Rapid industrialization in emerging countries, and development in the oil & gas sector drive the growth of the global reciprocating compressor market.
WILMINGTON, Del., Dec. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Reciprocating Compressor Market by Type (Single Acting, Double Acting, and Diaphragm), Stage Type (Single Stage and Multi Stage), and End User (Oil and Gas, Pharmaceutical, Chemical Plants, Refrigeration Plants, Food, Manufacturing, Automotive, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global reciprocating compressor industry generated $4.9 billion in 2022, and is anticipated to generate $7.2 billion by 2032, witnessing a CAGR of 4.2% from 2023 to 2032.
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Prime determinants of growth
Rapid industrialization in emerging countries and development in the oil & gas sector drive the growth of the global reciprocating compressor market. However, the high investment and maintenance cost restricts the market growth. Moreover, technological advancements across developed and developing economies presents new opportunities in the coming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $4.9 billion |
Market Size in 2032 | $7.2 billion |
CAGR | 4.2 % |
No. of Pages in Report | 220 |
Segments covered | Type, Stage Type, End User, and Region. |
Drivers | Rapid industrialization in developing countries Growth in the oil & gas sector |
Opportunities | Technological advancements |
Restraints | High Investment and Maintenance Cost |
The double acting segment to maintain its leadership status throughout the forecast period
Based on type, the double acting segment held the highest market share in 2022, accounting for nearly half of the global reciprocating compressor market revenue and is estimated to maintain its leadership status throughout the forecast period. The double acting compressor compresses the air on both the up-stroke and the down-stroke of the piston, doubling the capacity of a cylinder size. It is commonly used in various applications such as industrial processes, pneumatic tools manufacturing operations and others. However, the single acting segment is projected to manifest the highest CAGR of 4.9% from 2023 to 2032. Single acting compressors are used in various applications such as borewell, chemical industries, circuit breaking, spray painting, pneumatic tools, liquid transfer, and others. Growth in these industries is driving the market growth.
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The multi stage segment to maintain its leadership status throughout the forecast period
Based on stage type, the multi stage segment held the highest market share in 2022, accounting for nearly three-fourths of the global reciprocating compressor market, and is estimated to maintain its leadership status throughout the forecast period. The multi-stage compressors generate higher volumes of pressure (PSI) at medium to high capacities (CFM) and easily pull off heavy-duty industrial applications. They are also used for super-heavy-duty applications that require a pressure of up to 6000 PSI. These compressors are suitable to handle air as well as other non-corrosive gases. Multi-stage compressors can control air temperature better than any other air compressor. However, the single stage segment is projected to manifest the highest CAGR of 4.5% from 2023 to 2032, owing to its various applications such as workshops, auto shops, gas stations, manufacturing plants, chemical plants, and others.
The manufacturing segment to maintain its lead position during the forecast period
Based on end user, the manufacturing segment accounted for the largest share in 2022, contributing to two-fifths of the global reciprocating compressor market revenue, and is projected to maintain its lead position during the forecast period. Reciprocating compressors play a crucial role in the manufacturing sector, particularly in operations where compressed air or gases are vital. They are extensively used for tasks like operating pneumatic tools, handling materials, and various industrial processes. However, the chemical plant segment is expected to portray the largest CAGR of 5.6% from 2023 to 2032. Reciprocating compressors play a crucial role in diverse applications such as handling a range of gas compositions and pressures. A key application is in compressing raw materials and intermediates essential for chemical manufacturing. These compressors are utilized to compress gases serving as feedstocks for various chemical reactions, facilitating the production of chemicals and petrochemicals.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global reciprocating compressor market revenue and is likely to dominate the market during the forecast period. Asia-Pacific is one of the world's fastest-growing regions, expanding at a rate of 5% per year. Rapid industrialization has led to expansion in the manufacturing sector, which in turn has boosted the economy. This growth act as a catalyst for the growth of the market. However, the North America region is expected to witness the fastest CAGR of 4.8% from 2023 to 2032. Reciprocating compressors are widely used by industrial facilities such as warehouses, cold storage, supermarkets, and food processing facilities owing to ensuring efficient temperature control. All these sectors have immense presence in North America.
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Leading Market Players: -
- Ariel Corporation
- Atlas Copco AB
- Burckhardt Compression Holding AG
- Gardner Denver Holdings, Inc.
- General Electric
- Howden Group Holdings Limited
- IHI Corporation
- Mayekawa Mfg. Co. Ltd.
- SIEMENS AG
- Ingersoll Rand
The report provides a detailed analysis of these key players in the global reciprocating compressor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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