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Industry Growth Driven by Energy Efficiency, Demand for Portable Compressors, and Technological Advancements
ResearchAndMarkets has released a report detailing the global oil-free air compressor market's projected growth. The market is expected to reach $17.2B by 2030, expanding at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030.
Key market players include Atlas Copco, FS Elliot, Hanwha Techwin, Ingersoll Rand, and Sullair, among others. The market's growth is attributed to the increasing need for energy-efficient compressors, demand for low-cost portable compressors, and value-added services. Additionally, repair and replacement activities, as well as advancements in portable and noise-free air compressors, contribute to the market's expansion.
The portable oil-free air compressor segment is anticipated to grow due to eco-friendly features, efficient operations at lower prices, and retrofitting of existing systems. Technological advancements, strict government regulations, and environmental conservation efforts contribute to product improvements. For example, Sullair launched a mid-range series portable air compressor featuring electronic spiral valve technology in February 2021.
Oil-free air compressors are utilized in industries such as petroleum, electrical power, chemical, and manufacturing. These industries are gradually shifting from traditional manufacturing techniques to more economical production methods, increasing the demand for energy-efficient compressors. Oil-free compressors offer various benefits, including reduced operating costs and no need for compressor oil separator elements or downstream filter replacements.
Manufacturers are engaging in mergers, acquisitions, and product launches to strengthen their geographical presence. For instance, Cook Compression opened a new facility in Saudi Arabia in September 2020 to serve the gas compression and petrochemical industry with Wood Serv, an authorized service partner.
The Equipment-as-a-Service (EaaS) business model is gaining traction in the industrial air compressor market. This model involves renting equipment instead of purchasing it, with the equipment provider responsible for maintenance and services. The shift from the CapEx model to the OpEx model is expected to drive the growth of the EaaS market.