The Infinium Global Research analyzes the Reciprocating Compressor Market over the period of 2020 to 2026. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global reciprocating compressor market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of reciprocating compressor. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the reciprocating compressor market during the period. Reciprocating compressor market to grow with a CAGR of 2.9% over the forecast years.
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Power Generation, Metal Processing, Chemical Processes and Refrigeration Will Increase the Demand of Reciprocating Compressor Market
Reciprocating Compressor is a mechanical device that basically uses piston-cylinder arrangement to compress a gas and reduces its volume. Reciprocating compressors are, primarily, positive-displacement machines. It uses mechanical work to take an amount of fluid and deliver it at required pressure. Further, increasing focus on improving the durability of machines for more efficient working. Reciprocating compressors are typically used at a stage where high compression ratios are required without high flow rates. Rising demand from several end user industries for power generation, metal processing, chemical processes and refrigeration will increase the demand of reciprocating compressor market. Such wide range of application from several industries will expected to increases the scope of the market in the forecast period.
Furthermore, as measures to control the outbreak of coronavirus have augmented, the demand for Reciprocating compressor has momentarily decreased in the several manufacturing sector. Additionally, the recent outbreak is also causing supply chain disruptions and reduction in capacity upto 40-60% due to labour shortage. The biggest end users of the compressor are chemical and oil and gas industry, which is worst hit due to covid-19. Further, a large number of leading players in the chemical industry have stepped up to produce raw materials for safety products needed for restricting the spread of the virus. However, Thus, reciprocating compressor will continue to witness demand over the forecast years as the production in chemical industry recovers from the impact of COVID-19.
Chemical Industry to Remain the Largest Industry Vertical of Reciprocating Compressor
Reciprocating compressor are used in manufacturing sectors such as oil and gas, chemical, Petroleum, Pharmaceutical, Food & Beverages, Power Generation, Metal Processing and Others. However, reciprocating compressor are majorly used in chemical and oil, and gas industries. The Demand for petrochemical and chemical products and gas transmission pipelines is increasing and these chemical processes offer wide range of applications to the reciprocating compressor. They are regarded as the most energy efficient type of compressor. For instance, reciprocating compressor are most frequently used in the chemical and pharmaceutical sector. Currently, as the entire health care system is primarily focused on overcoming this virus, reciprocating compressor witness asignificant growth in the market.
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North America to be the Dominant Region in Reciprocating Compressor Market
Geographically, North America generated the largest revenue in the Reciprocating compressor market in 2019 and is expected to continue its dominance over the forecast years. Rising demand for cost-effective reciprocating compressors, rapid technological advancement and increasing demand for natural gas will increase demand for the Reciprocating compressor market in North America region.
Furthermore, the region will offer several growth opportunities to market vendors during the outbreak of COVID-19 due to steady demand from the chemical and pharmaceutical industries. Moreover, the Asia Pacific region is anticipated to grow with a healthy CAGR owing to rapid industrialization in the countries.
Companies Operating in Reciprocating Compressor Market to Reduce Production Amidst Covid-19 Due to Decline Demand from Major End User Industries
The Reciprocating compressor market is intensely competitive with the presence of several multinational players. The major player's Siemens AG, Atlas Copco, Hitachi Ltd., GE Company and Burckhardt Compression AGare continuously focusing on improving production and facilitate other organic strategies to gain a competitive edge in the market. These manufacturers are also increasing their production output as the demand is currently exceeding supply due to the COVID-19 pandemic. In such instance, A large number of leading players in the manufacturing industry have stepped up to adopt new technology and remote-controlled production for reducing human intervention and effective production.
In addition, companies are proactively implementing advanced digital capabilities that integrate their production operation with supply chain and logistics counterparts in order to ensure the on-time delivery of their product. Improving compressor efficiency is a major area of focus for the players operating in the current reciprocating compressor market landscape. This technological innovation will augment the demand for reciprocating compressor in the forecast period.
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