Any dip in the global air compressor market due to COVID-19 will be short-lived and ultimately recovered, according to an insight note from Research Dive.
The analyst estimates that the Coronavirus pandemic will cause compound annual growth in the industry to drop from 3.8% before the outbreak, to 3.4% in the period immediately after.
However, because air compressors are essential to many sectors around the world, the market should recover its full value relatively quickly.
“In 2020, the global market is expected to observe a slight dip owing to the communal spread of COVID-19,” the briefing note says.
“However, the market shall ultimately restore, mainly because of air compressors’ crucial significance in the operation of factories and workshops across the industries.”
Recovery is expected by the first half of 2023, and the market’s total value is predicted to rise from $30.5 billion in 2018 to nearly $40 billion by 2026.
Factors supporting the post-COVID air compressor market
The reliance of many industries on air compressors to achieve a wide variety of different tasks means that as industrial activity resumes, demand is likely to bounce back quickly.
Just some of the capabilities of air compressors listed in the analyst’s notes include:
- Air blowing
- Air powertools
- Spray painting
- Vacuum packing
Traditional major markets like offshore oil exploration are also predicted to post continued high demand, in spite of any ill effects due to the COVID-19 pandemic.
An unexpected COVID boost
In some ways, the Coronavirus outbreak has actually increased demand for air compressors. Supply chain challenges under lockdown conditions have led to new ways of working.
For air compressor manufacturers, this has created opportunities in many key sectors, including:
- Food and beverages
- Healthcare (including ventilator equipment)
- Power stations
While the pandemic itself is clearly not a welcome development, it has highlighted the importance of the talent and expertise that exists within technical and engineering firms like air compressor manufacturers, and others in their supply chains.
As we move into the latter half of 2020 and beyond, that expertise will continue to be called upon to solve major engineering challenges in all sectors, which is likely to allow the air compressor market to recover its full value within a matter of months.