PUBLISHER: Grand View Research | PRODUCT CODE: 1405898
PUBLISHER: Grand View Research | PRODUCT CODE: 1405898
The Europe air compressor market is anticipated to reach USD 8.46 billion by 2030 and it is projected to grow at a CAGR of 4.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for energy-efficient compressors in different industries coupled with rising investment in the semiconductor industry are expected to propel the demand for the market in the coming years.
Air compressors are used in power generation, petroleum, chemicals, and manufacturing industries in several applications. As these industries have implemented cost-effective manufacturing processes to offset the shortcomings of traditional manufacturing methods, they have a strong demand for energy efficient compressors due to the enhanced energy distribution and cost-effectiveness given by these compressors. Energy-efficient air compressors consume less electricity, resulting in lower operational costs. This is particularly attractive to industries where compressed air is a critical part of their processes, such as manufacturing and automotive.
Food legislation in the European Union is extensively harmonized in terms of regulation, and the food & beverage industry in the region benefits significantly from the opportunities provided by the European Union single market. On a global scale, the European Union food & beverage industry is competitive, producing high-quality, healthy, and safe food. In 2020, the total food & beverage exports from the European Union were worth USD 162 billion. The European Union's exports of food products increased at an average of 5% year-on-year from 2010 to 2020. These aforementioned factors are anticipated to propel the demand for food & beverage products over the forecast period.
In food processing & packaging industry, compressed air is utilized for controlling actuators and valves in computerized lines used for bottling, packaging, and filling different products. Since compressed air is also used for supplying oxygen to bacteria during the fermentation of food products, the presence of even a minor amount of oil in it disturbs bacterial activities resulting in the spoilage of end products. These aforementioned factors are anticipated to augment the market demand in the projected period.