Reciprocating Compressor Market: Overview
According to a new market report pertaining to the global reciprocating compressor market published by Transparency Market Research, the global reciprocating compressor market is anticipated to reach ~US$ 6.2 Bn by 2027. The reciprocating compressor market is projected to expand at a CAGR of 3.5% from 2019 to 2027 in terms of sale. Growth of the reciprocating compressor market can be attributed to increasing adoption of oil free reciprocating compressors and energy efficient reciprocating compressors globally. Over the forecast period, Asia Pacific is projected to emerge as the leading reciprocating compressor market, followed by North America.
Rise in Adoption of Reciprocating Compressors in Iron and Steel Production Processes to Drive Global Market
The steel industry has witnessed significant increase in production capacity over the last decade, due to a rise in demand for steel from developing countries across the globe. In the iron and steel industry, reciprocating compressors are utilized to deliver gases, such as oxygen and hydrogen, at high pressure. In the iron & steel industry, a large amount of oxygen is required for blast furnace operations or for electric arc furnaces. Hydrogen is also important in steel manufacturing, as it is used in surface processing. Therefore, demand for reciprocating compressors is expected to increase during the forecast period in order to cater to the demand for gases in the iron & steel industry.
Reciprocating Compressor: Market Segmentation
The global reciprocating compressor market has been segmented in terms of component, industry, and region. Based on component, the reciprocating compressor market has been classified into product and services. The product segment dominated the global reciprocating compressor market in 2018. The product segment has been sub-classified into compressors, and parts & accessories. The compressor segment has been further sub-categorized into industrial process gas reciprocating compressors, labyrinth piston compressors, liquefied natural gas (LNG) reciprocating compressors, oil-free reciprocating compressors, and hyper compressors.
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Reciprocating Compressor Market: Regional Outlook
In terms of region, the global reciprocating compressor market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to dominate the reciprocating compressor market during the forecast period. Asia Pacific led the global reciprocating compressor market due to the growing gas pipeline network in the region, accounting for a substantial share in 2019, with China, India, and Japan being the major markets in the region. The reciprocating compressor market in Middle East & Africa, Europe, and South America is also projected to increase moderately over the forecast period.
The report provides in-depth segment analysis of the global reciprocating compressor market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries which hold growth opportunities or account for significant share has also been included as part of geographic analysis for the reciprocating compressor market.
