The air compressor market will experience a decline in the current Covid-19 pandemic situation. According to a latest report published by Research Dive, the air compressor market is estimated to generate a revenue of $39,844.6 million by 2026, from a significant market size of $30,517.2 million in 2018 with a CAGR of 3.4% in the forecast period.
The report presents in-depth insights on the impact of COVID-19 pandemic on the current and future growth of the global industry, by analyzing important factors such as key drivers and limitations, newest trends and advances, regional market circumstances, and size and scope of the market in the course of the pandemic. The report also states that the COVID-19 pandemic has declined the market growth.
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Factors Affecting the Market Amidst the Covid-19 Pandemic
The air compressor market is negatively affected due to the Covid-19 pandemic as these compressors are extensively used in factories, industries, and workshops. The nationwide lockdown imposed to curb the spread of the novel coronavirus disease has stopped the manufacturing processes; thus hampering the air compressors’ usage.
Apart from this, disruptions in the demand and supply chain have also restricted the market growth in the outbreak scenario. Several industries, businesses, and workplace operations are stalled, resulting in the decline of the production of the air compressors and their usages as well.
Key Highlights of the Market
- The CAGR of the air compressor market, as predicted prior to the occurrence of the COVID-19 pandemic, was 3.8% in the forecast period.
- The CAGR of the air compressor industry worldwide, as estimated after the commencement of the new coronavirus mayhem, is expected to be 3.4% in the forecast time period.
- The market size of the smart manufacturing industry in 2020, as expected before the COVID-19 pandemic began, was $32,772.1 million.
- The present size of the in 2020, after enduring the effects of the COVID-19 pandemic, is $21,301.8 million.
Present Situation of the Market in the Covid-19 Crises
Various air compressor manufacturers are implementing techniques and strategies to balance themselves during the Covid-19 pandemic. One of the American companies called Ingersoll Rand Inc. is opting to supply necessary products to the food and beverage sector, pharmaceutical and laboratories, transportation and logistics, oil and gas sector, and many more. This approach will benefit both the sides and create a win-win situation for both parties.
Moreover, air compressors are widely supplied to the industries that are indulged in making medical gas equipment that operate on ventilators. These are some of the steps taken in the current situation to sustain the chaotic situation.
Post Pandemic Strategies and Scenario
The global air compressor market is anticipated to recover by Q1/Q2 of 2023 due to rise in demand for such compressors in the industries. Some of the flourishing industries that’ll take the market forward in the post Covid-19 world are healthcare, energy, and home-appliances.
Many businesses are investing in product innovation and new technologies for augmenting the market growth in the post coronavirus scenario. One of the companies called as Sullair has invented Perkins portable air compressor that is durable due to turbo charged engine. Apart from this, companies are also ensuring that they maintain the safety of the employees, workers, customers, and partners.
Apart from this, the report also summarizes numerous faucets taken up by all the significant players working in the market. These include product portfolio, financial performance, developments and recent strategic moves, and SWOT (strengths, weakness, opportunities, and threats) scrutiny.
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