(MENAFN- GlobeNewsWire - Nasdaq) The reciprocating compressors market is estimated to be valued at US$ 5.72 billion in 2024 and is expected to reach US$ 7.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.53% from 2024 to 2031.Burlingame, Nov. 28, 2024 (GLOBE NEWSWIRE) -- According to the Coherent MI, The global Reciprocating Compressors Market Size was valued at USD 5.72 Billion in 2024 and is expected to reach USD 7.8 Billion by 2031, growing at a CAGR of 4.53% from 2024-2031.
The growth of the reciprocating compressors market is driven by rising oil and gas production activities across the globe. According to the U.S. Energy Information Administration (EIA), global crude oil production is expected to reach 101.3 million barrels per day (b/d) by 2030, up from 96.9 million b/d in 2020. Furthermore, natural gas production is also expected to grow at a rate of 1.6% annually during 2021-2050.
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Rising demand for oil and gas is prompting companies to ramp up their production activities, thereby driving market growth for reciprocating compressors that are widely used in oil & gas production and transportation applications. In addition, growing carbon capture and storage projects are also propelling the demand for reciprocating compressors as they are used for transporting and injecting carbon dioxide into underground sites for safe storage.
Market Trends :
Increasing demand for hybrid compressors: Hybrid compressors that combine centrifugal and reciprocating compressors enable optimum capacity control over wider flow regimes and are gaining increasing adoption. For instance, in May 2021, Siemens Energy completed the successful commissioning of a hybrid compressor system at an LNG plant in Canada. Adoption of smart reciprocating compressors: Manufacturers are focusing on developing smart reciprocating compressors integrated with automation, remote monitoring, and predictive maintenance capabilities to improve performance and reduce downtime. For example, in January 2021, Burckhardt Compression introduced B-smart, a digitally enabled smart compressor solution. Growing aftermarket services: The aftermarket services for reciprocating compressor maintenance and overhauls is growing owing to increasing installed base and demand for minimizing downtime. Major companies are focusing on expanding their aftermarket footprint and service capabilities globally.
Reciprocating Compressors Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $5.72 billion |
| Estimated Value by 2031 | $7.8 billion |
| Growth Rate | Poised to grow at a CAGR of 4.53% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By End-use Industry, By Lubrication, By Service |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | . Increasing Industrialization Globally, Especially in Industries like Automotive, Oil and Gas, and Healthcare
. Rising Demand for Energy-Efficient Solutions in Manufacturing Sectors |
| Restraints & Challenges | . High Cost of Repairs and Maintenance when Operational Limits are Exceeded |
Market Opportunity:
Single-acting reciprocating compressors held the largest market share of around 40% in 2024. This is owing to their simplistic design and ability to operate at a steady shaft speed regardless of system pressure changes.
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Oil & gas was the dominant end use industry for reciprocating compressors in 2024, accounting for over 35% of the global market. This is attributed to increasing oil and gas exploration and production activities around the world.
Key Market Takeaways
The global reciprocating compressors market is anticipated to witness a CAGR of 4.53% during the forecast period 2024-2031, owing to growing demand from industries like oil & gas, chemical, and power generation.
On the basis of type, single-acting compressor segment is expected to hold a dominant position, owing to their simplistic design and ability to operate at steady speeds.
On the basis of end use industry, oil & gas industry will dominate the market over the forecast period, due to increasing oil and gas E&P activities globally.
By lubrication, oil-free segment is expected to be the leading segment owing to their various advantages over oil filled compressors.
Regionally, North America is expected to hold the largest market share during the forecast period, due to high demand from oil & gas industry in the US.
Key players operating in the reciprocating compressors market include Ariel Corporation, Atlas Copco, Burckhardt Compression AG, Gardner Denver Holdings Inc., GE Company, IHI Corporation Ltd., Siemens AG, Mitsui E&S Holdings Co., Ltd., Howden Group Ltd., and Mayekawa Mfg. Co, Ltd. Strategic partnerships andnew product launches are expected to be the key strategies adopted by these players.
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Reciprocating Compressors Market Segmentation
By Type:
Single-Acting Reciprocating Compressors Double-Acting Reciprocating Compressors Diaphragm Compressors
By End-use Industry:
Oil & Gas Industry Chemical Industry Petrochemicals Fertilizers
Manufacturing Industry Metals & Mining Automotive
Power Generation Industry Thermal Power Plants Nuclear Power Plants
By Lubrication:
By Service:
Upstream Services Midstream Services Downstream Services
By Region:
North America Latin America Brazil Argentina Mexico Rest of Latin America
Europe Germany U.K. Spain France Italy Russia Rest of Europe
Asia Pacific China India Japan Australia South Korea ASEAN Rest of Asia Pacific
Middle East GCC Countries Israel Rest of Middle East
Africa South Africa North Africa Central Africa
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