Increasing Demand From End-use Application Industry to Help
ALBANY, New York, Feb. 18, 2020 /PRNewswire/ -- A new market research report published by Transparency Market Research states that the global reciprocating compressor market is on course to achieve a stellar valuation in the coming years of the forecast period. The research report expects the market to exhibit a CAGR of ~3.5% for the given period of forecast ranging from 2019 to 2027. With this rate of growth, the market valuation is expected to rise up to ~US$6.2 bn by 2027. Initially the valuation of the market was around US$4.8 bn in 2019. There are multiple factors that are attributing to the overall development of the global reciprocating compressor market. The research report offers a great in-depth insight on how the market functions and the intricacies that are influencing the overall growth.
Key Findings in the Research Report
- The global market for reciprocating compressor is broadly divided in terms of end-use industry, component, and region.
- In terms of component, the market can be further segmented into products and services. The segment of products has been the dominant one in the global market in 2018. The segment is further sub-segmented into parts & accessories, and compressors. The sub-segment of compressor is classified into hyper compressors, oil-free reciprocating compressors, liquefied natural gas (LNG) reciprocating compressors, labyrinth piston compressors, and industrial process gas reciprocating compressors among others.
- On the other hand, the service segment is fragmented into optimization services, training services, installation & configuration services, and repair & maintenance services.
- Among the segments of products and services, the former one is expected to fetch maximum revenue as there is increasing demand for variety of products from the prominent end user industries.
- In terms of end-use industries, the global reciprocating compressor market is classified into metal processing, power generation, food & beverages, pharmaceutical, petrochemical, chemical, and oil & gas.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Reciprocating Compressor Market by Component: Product [Compressors and Parts & Accessories] and Services [Repair & Maintenance Services, Installation & Configuration Services, Training Services, and Optimization Services]; and Industry: Oil & Gas [Oil Refineries, Gas Pipelines, Gas Processing Plants, and Cryogenic & Other Low-temperature Gases], Chemical, Petrochemical, Pharmaceutical, Food & Beverages, Power Generation, Metal Processing, and Others at https://www.transparencymarketresearch.com/reciprocating-compressor-market.html
Global Reciprocating Compressor Market – Key Driving Factors
- One of the key driving factors for the development of the global reciprocating compressor market is the increasing adoption of these reciprocating compressors in the production processes of iron and steel. The steel industry has been experiencing a considerable growth in terms of its production capacity over the past decade or so. This growth is because of the growing demand for steel from the developing nations in the world. There is a significant role of reciprocating compressors in the iron and steel industry and thus growth in the latter is expected to fuel the overall development of the global market.
- Another important factor that has been improving the adoption of reciprocating compressors is their use in catering to demand of production of gases in variety of industries. For instance, oxygen is important for blast furnace operations in the iron and steel industry. Whereas, for steel manufacturing, hydrogen is important. Thus, there has been an increasing demand for reciprocating compressors to cater to these gas demands.
- In addition to this, rise in demand from the CNG and LNG transport & storage plants is also helping the overall development of the global reciprocating compressor market. This rise in demand is due to the increasing concern about emissions of hazardous gases in the environment and reducing the carbon footprint.
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Global Reciprocating Compressor Market – Key Restraining Factors
- One of the biggest challenges in front of manufacturers operating in the global reciprocating compressor market is the high cost of installation. In addition to this, the cost continues to increase because of the maintenance of vital components such as piston and their rings, piston rod, crosshead, connecting rod, clearance pocket, suction unloader, check valves, packing rings, and crankshaft. Such increasing costs will put pressure on the development of the global reciprocating compressor market in the near future.
- Increasing preference of small scale or medium scale industries such as textiles and food and beverage towards more cost efficient compressors such as screw compressors or centrifugal compressors is also expected to pose a challenge for the development of the global market.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/75771
Global Reciprocating Compressor Market – Geographical Outlook
- North America market is expected to be the most promising geographical segment of the global reciprocating compressor market. The region is expecting large-scale infrastructural investment as well as continual economic growth which will be beneficial for the development of regional market.
- In addition to this, increasing investment in other prominent industries such as pharmaceutical, oil & gas, petrochemicals are all expected to help the development of reciprocating compressor market in North America.
- The regional segment of Europe is expected to follow the North America market in terms of growth.
Analyze Reciprocating Compressor market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Reciprocating Compressor Market – Competitive Landscape
Some of the key companies in the global reciprocating compressor market are Atlas Copco, Hitachi Limited, Burckhardt Compression AG, Siemens AG, GE Company, Kobe Steel, Ltd., IHI Corporation, Ltd., and Mitsui E&S Holdings Co., Ltd. among others.
Global Reciprocating Compressor Market: Segmentation
Reciprocating Compressor Market, by Component
- Industrial Process Gas Reciprocating Compressors
- Labyrinth Piston Compressors
- Liquefied Natural Gas (LNG) Reciprocating Compressors
- Oil-free Reciprocating Compressors
- Hyper Compressors
- Parts & Accessories
- Repair & Maintenance Services
- Installation & Configuration Services
- Training Services
- Optimization Services
Reciprocating Compressor Market, by Industry
- Oil & Gas
- Oil Refineries
- Gas Pipelines
- Gas Processing Plants
- Cryogenic & Other Low-temperature Gases
- Food & Beverages
- Power Generation
- Metal Processing
- Others (Textiles, Painting, Dry Cleaning, Woodworking, Agriculture/Farm, Automotive, Mining, Pulp & Paper, Plastic Bottles & Glass, etc.)
Reciprocating Compressor Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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