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Reciprocating Compressor Market: Industry Analysis, Opportunity Assessment and Forecast upto 2024
Transparency Market Research (TMR) has found that a number of these companies have been focused on strategic alliance as their go-to growth plan. Atlas Copco, one of the most prominent names in the reciprocating compressors market in Russia, acquired at least three companies in the first seven months of 2016 alone: FIAC, an Italian manufacturer of compressors and allied equipment, in January; Schneider Druckluft GmbH, a German manufacturer of compressed air solutions, in June; and Roxel Rental AS, a Norwegian supplier of drilling and well products and solutions, in July.
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“Atlas Copco, through these acquisitions, has managed to strengthen the company’s position in offshore markets, which has also benefited its operations and presence in Russia,” the lead author of the TMR study states. “The acquisitions have also enabled Atlas Copco to expand its product portfolio as well as expertise within the compressors segment.”
“The Ministry of Industry and Trade of the Russian Federation has set down a number of rules and regulations that have had a significant impact on the reciprocating compressors market,” the lead author reports. For instance, the European Union, the U.S. Commerce Department, and the U.S. Bureau of Industry and Security restricts the use of U.S.-origin energy exploration or production equipment as well as technology for subsea applications in the Russia oil and gas industry. This includes the prohibition of compressors. This has strengthened the presence of local manufacturers of reciprocating compressors.
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In addition to this, the Russian government has introduced several support programs for investors that have empowered subsea applications in the country. This, in turn, has boosted the demand for reciprocating compressors, among other industrial equipment.
Local manufacturers of reciprocating compressors in Russia have, in the past, faced numerous hurdles owing to the lack of sustainability to cope up with international standards and quality benchmarks. A number of them have, therefore, pinned their hopes on the global advancement of technology and innovation and the development of maintenance-free compressors with greater efficiency.
“Foreign direct investment (FDI) will bring to Russia the benefits of these technological advancements and augment the output efficiency of the reciprocating compressors market in Russia,” the TMR analyst predicts.
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The opportunity in the Russia reciprocating compressor market is anticipated to rise from US$227.1 mn in 2015 to be worth US$352.6 mn by 2024. If these values hold true, the market is forecast to expand at a CAGR of 4.9% from 2016 to 2024. The oil and gas sector is the key end user of reciprocating compressors in Russia and this segment is projected to account for a share of over 42% by 2024. It is also anticipated to register the highest CAGR of 6.4% during the forecast period.
Among the major types of compressors, industrial process gas reciprocating compressors led the Russia reciprocating compressor market in 2015 and this segment is projected to retain its top position through 2024. LNG reciprocating compressors, on the other hand, are likely to emerge as the most rapidly expanding segment by type, registering a 5.3% CAGR from 2016 to 2024.
This review is based on the findings of a TMR report titled “Reciprocating Compressor Market - Russia Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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