Technological innovation remains one of the prominent driving market forces in the global industrial air compressor market, which results in significant replacement demand for the industrial air compressor. Moreover, over the past few years, the market has witnessed a considerable upsurge in demand for energy efficient products. Rapid industrialization of developing countries in Asia Pacific, such as China and India, and countries in Middle East & Africa, such as South Africa, is expected to fuel the market growth over the forecast period. Furthermore, upcoming investments are expected in new oil and gas projects, which in turn will create demand for industrial air compressors.
On the other hand, factors such as noise pollution from industrial compressors pose a challenge to market growth. Performance of various end use industries will also significantly affect the growth of the global industrial air compressor market over the forecast period.
By region, the performance of the industrial air compressor market in North America is anticipated to remain weak owing to the sluggish performance of some of the major end use industries. The market is expected to witness moderate growth in Europe, due to existing economic uncertainty in some of the countries, which are prominent markets for industrial air compressors. Asia pacific is expected to witness fast CAGR growth over the forecast period. The major driver of the market growth in Asia Pacific is the robust ongoing industrialization in developing countries, particularly India and China. The market in Middle East & Africa is also expected to witness moderate growth, GCC countries and South Africa are anticipated to remain major contributors to the growth of the market in the region.