Press release
Reciprocating Compressor MarketLikely To Experience A Tremendous Growth In Near Future
Reciprocating Compressor Market: OverviewAccording 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.
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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. The services segment has been sub-divided into repair & maintenance services, installation & configuration services, training services, and optimization services. Based on industry, the reciprocating compressor market has been categorized into oil & gas, chemical, petrochemical, pharmaceutical, food & beverages, power generation, metal processing, and others. The oil & gas segment has been sub-classified into oil refineries, gas pipelines, gas processing plants, and cryogenic & other low-temperature gases. Other industry segment covered in the scope of study includes textiles, painting, dry cleaning, woodworking, agriculture/farm, automotive, mining, pulp & paper, plastic bottles & glass, etc.
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