Reciprocating Compressors Market is Anticipated to Reach US$1,178.9 mn by 2022
The leading players operating in the China reciprocating compressors market are Wuxi Compressor Co., Ltd., Shenyang Yuanda Compressor Co., Ltd., Shenyang Blower Works Group Corporation, and Zigong Tongda Machinery Manufacturing Co., Ltd., observes Transparency Market Research in its latest publication. The highly competitive market is witnessing a rise in the presence of local manufacturers and an influx of multinational manufacturers as well. Research suggests that local manufacturers should join hands with foreign investors to gain a competitive edge in the long run.
According to the research report, the opportunity in the China reciprocating compressors market was worth US$771.1 mn in 2014 and is anticipated to reach US$1,178.9 mn by 2022. Between the forecast period of 2015 and 2022, the overall market is expected to rise at a CAGR of 5.3%. The industrial process gas reciprocating compressors segment is anticipated to lead the overall market by the end of 2022, earning a revenue worth US$351.3 mn.
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Industrial Process Gas Reciprocating Compressors Remain Preferred Choice of Compressors
The demand for industrial process gas reciprocating compressors will surge as manufacturers are changing their processes from being labor-intensive to technology-oriented. The demand for industrial process gas reciprocating compressors will continue to surge across China as they are highly cost-effective. The oil-free reciprocating compressors segment is also expected to present immense opportunities as end users are trying to comply with regulatory reforms. Owing to this reason, the installation of oil-free reciprocating compressors will be high in industries such as food and beverage, electronics, pharmaceutical, and textiles during the forecast period.
Sustained Industrial Development to Raise Demand for Compressors
The World Bank estimates suggest that China’s economy is expected to dip by 0.2% by 2017. Despite the slight decline, the industrial production is expected to grow at a sustained pace as the country largely depends on manufacturing. Furthermore, increasing foreign direct investment (FDI) and the abundance of cheap and affordable labor will keep the industrial sector going at a steady rate. Owing to these reasons, the demand for industrial production will remain persistent during the forecast period, the research report predicts.
The overall market is also being driven by efforts put in by local manufacturers to competitively price the products, introduce improvements in the overall design of the compressors, and offer value-added services and after-sales services. Furthermore, catering to target-specific segments with integrated solutions is anticipated to drive the China reciprocating compressors market in the near future. A shifting focus towards diversification of portfolio and increasing investment in nitrogen compression technologies is also anticipated to open up new opportunities for players.
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Fraudulent Imitation of Compressors Restrains Market Growth
The China reciprocating compressors market is being restrained by the fraudulent imitation of compressor designs. The intense price competition is also hampering the profitability of compressor vendors in the overall market. In the oil-free reciprocating compressors segment, the demand for compressors is suffering as the cost of the disposal of waste oil is considerably high and the emergence of oil-free rotary screw compressors is significantly providing a better alternative to the end users.
“End users of reciprocating compressors in China should focus on delivering reliable compressors to match international standards and compete with foreign companies,” states the lead author of this research report. This will help vendors materialize the efforts put in by the government to promote local products.
This review is based on Transparency Market Research’s report, titled “Reciprocating Compressors Market – China Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2022.”
Key Takeaways:
- China reciprocating compressors market to reach US$1,178.9 mn by 2022
- Industrial process gas reciprocating compressors to lead market with estimated revenue of US$351.3 mn by 2022
- Oil-free reciprocating compressors identified as an emerging segment in the forecast period
The China reciprocating compressors market is segmented as below:
China Reciprocating Compressors Market
By Type
- Industrial Process Gas Reciprocating Compressors
- Labyrinth Piston Compressors
- Liquefied Natural Gas (LNG) Reciprocating Compressors
- Oil-free Reciprocating Compressors
- Hyper Compressors
By Application
- Upstream Oil and Gas
- Refinery
- Industrial Gases
- LNG and CNG Transport and Storage
- Ethylene and LDPE Plants
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