Reciprocating Compressor Market Dynamics
According to Market Research Future (MRFR)’s estimations, the North America Reciprocating Compressor market to Reach USD 7 Billion by 2032. MRFR also confirms that the market has the potential to advance at a rate of 5.90% during the evaluation period, which is between 2024 and 2032.
Primary Boosters and Key Barriers
North America Reciprocating Compressor are being increasingly deployed in the manufacturing of petroleum and chemicals. These compressors are used for transporting natural gas and compressing gas in these sectors. On top of that, North America Reciprocating Compressor are find widespread use in vast range of processes across different industries like power generation, pharmaceutical, chemicals, oil and gas, refrigeration and metal processing. With the steadily growing scope of application of North America Reciprocating Compressor, the global market is all set to progress relentlessly in the following period.
The skyrocketing demand for North America Reciprocating Compressor in LNG and CNG storage and transport plants as well as refinery can most likely result in stronger business growth during the appraisal period. North America Reciprocating Compressor owns a number of desirable features including the ability to perform well in both high power and pressure. This is bound to lead to more product demand and higher revenue generation for North America Reciprocating Compressor in the following years.
Speaking of specialty application, reciprocating compressor is used to blow plastic bottles that are made of PET (polyethylene terephthalate). Also, these compressors are being increasingly deployed in the production of steel and iron, which means incredible market growth in the ensuing years.
Market Segmentation
The reciprocating compressor market’s extensive coverage in the report includes the primary segments of type, component, and end-use industry.
The types of reciprocating compressor are stationary and portable, wherein the highest share in the market can most likely be held by the portable segment.
Piston, bearings and crankshaft are the main components of North America Reciprocating Compressor.
The end-use industries that make widespread use of North America Reciprocating Compressor are semiconductor & electronics, manufacturing, oil & gas, mining, food & beverage, and others.
Regional Study
The regional study of the global reciprocating compressor market covers Europe, North America, the Middle East & Africa, Asia Pacific or APAC, as well as South America. Out of these, North America happens to be the most profitable region in the global market, closely trailed by APAC.
The blooming oil & gas sector along with the favorable financial state of North America has been conducive for the growth of the North America Reciprocating Compressor market. The major focus of the leading companies in the regional market is enhancing the compressor efficiency, leading to a profitable business landscape. More and more manufacturers are launching advanced North America Reciprocating Compressor that are developed to perform in a duty cycle instead of functioning continuously. Additionally, the fast-paced technological innovations conducted by the leading companies in North America also benefit the market.
The prime growth boosters in the APAC market are rising industrialization, technological innovations, increasing investments, and the mounting replacement demand. With the soaring number of stakeholders introducing improved and advanced variants, North America Reciprocating Compressor are gaining higher favor across different industries including chemical, power and petrochemical. While the supply side is observing immense growth, the voracious appetite of the consumers for more advanced machinery can boost the demand for North America Reciprocating Compressor during the review period. The surge in initiatives as well as environmental consciousness in China has resulted in stricter regulations being set up by the government to better the air quality, which can reflect positively on the reciprocating compressor market over the forthcoming years.
Reciprocating Compressor Market Contenders
General Electric (US), Ingersoll-Rand plc (Ireland), Burckhardt Compression AG (Switzerland), Ariel Corporation (US), Atlas Copco (Sweden), Siemens (Germany), Kobe Steel, Ltd. (Japan), are the leading contenders highlighted in the report.
Corken, Inc. (US), Sundyne (US), Kaeser Kompressoren (Germany), Hitachi Industrial Products, Ltd. (Japan), Howden Group (UK), Shenyang Blower Works Group Corporation (China), Mayekawa mfg. Co., Ltd (US), Gardner Denver, Inc. (US), are few other companies that are part of the North America Reciprocating Compressor industry.
Latest Developments
March 2019 – Atlas Copco AB carried out acquisition of Quincy Compressor LLC, which belongs to EnPro Industries, an air compressor manufacturer located in the United States. The acquisition by Atlas took place with the aim of boosting the brand portfolio strategy and also developing the Quincy brand.
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