Air compressor Market size is valued at USD 28,643.2 million in 2021 and is expected to grow at a significant CAGR of 4.5% during the forecast period 2022 to 2028. The global market provides a detailed overview and that can be segmented by type, by technology, by lubrication method, and by application. By type, the market has been segmented into Portable, Stationary. The portable segment is likely to be the largest and fastest-growing segment in terms of type. Based on technology, air compressor market is segmented into Reciprocating, Rotary, Centrifugal. Among these, the reciprocating segment is expected to have the fastest-growing market during the forecast period 2022-2028. Based on the lubrication method, the air compressor market is segmented into Oiled, Oil-free. The oiled segment accounts for the largest share in 2021. Oil-free is the second-largest share during the forecast period 2021-2028. Based on the application, the market has been segregated into Food & Beverage, Oil & Gas, Manufacturing, Medical, Power Generation, and Others. The Food & beverage segment is expected to dominate other segments in air compressor market. The food & beverage segment is expected to witness the highest CAGR during the forecast period according to Precision Business Insights.
In October 2021, Ingersoll Rand acquired Air Dimensions Inc. for an all-cash purchase of USD 70.5 million. Air Dimensions designs, manufactures and sells vacuum diaphragm pumps primarily for environmental applications in high-growth, sustainable end markets, such as emission monitoring, biogas, utility, and chemical processes.