The global air audit equipment market is expected to be worth US$ 12,850.8 million by 2032, with a CAGR of 2.8 percent from 2022 to 2032. The automotive industry is expected to be a significant consumer of air audit equipment during the forecast period, thereby supporting market growth. As of 2022, the market is likely to reach US$ 9,749.9 Million, representing a Y-o-Y incline worth 2.8% from 2021.
Air audit equipment reduces annual expenditure and overall budget, which is expected to drive demand for the air audit equipment market over the forecast period. Furthermore, audit equipment aids in identifying leaks that affect energy consumption, which is another critical factor driving the growth of the air audit equipment market in the coming years. Other advantages of the equipment include waste elimination, reduced equipment downtime, and lower compressed air generation energy consumption.
Furthermore, rising demand for air audit equipment from the automotive industry is expected to fuel market growth. The growing traction can be attributed to the increased energy efficiency, maximized performance, and advanced monitoring and integration. Owing to the aforementioned factors.
Growing demand for air audit equipment from various end-user sectors is expected to be the major factor driving the market in the forecast period. Sectors such as food and beverage, oil and gas, power generation, mining, and chemical and petrochemical plants, are projected to be significant consumers of air audit equipment, thus expanding the market size during the forecast period.
The food and beverage sector has been identified as one of the most significant consumers of air audit equipment, which is projected to strengthen the industry in the forecast period. Also, various countries have implemented various good manufacturing practices for the application of compressed air in the food manufacturing and packaging sector.
For instance, the US code of federal regulations, 3A standards, Safe Quality food, ISO, and British Compressed air society (BCAS), are some of the known standards. Such factors are expected to boost demand for air audit equipment in the forecast period.
Lack of commercialization is expected to be the primary impediment to market growth during the forecast period. Renewable energy sources and unfavourable economic conditions are also significant factors impeding industry expansion in the coming years.
However, rapid industrialization and increasing adoption of advanced technology in developing countries are expected to counteract the impediments and drive the market during the forecast period. In addition, the development of an environmentally friendly and low-maintenance system is another market opportunity that will drive market growth in the coming years.
Key Players:
- Elgi Equipments Ltd
- Nessco Pressure Systems
- Forbes Marshall
- SMC Corporation
- AIRFILTER ENGINEERING
- Peerless Energy Systems
- HTE Technologies
- Air Energy
- US Equipment
- SKF
- Northern Dock Systems Inc.
- ANGSTROM PTE LTD
- HTE Technologies
- MGM Industrial Solutions
