August 02, 2022 15:06 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, Aug. 02, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Reciprocating Compressor Market Analysis by Product (Horizontal and Vertical), Type, Cooling (Air-Cooled and Water-Cooled), Stage (Single Stage and Multi-Stage), End-Use - Forecast till 2027” valuation is poised to reach USD 6.2 Billion by 2027, registering an 5.92% CAGR throughout the forecast period (2021–2027).
The reciprocating compressor market is growing rapidly, witnessing huge demand from the chemical and oil & gas industries. Besides, the extensive use of reciprocating compressors to reliably move compressible fluids in power generation, food & beverage, and pharmaceuticals substantiate the market size. Changing food safety and security standards against infections, hazards, and food contamination boost market shares.
Reciprocating Compressor Market Report Scope:
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The outlook of the reciprocating compressor market is expected to deliver moderate growth over the corresponding period compared to as seen in the previous financial year. Reciprocating compressor manufacturers are gearing up to exploit opportunities for compressed reciprocating supply in all new sectors. They are well poised and looking to tap opportunities in emerging sectors.
Manufacturers prepare themselves to meet the reciprocating compressors requirements, such as semiconductors, electronics, and solar energy in emerging regions. The recent technology upgrades that promise a substantial reduction in maintenance costs boost market revenues. Moreover, vast technological advances, substantial R&D investments, and the wide availability of advanced reciprocating compressors drive market growth.
The reciprocating compressor market report is segmented into types, products, cooling, portability, output power, stages, end uses, and regions. The type segment comprises oil-free and oil-lubricated. The product segment comprises horizontal and vertical. The cooling segment comprises air-cooled compressors and water-cooled compressors. The output power segment comprises up to 100kW, 100kW–300kW, 300kW–500kW, and above 500 kW.
The portability segment comprises stationary and portable compressors. The stage segment comprises single-stage and multi-stage compressors. The end use segment comprises oil & gas, chemical & petrochemical, power generation, food & beverages, pharmaceuticals, metals & mining, and others. The region segment is bifurcated into North America, Europe, Asia-Pacific, Middle East & Africa, and rest-of-the-world.
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Reciprocating Compressor Market Regional Analysis
APAC Dominates the Global Reciprocating Compressor Market
Factors such as the sizable growth in the utilization of reciprocating compressors and spurring rise in numerous end-use industries are major driving forces. Besides, the growing necessity of reciprocating & gas compression in many end-use applications boosts the market size. Advancements in reciprocating compressor systems and the vast availability of quality reciprocating compressors foster the region's market shares.
With rising industrialization, major APAC countries such as Singapore, China, South Korea, and India account for outstanding shares in the APAC reciprocating compressor market. Also, the construction industry in the region is growing rapidly, with huge government support for industrialization in emerging economies, boosting the market value. Furthermore, the FDI and FITs in India and China contribute to the market growth, encouraging new entrants in the market.
Benefits of Reciprocating Piston Air Compressors
When it comes to handling high-capacity swings and generating a high-discharge pressure, reciprocating compressors offer more advantages than other types of compressors like centrifugal and rotary ones. With their uniquely designed integrated components, portable reciprocating compressors offer reliable, superior performance and ease of maintenance, making them suitable for light-duty applications.
These air compressors provide better oil control & cooling, low noise operations, easy mobility & maintenance, and vast power saving. These reciprocating piston air compressors are suitable for spray painting, fabrication workshops, pneumatic tools, etc. There have significant advances in reciprocating compressors led by huge investments in increasing numbers of research and development activities.
Reciprocating compressors can compress gases and refrigerants of a wide range of molecular density. Therefore, they are also extensively used to produce high-pressure gas output, such as refrigeration cycles. Moreover, they are widely used in oil refineries, gas pipelines, natural gas processing plants, and chemical plants. Due to their high durability, the vast availability of low-priced & spare parts, relatively low maintenance costs, and ability to provide continuous flow reciprocating compressors are garnering huge prominence across the industries.
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On Jun 28, 2022, Ariel Corporation, a leading global manufacturer of reciprocating gas compressors, announced a partnership with Hoerbiger, a leading global provider of reciprocating gas compressor components technology, to supply non-lube compressor solutions for hydrogen mobility markets.
The duo would provide non-lube compressor solutions capable of fulfilling the hydrogen compression requirements of the future hydrogen mobility solutions, such as public transportation, large fleet vehicles, private trucking companies, trains, boats/ships, and other high volumes high pressure, vehicle-fueling applications.
Leveraging the combined research, development, design, material science, manufacturing, and assembly capabilities, these companies would provide compressor solutions required by several high-volume/high-pressure vehicle fueling projects.
In another instance, on July 21, 2022, LIFTE H2 (the US), a leading hydrogen infrastructure development company, and Burckhardt Compression, a leading global market leader for reciprocating compressor systems, announced the signing of an MoU to develop a joint offering of hydrogen solutions to the market. LIFTE H2's product & project development services and Burckhardt Compression's technology & global service capability will provide differentiated long-term and integrated value for their customers.
Reciprocating Compressor Market Competitive Analysis
Highly competitive, the reciprocating compressor market appears fragmented, with many key players forming a competitive landscape. Making more intelligent appliances requires hardware and software technology innovation and adoption. Industry players incorporate acquisition, partnership, collaboration, expansion, and product & technology launches to gain a substantial market share.
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Dominant Key Players on Reciprocating Compressor Market Covered are:
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