Wilmington, Delaware, United States, May 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Reciprocating Compressor Market size was worth US$ 5.3 Bn in 2022 and is anticipated to reach US$ 8.1 Bn by 2031. The global market is estimated to expand at a CAGR of 4.9% between 2023 and 2031.
Growth of the oil and natural gas industry is anticipated to propel the global market demand for reciprocating compressors. Usage of reciprocating compressors is expected to rise in healthcare and pharmaceutical sectors. Improvements in medical technology in these sectors are projected to drive market development.
Significant investments in R&D, innovative developments, and accessibility to the latest technologies are advancing the global market. Increase in attention toward crosshead vibration reduction and early fault & damage detection presents market participants with lucrative growth prospects. Makers of reciprocating compressors are creating highly sophisticated compressors to address demands from industries such as electronics and semiconductors.
Reciprocating compressor benefits include adaptability, high efficiency, increased pressure generation, and effectiveness of usage in intermittent cycles. The main use of reciprocating compressors is within the refrigeration cycle. They are also widely employed in natural gas pipelines, chemical plants, refineries for oil, and various other industries.
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Key Findings of Market Report
- The global Reciprocating Compressor Market is expected to grow due to expansion in the oil and gas sector. The most trustworthy sources of energy on earth continue to be oil and gas. Reciprocating compressors are regularly employed in natural gas compressors, as they are capable of handling all volume capacities as well as pressures. Depending on the kind of compressor being utilized, the pressure of natural gas can be raised and the proper level of pressure can be maintained in a reservoir. Natural gas found in petroleum must be compressed by 95%, according to several countries. In light of this, processing a sizeable amount of the petroleum before pipeline transit is required to increase gas pressure.
Global Reciprocating Compressor Market: Growth Drivers
- The global market for reciprocating compressors is projected to be driven by advances in medical technology, which are redefining the healthcare sector significantly. Reciprocating compressors are necessary for the efficient operation of several medical devices. Compressors are often used in medical institutions, since they are 100% dependable even after running their complete duty cycle. In most medical institutions, reciprocating compressors are utilized to create clean air. Additionally, the pressure must be precisely correct for the air to be effective. Modern reciprocating compressor models make use of piston cooler systems that efficiently reduce heat accumulation. Numerous medical devices depend on reciprocating compressors for optimum functioning.
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Global Reciprocating Compressor Market: Regional Landscape
- In terms of region, North America is projected to lead the global industry between 2023 and 2031. The oil and petroleum gas sector is projected to dominate the industry in the region in the next few years. The extensive availability of high-quality compressors and improvements in reciprocating compressor systems are fueling business opportunities in North America.
Global Reciprocating Compressor Market: Key Players
Some of the key players in the global Reciprocating Compressor Market are
- Mitsui E&S Holdings Co., Ltd
- Gardner Denver Holdings Inc.
- Mayekawa Mfg. Co., LTD
- Howden Group Ltd.
- Burckhardt Compression AG
- Siemens AG
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Global Reciprocating Compressor Market: Segmentation
Type
- Single-acting Reciprocating Compressor
- Double-acting Reciprocating Compressor
- Diaphragm-type Reciprocating Compressor
- Others
Number of Stages
- Single Stage
- Multi-Stage
End-use Industry
- Oil & Gas
- Food & Beverages
- Power Generation
- Pharmaceutical
- Others
Distribution Channel
- Direct
- Indirect
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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