Technological Advancements and New Product Launches Likely to Influence Growth of Portable Air Compressor Market
Portable air compressor manufacturers have been focusing on strengthening their portfolio by launching advanced variants using technology. New variants of portable air compressor introduced by companies facilitate efficient functionality along with reduced power consumption, in turn offering a good ROI for end users. Since 2019, manufacturers have been involved in the research and development for their products to gain competitive edge. For instance, in 2019, ElGi Equipments launched energy efficient diesel and electric portable air compressors, whereas Doosan launched the SPH500 portable air compressor, which is compactly designed, rugged and reliable for extremely demanding operations such as mechanized quarrying using pneumatic drills. In the same year, Atlas Copco launched the next gen portable air compressor with light tower range. The company, in January 2021, announced the launch of new version of its portable air compressor, the XATS 288 and XAVS 238. These portable air compressors are more than 10% energy efficient and 27% smaller compared to the previous versions. With the launch of these portable air compressors, Atlas Copco is planning to enhance its compressor product portfolio. In March 2020, an industry leader in air compressor segment, Sullair, introduced 1600H Tier 4 a next generation portable air compressor that reflects higher reliability, performance and durability. In 2021, Doosan launched the new Evolution Seriesportableair range of compressors. These are portable air compressors in which FlexAir technology is incorporated, thus allowing quick and easy adjustment of air pressure to a higher psi range.
Functionally Versatile Features to Bolster Growth of Portable Air Compressor Market
Perceived benefits of portable air compressor make it an apt choice across various industries where standard stationary compressor cannot be used. Portable air compressor generates less noise, has a compact design, is easily portable, offers a multi-functional utility, uses less power during operations, has less maintenance and is comparatively inexpensive. These versatile features of portable air compressor have influenced its sales across key industries such as construction, oil and gas, automotive, manufacturing, energy, mining, healthcare, municipal, food and beverage and semiconductor and electronics. This factor is expected to emboss a significant influence on the growth of the portable air compressor market.
Asia Pacific Likely to Claim Dominance in Global Portable Air Compressor Market
Emerging economies in Asia Pacific region are expected to showcase huge growth potential in the portable air compressor market. Increasing construction and industrial activities in countries such as China and India have fuelled use of supporting equipment such as portable air compressors, in turn complementing growth of their market. Portable air compressor is used for effective creation of static pressure and supply air at an apt pressure level effortlessly, which makes it a suitable substitute to stationary compressors in this sector. Moreover, the oil and gas and mining sectors in the region are also expected to significantly contribute to the growth of the portable air compressor market in the years to follow. Portable air compressor provides optimum pressure required to transport the gas within pipeline. It is also used in gas-lift operations where portable air compressor efficiently lifts the oil volume. The oil and gas industry in emerging economies in Asia Pacific is expected to witness significant boost in the coming years.
For instance, according to IBEF (India Brand Equity Foundation), in India, the oil demand is expected to reflect 2x growth and is poised to reach 11 million barrels by end of 2045. Moreover, the Union Ministry of Petroleum and Natural Gas gave approval for a capacity expansion project worth US$ 3.8 billion. Such initiatives are likely to trigger rapid expansions in the oil and gas sector in India, in turn paving new growth pathways for portable air compressor market. That said, portable air compressor manufacturers can focus their strategy towards enhancing their foothold in the Indian market to gain stronghold in this growing economy.
Global Portable Air Compressor Market: Competitive Landscape
Key players in the portable air compressor market include Atlas Copco, Hitachi Limited, Ingersoll-Rand Plc., Gardner Denver, ElGi, TEWATT, Zycon, Rolair Systems, REMEZA, BOGE Compressors, Sumake Industrial Co., Ltd.
The global portable air compressor market is segmented as below:
Key Elements Included In The Study: Global Portable Air Compressor Market
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