China Reciprocating Compressors Market is expected to reach a value of US$ 1,178.9 Mn by 2022 at a CAGR of 5.3% during the forecast period from 2015 to 2022
According to a new market report published by Transparency Market Research “Reciprocating Compressors Market – China Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2022”, the China reciprocating compressors market is expected to reach a value of US$ 1,178.9 Mn by 2022. The market is estimated to grow at a CAGR of 5.3% during the forecast period from 2015 to 2022. Factors such as the cost-efficacy of reciprocating compressors and the emerging demand from replacement of older compressors is expected to drive the growth of reciprocating compressors market in China. Further, the expansion of Chinese petroleum and chemical industries is expected to aid the growth in demand for reciprocating compressors in the country.
Among the various types of reciprocating compressors, industrial process gas reciprocating compressors was the largest segment and held a share of around 35% of the overall market in 2014. During the last few years, industrial process gas reciprocating compressors market was significantly driven by demand for oxygen from China’s huge steel and iron industry for steel production. Oil-free reciprocating compressors segment is expected to be the fastest growing in China, growing at a CAGR of 8.6% during the forecast period (2015 – 2022). The increasing environmental consciousness and initiatives of Chinese government has led to stricter regulations for improving air quality.
This is leading to significant growth in demand for various oil-free compressors including oil-free reciprocating compressors in China. In 2014, industrial gases was the largest application segment in China reciprocating compressors market, accounting for around 32% of the overall market. It is anticipated that during the coming years, growth of industrial gases application segment would be propelled by the demand from nitrogen production and coal gasification. Furthermore, refinery is projected to be the fastest growing application segment of reciprocating compressors market, growing at a CAGR of 7.0% during the forecast period. The growth in refining capacity and construction of new refineries are expected to be the key driving factors for demand of reciprocating compressors in refinery application.
In 2014, Wuxi Compressor Co., Ltd., Shenyang Yuanda Compressor Co., Ltd., Shenyang Blower Works Group Corporation, Zigong Tongda Machinery Manufacturing Co., Ltd., and Shanghai Dalong Machinery Factory Co., Ltd. were identified to be the major China-based manufacturers of reciprocating compressors. Due to the high level of competition among the manufacturers of reciprocating compressors in China and the increasing threat from substitutes such as screw compressors, the companies are increasingly investing in research and development activities. Also, due to the stricter norms, the major focus of reciprocating compressor manufacturers in China today is on enhancing the efficiency of their products. Moreover, the companies are also investing in enhancing their after sales services. Strategic pricing is also expected to be a key factor for sustaining the high competition in China reciprocating compressors market.
Get free research PDF for more Professional and Technical insights: