the diesel engines and hence they are reliable and can work for long hours. The rising activates of construction and infrastructure is expected to be a major factor anticipating the market growth. Furthermore, technological advancements in the compressor equipment is anticipating market growth immensely. Also the increase in the adoption of robust and energy efficient equipment could be another primary market driver.
Top Driver: Increasing Infrastructure and Construction Activates to drive the market immensely in Future
The growing urbanization across various regions could be a factor that triggers the growth of the market. Due to urbanization, numerous construction projects are being introduced into the market due to which the demand for portable air compressors is rising significantly. Also, various residential setups are introduced which require these portable air compressors ultimately fueling the market growth in the forecast period. Furthermore, growing technological advancements in the portable air compressor market and various innovative idea may also fuel the industry widely.
However, high cost of the compressors and its requirement of diesel could hamper the market growth in the future.
The Building and Construction Segment Accounted for the Largest Share
The building and construction segment is growing across the globe. The reason for such a high growth could be rapid urbanization and expansion or setups of various manufacturing plants in different regions. On the basis of end use, the market is segmented into Aerospace, Building & Construction, Automotive, Mining and Others. On the basis of design the market is segmented into rotary screw, rotary centrifugal and reciprocating type.
The Growing Expansions in Asia Pacific is Driving the Market
Asia Pacific accounted for the largest share since a lot of firms are trying to establish their manufacturing units and facilities in regions like India and China. Both these regions are having industrial bases since various industrial firms are establishing their foothold in different region to maintain their profits. Hence such growing expansions is expected to drive the market regionally. Europe accounted for the second largest share followed by North America.
Players to Focus on New Product Launch to Maximize Profits
The global Portable Air Compressor market is expected to grow with a significant CAGR due to presence of various companies including Atlas Copco AB, ELGi’s, Ingersoll-Rand plc, Hitachi Limited, Gardner Denver (CompAir), TEWATT, REMEZA, Zycon, KAESER KOMPRESSOREN, Sumake Industrial Co., Ltd., and others which are developing new products to drive the market growth. More companies are into innovative product launches to set their foothold in the market and strengthen their market position.
Atlas Copco : Atlas Copco launched its next generation portable air compressors, with and extended light tower range. The launch took place in December 2019. Its mobile electric compressor helps to reduce 50% expenses and reduces the fuel cost as well.
Elgi Equipment: A similar instance regarding Elgi equipment took place in December 2019, in which Elgi equipment, which is the world’s leading air compressor manufacturer launched its new range of energy efficient electric air compressors as well as diesel air compressors.
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