Portable Air Compressor Market Size Report, Share, Growth and Analysis 2031

[Research Report] The portable air compressor market is expected to grow from US$ 16.85 billion in 2022 to US$ 24.01 billion by 2031, estimated to grow at a CAGR of 4.5% from 2022 to 2031.

Analyst Perspective:

Air compressor demand is predicted to rise due to a growing emphasis on energy recovery, efficiency, and lowering CO2 emissions. Revenue growth is also anticipated over the projected period due to the increased demand for services and the monitoring of compressed air installations. The market is also expected to be driven by increased demand for air compressors from the food and beverage industry due to stricter laws on food safety and health. The Middle East and North America are predicted to see a rise in oil and gas extraction investments, which would help fuel the air compressor market's expansion.

The need for air compressors is increasing across major end-use sectors due to several causes, including the expanding adoption of variable-speed systems, low maintenance costs, efficient operation, and retrofitting for existing systems. The increased demand for energy-efficient compressors can be attributed to their economic functions. But worries about air quality have grown as gas compressor stations proliferate. As a result, air monitoring devices are placed widely to gauge the effects of gas and air compressors. The introduction of non-oil and gas-based projects and ongoing industry developments also drive the need for air compressors.

Leading companies are creating low-maintenance, environmentally friendly technologies to entice consumers to choose next-generation goods. Businesses like Ingersoll Rand Plc and Atlas Copco Inc. have created next-generation systems with high-performance capabilities to set themselves apart in a fiercely competitive industry. These air compressors have several significant benefits, such as lower noise levels and greater efficiency.

Market Overview:

Portable air compressors are cordless, easy, compact solutions used by many businesses in various industries to fulfill all the air compressing requirements, wherever and whenever required. Portable air compressors are widely preferred over their stationary counterparts due to their ability to provide the same high-quality functionality, despite being lighter and smaller than stationary air compressors. They are utilized in various industries for applications such as powering pneumatic tools in-car systems, construction sites and farms, air conditioners and pumps, and others.

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Portable Air Compressor Market: Strategic Insights

Portable Air Compressor Market

• Market Size 2023
  US$ 17.61 Billion
• Market Size 2031
  US$ 25.04 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Technology

• Rotary
• Reciprocating
• Screw
• Centrifugal

Lubrication

• Oil-Free
• Oil Filled

Application

• Building & Construction
• Manufacturing
• Healthcare
• Power Generation
• Oil and Gas

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Market Driver:

Rise in the Oil and Gas Industry to Drive Growth of Portable Air Compressor Market

According to the International Energy Agency (IEA), in June 2023, the global oil demand is expected to rise by 6% between 2022 and 2031. It will reach up to 105.7 million barrels per day (mb/d) due to the growing demand for petrochemicals and the increasing need for oil in the aviation sector. In addition, the investments for the upstream segment in oil and gas exploration, extraction, and production are anticipated to reach their highest since 2015. They are projected to grow by 11% year-on-year to US$ 528 billion in 2023. Therefore, the rise in global oil demand and investment in the oil and gas industry contributes to oil and gas production, where portable air compressors and power equipment onshore and offshore allow easy and reliable production. In addition, they make up the framework for operating many remote processes, such as oil drilling, installation and removal of reactor rods, and control valves. Thus, market players launch solutions to cater to the industry's rising demand for oil and gas. For example, in January 2021, Sullair unveiled a Tier 3 OFD1550 oil-free portable air compressor for use at the plant, refinery, or job site. The product was introduced to meet the requirement for dedicated and backup oil-free plant air in refineries/petrochemicals, pipelines, power plants, and more.

In addition, the investment and expansion in the refineries is increasing due to the rise in oil and gas demand. For example, in April 2021, ExxonMobil invested in a multi-billion-dollar expansion of oil refineries in a manufacturing complex in Singapore to enhance the competitiveness of the Singapore facility further. According to the Economic Times, in January 2023, Pertamina, a refinery arm of an Indonesian state energy firm, announced that it was upgrading its old refineries and building new ones, increasing its processing capacity to more than 1.5 million barrels per day. Thus, such investments and new refineries generate the demand for portable air compressors and foster the growth of the market.

Segmental Analysis:

Based on technology, the portable air compressor market is segmented into rotary, reciprocating, screw, and centrifugal. The rotary segment held the largest share of the portable air compressor market in 2022 and is anticipated to register the highest CAGR in the market during the forecast period. The market is segmented into oil-free and oil-filled based on lubrication. The oil-filled segment held the largest share of the portable air compressor market in 2022, and the oil-free segment is anticipated to register the highest CAGR during the forecast period. Based on application, the portable air compressor market is segmented into building and construction, manufacturing, healthcare, power generation, oil and gas, and others. The manufacturing segment held the largest share of the portable air compressor market in 2022, and building and construction are anticipated to register the highest CAGR in the market during the forecast period.

Regional Analysis:

The North American region dominated the portable air compressor market in 2022. North America has established itself as a dominant market. The North American portable air compressor market comprises the US, Canada, and Mexico. The adoption of automation is at the forefront across North American countries. The automation capabilities across the region are rapidly expanding to address various concerns such as operational efficiency, reduced human risk, and minimized production time. The major industries in North America integrating automation into their business processes include retail, oil and gas, utilities, agriculture, manufacturing, healthcare, and education. With the rise in the adoption of automation across these industries, the demand for advanced machinery and equipment is rising, generating the demand for portable air compressors to power machinery and equipment.

Moreover, there has been a rise in off-road and recreational activities among travelers worldwide. In April 2022, the Kampgrounds of America, Inc. (KOA), an American franchise of privately owned campgrounds, observed tremendous growth in new campers in the US and Canada. According to the survey conducted by the company, 40% of leisure trips resulted in camping, and ~80% of all leisure travelers choose camping or glamping for at least several trips. Nearly 57 million households stated that they went on at least one camping trip last year, an 18% increase in 2021 compared to 2021. The travelers also experienced that camping and outdoor activities reduce stress and improve their emotional well-being. In addition, various off-road racing events are being conducted across the globe. Off-road racing includes trucks, buggies, motorbikes, cars, and other modified vehicles. These off-road racing events are rising due to the growing interest of enthusiasts in adventurous sports that allow them to showcase their skills and vehicle' capabilities. A few racing events that take place in the US are AZOP (Kingman Grand Prix), LEGACY (Baja Nevada), SADR (Tequila 150), and CODE (VW Autopartes Night Race). Such events are conducted yearly due to their growing popularity. These activities are conducted in terrains as they help to determine the individual's position. In some regions, portable air compressors help inflate the camping air mattresses and vehicle tires used for off-roading activities, further fueling the market size.

Key Player Analysis:

The portable air compressor market analysis consists of players such as ELGi, Ingersoll Rand Plc., Bauer Group, Kaeser Compressors, Atlas Copco, AireTex Compressor, TEWATT; Doosan; Quincy Compressor; and Vanair Manufacturing, Inc. Among the players in the market is a diversified product portfolio offered.

Recent Developments:

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the portable air compressor market. A few recent key market developments are listed below: 

• In March 2023, ELGi introduced a new GP35FP portable compressor. With this addition to the product portfolio, the company now offers nine models in its portable air compressor lineup ranging from 35 CFM to 900 CFM.
• In March 2022, Xiaomi expanded its electric air compressor lineup by launching Xiaomi's portable electric air compressor 1S. The device features five inflating modes that are compatible with bikes, cars, electric vehicles, and more.
• In May 2023, Atlas Copco unveiled an all-new battery-driven portable screw air compressor, Atlas Copco’s ‘B-Air,’ as the latest sign of its progressive shift to more sustainable products.

Portable Air Compressor Market Report Scope