Reciprocating Pumps & Compressors Forging: Introduction
- Many parts of reciprocating pumps & compressors need forging. These include connecting rods, crankshafts, and compressor cylinders.
- Demand for reciprocating pumps & compressors has increased significantly over the last decade, as these products are used in various industries such as oil & gas, chemical, food & beverages, pharmaceutical, and metal processing.This has boosted the demand for forged products that are required in reciprocating pumps & compressors. The trend is expected to continue in the near future.
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Key Drivers and Restraints of Reciprocating Pumps & Compressors Forging Market
- Rapid industrialization and urbanization is a key driver of the global reciprocating pumps & compressors forging market. Investment in housing, infrastructure, and industrial sectors has risen significantly in the last few years. This has boosted the demand for reciprocating pumps & compressors forging.
- Increase in demand for water and wastewater treatment plants in developing countries is another major driver of the reciprocating pumps & compressors forging market. Significant rise in industrialization in developing countries is augmenting the need for better water and wastewater management. Reciprocating pumps & compressors are now being used substantially in these countries. This is anticipated to propel the demand for reciprocating pumps & compressors forging in the near future.
- Availability of cheaper and inferior quality pump products is a major factor restraining the global reciprocating pumps & compressors forging market. The market is fragmented, with many players operating across the world. These manufacturers are providing substitutes for reciprocating pumps & compressors at cheaper prices. However, the quality of these products is inferior and not in line with international standards. Nevertheless, many companies prefer these products due to lower prices. This is adversely affecting the demand for reciprocating pump & compressor forged products.
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Global Reciprocating Pumps & Compressors Forging Market: Segmentation
- The global reciprocating pumps & compressors forging market can be segmented based on product type and end-user
- Based on product type, the global reciprocating pumps & compressors forging market can be segmented into reciprocating compressor and reciprocating pump. Reciprocating compressor segment is further bifurcated into single-stage and multi-stage. The reciprocating pump segment is further divided into piston, plunger, and diaphragm. The reciprocating pump segment is expected to expand at a high CAGR during the forecast period.
- Based on end-user, the global reciprocating pumps & compressors forging market can be classified into oil & gas, water & wastewater, food & beverages, chemical, pharmaceutical, metal processing, and others. In terms of volume, the oil & gas and water & wastewater segments are anticipated to expand at a significant pace in the near future.
Global Reciprocating Pumps & Compressors Forging Market: Regional Segmentation
- Based on region, the global reciprocating pumps & compressors forging market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is expected to dominate the global reciprocating pumps & compressors forging market in the near future. The market in the region is estimated to expand at a significant pace due to rapid industrial development in the region. China, India, Japan, Singapore, and Indonesia are the leading countries in the region.
- North America is also anticipated to account for considerable share of the global reciprocating pumps & compressors forging market during the forecast period. Increase in demand for chemicals, oil and gas, and electricity is estimated to drive the demand for reciprocating pumps in the region. The U.S. is projected to dominate the market in North America during the forecast period.
- The reciprocating pumps & compressors forging market in Europe is projected to expand at a steady pace during the forecast period, due to increase in demand for these products in various industries
COVID-19 Impact on Reciprocating Pumps & Compressors Forging Market
- In short period of time, the Covid-19 pandemic has impacted major parts of the world. It led to nationwide lockdowns, adversely affecting the availability of workforces. The manufacturing industry came to a halt in many parts of the world to contain the spread of the Covid-19 pandemic. Many projects were put on hold, while several were cancelled. This hampered the demand and supply of reciprocating pumps & compressors. The COVID-19 pandemic is expected to restrain the market for the next couple of years.
Key Players Operating in Market
- Atlas Copco
- Burckhardt Compression AG
- Baker Hughes, a GE Company LLC
- Howden Group
- Frank Technologies Pvt Ltd
- BORSIG GmbH
- Gardner Denver
- GOMA Group
- LEWA GmbH
- ALFA LAVAL
Global Reciprocating Pumps & Compressors Forging Market: Research Scope
Global Reciprocating Pumps & Compressors Forging Market, by Product Type
- Reciprocating Compressor
- Reciprocating Pump
Global Reciprocating Pumps & Compressors Forging Market, End-user
- Oil & Gas
- Water & Wastewater
- Food & Beverages
- Metal Processing
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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