Reciprocating Pumps & Compressors Forging: Introduction
- Many parts of reciprocating pumps & compressors need forging. These include connecting rods, crankshafts, and compressor cylinders.
- Demand for reciprocating pumps & compressors has increased significantly over the last decade, as these products are used in various industries such as oil & gas, chemical, food & beverages, pharmaceutical, and metal processing.This has boosted the demand for forged products that are required in reciprocating pumps & compressors. The trend is expected to continue in the near future.
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Key Drivers and Restraints of Reciprocating Pumps & Compressors Forging Market
- Rapid industrialization and urbanization is a key driver of the global reciprocating pumps & compressors forging market. Investment in housing, infrastructure, and industrial sectors has risen significantly in the last few years. This has boosted the demand for reciprocating pumps & compressors forging.
- Increase in demand for water and wastewater treatment plants in developing countries is another major driver of the reciprocating pumps & compressors forging market. Significant rise in industrialization in developing countries is augmenting the need for better water and wastewater management. Reciprocating pumps & compressors are now being used substantially in these countries. This is anticipated to propel the demand for reciprocating pumps & compressors forging in the near future.
- Availability of cheaper and inferior quality pump products is a major factor restraining the global reciprocating pumps & compressors forging market. The market is fragmented, with many players operating across the world. These manufacturers are providing substitutes for reciprocating pumps & compressors at cheaper prices. However, the quality of these products is inferior and not in line with international standards. Nevertheless, many companies prefer these products due to lower prices. This is adversely affecting the demand for reciprocating pump & compressor forged products.
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Global Reciprocating Pumps & Compressors Forging Market: Segmentation
- The global reciprocating pumps & compressors forging market can be segmented based on product type and end-user
- Based on product type, the global reciprocating pumps & compressors forging market can be segmented into reciprocating compressor and reciprocating pump. Reciprocating compressor segment is further bifurcated into single-stage and multi-stage. The reciprocating pump segment is further divided into piston, plunger, and diaphragm. The reciprocating pump segment is expected to expand at a high CAGR during the forecast period.
- Based on end-user, the global reciprocating pumps & compressors forging market can be classified into oil & gas, water & wastewater, food & beverages, chemical, pharmaceutical, metal processing, and others. In terms of volume, the oil & gas and water & wastewater segments are anticipated to expand at a significant pace in the near future.
Global Reciprocating Pumps & Compressors Forging Market: Regional Segmentation
- Based on region, the global reciprocating pumps & compressors forging market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is expected to dominate the global reciprocating pumps & compressors forging market in the near future. The market in the region is estimated to expand at a significant pace due to rapid industrial development in the region. China, India, Japan, Singapore, and Indonesia are the leading countries in the region.
- North America is also anticipated to account for considerable share of the global reciprocating pumps & compressors forging market during the forecast period. Increase in demand for chemicals, oil and gas, and electricity is estimated to drive the demand for reciprocating pumps in the region. The U.S. is projected to dominate the market in North America during the forecast period.
- The reciprocating pumps & compressors forging market in Europe is projected to expand at a steady pace during the forecast period, due to increase in demand for these products in various industries
COVID-19 Impact on Reciprocating Pumps & Compressors Forging Market
- In short period of time, the Covid-19 pandemic has impacted major parts of the world. It led to nationwide lockdowns, adversely affecting the availability of workforces. The manufacturing industry came to a halt in many parts of the world to contain the spread of the Covid-19 pandemic. Many projects were put on hold, while several were cancelled. This hampered the demand and supply of reciprocating pumps & compressors. The COVID-19 pandemic is expected to restrain the market for the next couple of years.
Key Players Operating in Market
- Atlas Copco
- Burckhardt Compression AG
- Baker Hughes, a GE Company LLC
- Howden Group
- Frank Technologies Pvt Ltd
- BORSIG GmbH
- Gardner Denver
- GOMA Group
- LEWA GmbH
- ALFA LAVAL
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