A compressor is a mechanical device that increases the gas pressure by reducing its volume. Positive displacement compressors compress the air by displacement of mechanical linkage reducing the volume. Reciprocating compressors, scroll compressors, rotary screw compressors, rolling piston, rotary vane compressors, ionic liquid piston compressor, and diaphragm Compressors are the types of positive displacement compressors. In dynamic displacement, turbulence generated mixture of air and water is allowed to fall into a chamber where air separate from the water. Weight of water compresses the air in the top of chamber and an outlet allow the water to flow at lower height. An outlet on top of the chamber allows the compressed air flow to the surface. Air bubble compressor, diagonal or mixed-flow compressors, centrifugal compressors, axial-flow compressors are the types of displacement compressors. Compressor parts and accessories are dynamic power sources and widely used in industrial residential and commercial sectors.
COVID-19 Impact analysis
- COVID-19 pandemic has shut-down the production of various products in the compressor parts and accessories industry attributed to the lockdown in countries worldwide. This has hampered the growth of compressor parts and accessories market in 2020 and, are likely to revive in 2021.
- COVID-19 has already affected the sales of compressor parts and accessories in the second and third quarter of 2020 and is reviving in 2021.
- The major demand for compressor parts and accessories was previously noticed from countries including the U.S., Germany, Italy, UK, and India, which are negatively affected by the spread of the corona virus, thereby declining the demand for compressor parts and accessories.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Compressor parts and accessories manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis.
- Compressor parts and accessories manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
Heavy equipment is used in large scale industries such as oil & gas, chemical, electronic & consumer, healthcare, aviation, aerospace & defense, food and beverages, and construction. Compressor is an equipment which can operate continuously in efficient and effective manner. This is one of the factors which drives the growth of the compressor parts and accessories market at global level. Growth of both mechanical and automobile sectors is another factor that fosters the market growth. In addition, its ease in operation, high efficiency, cost effectiveness, and fast cutting in short time are the attributes which increase its popularity among the end users. This is expected to create new opportunities for the compressor parts and accessories market at a global level.
- Asia-Pacific is dominating the compressor parts and accessories market at a global level due to growth of food & beverages industries and chemical industries. North America is the second largest consumer in the market.
- Manufacturers are increasingly investing in R&D for creating better products and providing better range of variety to consumer of compressor parts and accessories. For example, Elgi equipment Ltd. has widen its portfolio with 400 varieties of compressors in 100 countries.
- Manufacturer of compressor parts and accessories are expanding and acquiring their business which boost the market growth. For example, Elgi equipment Ltd., acquired Pulford Air & Gas Pty Ltd in August 2018.
Key Benefits of the Report
- This study presents the analytical depiction of the compressor parts and accessories market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the compressor parts and accessories market share.
- The current market is quantitatively analyzed to highlight the compressor parts and accessories market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed compressor parts and accessories market analysis based on competitive intensity and how the competition will take shape in coming years.
Compressor Parts and Accessories Market Report Highlights
By Displacement Type
Key Market Players
Campbell Hausfeld, Atlas Copco, Hankison International, Inc., Pulford Air & Gas Pty Ltd, Sullair, Chicago Pneumatic, Makita Corporation, Elgi Equipments Ltd., DeWalt, Milwaukee Electric Tool Corporation