Reciprocating Compressors Market
Reciprocating Compressors Market - China Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022
Press Release :
The China reciprocating compressors has been witnessing a burgeoning demand over the past few years despite intensifying competition from the screw and centrifugal compressors. The cost-efficiency of reciprocating compressors and the increasing need to replace the old ones has created a positive outlook for the reciprocating compressors market in China in the past few years. The industrial sector is expected to steer the demand for reciprocating compressors in the near future as the country primarily depends on manufacturing activities to maintain its overall economy. Furthermore, a pressing need to optimize the high consumption of crude oil in an efficient manner is also anticipated to drive the demand for reciprocating compressors in the coming years. The application reciprocating compressors in the automotive industry and growing activities in refineries, CNG and LNG transportation and storage are also expected to propel the demand for these products.
According to a research report published by Transparency Market Research, the China reciprocating compressors market is expected to be worth US$1,178.9 mn by 2022 rising from US$771.1 mn in 2014. During the forecasting horizon between 2015 and 2022, the global market is expected to expand at a CAGR of 5.3%. The increasing foreign direct investment (FDI), booming automotive sector, and growing industrialization are all expected to propel the China reciprocating compressors market in the near future.
Strategic Pricing Wins Industrial Process Gas Reciprocating Compressors Bigger Share in the Market
The China reciprocating compressors market, on the basis of type, has been segmented into industrial process gas reciprocating compressors, labyrinth piston compressors, liquefied natural gas (LNG), reciprocating compressors, oil-free reciprocating compressors, and hyper compressors. Of these, the industrial process gas reciprocating compressors segment is anticipated to lead the overall market over the forecast period. This segment is expected to reach US$351.3 mn by 2022.
The industrial process gas reciprocating compressors segment is expected to benefit from competitive pricing, enhanced efficiency, marketing to specific segments with integrated solutions, and providing value-added and after sales services. The burgeoning demand for oxygen from the growing steel and iron industry in China is also expected to bolster the demand for these compressors in the forthcoming years.
Meanwhile, the oil-free reciprocating compressors segment is also likely to revolutionize the China reciprocating compressors market with a steady CAGR of 8.6% between 2015 and 2022. The sectors anticipated to drive the growth of the oil-free compressors segment are pharmaceutical, electronics, textiles, and food and beverage. The demand for oil-free reciprocating compressors is also being fuelled by the rising pressure on the country to address environmental concerns and achieve the mandated level of energy efficiency.
Refineries Demand New Reciprocating Compressors with Upgraded Features
The application of reciprocating compressors is seen in the refinery, upstream oil and gas, industrial gases production, LNG and CNG transport and storage, industrial gases, and ethylene and LDPE plants. The refinery segment is expected to expand at a CAGR of 7.0% between 2015 and 2022. As old refineries are being phased out by the government and new ones are being constructed, they are expected to drive the demand for reciprocating compressors in the coming years.
Some of the key players operating in the China reciprocating compressors market are Zigong Tongda Machinery Manufacturing Co., Ltd., Wuxi Compressor Co., Ltd., Shenyang Blower Works Group Corporation, and Shenyang Yuanda Compressor Co., Ltd. The report suggests that manufacturers should collaborate with multinational players investing in the China reciprocating compressors market to acquire substantial funding in the near future. Furthermore, upgrading after sales services and competitive pricing products will also work in the favor of local players.
- Industrial Process Gas Reciprocating Compressors
- Labyrinth Piston Compressors
- Liquefied Natural Gas (LNG) Reciprocating Compressors
- Oil-free Reciprocating Compressors
- Hyper Compressors
- Upstream Oil and Gas
- Industrial Gases
- LNG and CNG Transport and Storage
- Ethylene and LDPE Plants