On the basis of the analysis, the report identified that growing demand from refinery and LNG & CNG transport & storage plants are expected to fuel the market growth. Further, the market growth can also be attributed to excellent features offered by reciprocating compressors such as high efficiency and their ability to produce both high pressure and power, thereby raising their demand. The market is also growing on the account of rising demand from various end-use industries such as gas transmission pipelines, petrochemical plants, refineries and other industries.
As per the Value Market Research Report, the Global Reciprocating Compressor Market was valued at USD 6,011.7 MN in 2017 and is projected to reach USD 8,580.0 MN by 2024, with a CAGR of 5.2%.
VERTICAL TO GAIN THE MOMENTUM
Owing to their high efficiency their demand is rising across various end-use industries such as power generation, chemical, and petroleum and by end of 2024, it is estimated that it will bring nearly USD 3,941.98 MN in terms of revenue. They are the ideal solution for low space locations and industrial requirements. Thus, rising demand from the refinery and LNG & CNG transport as they are highly reliable and are ideal for continuous duty operation is likely to boost the growth of the segment.
GROWING MANUFACTURING SECTOR HELP INDUSTRIAL GASES WINS THE BIGGEST SHARE IN THE MARKET
The growing demand for oxygen across steel and iron industry is likely to raise the growth of the segment. Mainly the industrial sector is expected to steer the demand for the reciprocating compressor in the years to come.
ASIA PACIFIC TO RULE THE OVERALL MARKET
APAC is leading the market and is expected to maintain its dominance by 2024. Owing to the growing industrialization along with the rise in steel and other manufacturing sector is likely to raise the growth of the market in the region. Also, major players are mostly adopting smart strategies such as partnership, merger, and acquisitions to expand their business around the globe will definitely offer new opportunity growth to the market.
MAJOR PLAYERS
Atlas Copco, Ariel Corp., Corken, Fusheng, Gardner Denver, Burckhardt Compression, General Electric, Hitachi, and Others.
As per this study the global reciprocating compressor market was valued USD 6,872.23 MN (by revenue) in 2021 and is anticipated to reach USD 10565.48 MN by 2028 with a CAGR of 5.34%.
A reciprocating compressor is a positive-displacement mechanical device that comprises a piston to compress a gas and deliver it at high pressure. These are among some of the most critical and expensive machines at a production facility. Reciprocating compressor finds numerous air compression applications in end-user industries such as petrochemical plants, gas transmission pipelines, refineries and other industries.
Market Dynamics
Growing demand from the refinery and LNG & CNG transport & storage plants are expected to drive the market growth. Further market growth can be attributed to significant features associated with the reciprocating compressor such as high efficiency and their ability to produce both high pressure and power. However, global reciprocating compressors market is being restrained by the fraudulent imitation of compressor designs. The intense price competition is also hampering the profitability of compressor vendors in the overall market.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights into the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of reciprocating compressor.
Market Segmentation
The broad reciprocating compressor market has been sub-grouped into product type and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Product Type
- Vertical
- Horizontal
- Angular
By Application
- Refinery
- Industrial Gases
- LNG and CNG Transport and Storage
- Ethylene and LDPE Plants
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for reciprocating compressor in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Reciprocating Compressor Market Share by Region (Representative Graph)​
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the reciprocating compressor market includes Ariel Corp., Atlas Copco, Burckhardt Compression, Corken, Fusheng, Gardner Denver, GE, Hitachi, and Others. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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