According to Market Research Future (MRFR)’s estimations, the reciprocating compressors market 2020 held the value of USD 6,497 million in the year 2018. MRFR also confirms that the market has the potential to advance at a rate of 5.14% during the evaluation period, which is between 2019 and 2025.
Primary Boosters and Key Barriers
Reciprocating compressors are being increasingly deployed in the manufacturing of petroleum and chemicals. These compressors are used for transporting natural gas and compressing gas in these sectors. On top of that, reciprocating compressors are find widespread use in vast range of processes across different industries like power generation, pharmaceutical, chemicals, oil and gas, refrigeration and metal processing. With the steadily growing scope of application of reciprocating compressors, the global market is all set to progress relentlessly in the following period.
The skyrocketing demand for reciprocating compressors in LNG and CNG storage and transport plants as well as refinery can most likely result in stronger business growth during the appraisal period. Reciprocating compressors owns a number of desirable features including the ability to perform well in both high power and pressure. This is bound to lead to more product demand and higher revenue generation for reciprocating compressors in the following years.
Speaking of specialty application, reciprocating compressor is used to blow plastic bottles that are made of PET (polyethylene terephthalate). Also, these compressors are being increasingly deployed in the production of steel and iron, which means incredible market growth in the ensuing years.
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The reciprocating compressor market’s extensive coverage in the report includes the primary segments of type, component, and end-use industry.
The types of reciprocating compressor are stationary and portable, wherein the highest share in the market can most likely be held by the portable segment.
Piston, bearings and crankshaft are the main components of reciprocating compressors.
The end-use industries that make widespread use of reciprocating compressors are semiconductor & electronics, manufacturing, oil & gas, mining, food & beverage, and others.
The regional study of the global reciprocating compressor market covers Europe, North America, the Middle East & Africa, Asia Pacific or APAC, as well as South America. Out of these, North America happens to be the most profitable region in the global market, closely trailed by APAC.
The blooming oil & gas sector along with the favorable financial state of North America has been conducive for the growth of the reciprocating compressors market. The major focus of the leading companies in the regional market is enhancing the compressor efficiency, leading to a profitable business landscape. More and more manufacturers are launching advanced reciprocating compressors that are developed to perform in a duty cycle instead of functioning continuously. Additionally, the fast-paced technological innovations conducted by the leading companies in North America also benefit the market.
The prime growth boosters in the APAC market are rising industrialization, technological innovations, increasing investments, and the mounting replacement demand. With the soaring number of stakeholders introducing improved and advanced variants, reciprocating compressors are gaining higher favor across different industries including chemical, power and petrochemical. While the supply side is observing immense growth, the voracious appetite of the consumers for more advanced machinery can boost the demand for reciprocating compressors during the review period. The surge in initiatives as well as environmental consciousness in China has resulted in stricter regulations being set up by the government to better the air quality, which can reflect positively on the reciprocating compressor market over the forthcoming years.
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Reciprocating Compressor Market Contenders
Corken, Inc. (US), Sundyne (US), Kaeser Kompressoren (Germany), Hitachi Industrial Products, Ltd. (Japan), Howden Group (UK), Shenyang Blower Works Group Corporation (China), Mayekawa mfg. Co., Ltd (US), Gardner Denver, Inc. (US), are few other companies that are part of the reciprocating compressors industry.
Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objectives
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
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