Reciprocating Compressor Market Expected to Reach $7.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Reciprocating Compressor Market," The reciprocating compressor market size was valued at $4.9 billion in 2022, and is estimated to reach $7.2 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032. Reciprocating compressor is a positive displacement device used in many industrial applications. It is also referred to as a piston compressor as gases are compressed by the machine due to the reciprocating motion of the pistons. The suction valve draws in the air by creating a vacuum. In the cylinder, the pistons move in a reciprocating motion to begin the compression. Once the pressure in the cylinder is higher than the pressure in the discharge pipe, the air is released into the storage tank via the discharge valve.

Reciprocating compressors are widely used in oil & gas, mining, and other industries for performing multiple applications such as drilling, compressed air filing, painting, and others. The demand for crude oil and renewable resources has grown significantly due to a rise in the use of machinery and equipment across many end-use industries and significant development in the manufacturing sector is expected to boost the reciprocating compressor market growth. In 2021, 95 million barrels were consumed globally. Harnessing the oil with effective machinery and innovative technology is now essential to meeting the world's needs. Thus, it is anticipated that the use of compressors that can withstand harsh environments will increase demand for these compressor products on the worldwide market. Such trends are expected to offer lucrative opportunities for the growth of the reciprocating compressor market.

In 2022, Asia-Pacific dominated the global reciprocating compressor market, in terms of revenue. Moreover, the market in North America is anticipated to grow with the highest CAGR, owing to growth in industrialization in the region. In addition, rapid growth of population is driving the demand for various consumer products which is driving the demand for reciprocating compressors. The automotive sector, a major industry in Asia-Pacific which is also a major consumer sector for the reciprocating compressor market is expected to have a major positive impact on the market growth.

Various manufacturers in the reciprocating compressor market such as Ariel Corporation, Atlas Copco AB, Burckhardt Compression Holding AG, and Gardner Denver Holdings, Inc. offer a wide variety of reciprocating compressor for end-user industry such as oil and gas, pharmaceutical, chemical plants, refrigeration plants, and others. For instance, in June 2022, Ariel Corporation, the largest manufacturer of separable reciprocating gas compressors, and Hoerbiger, a leader in reciprocating gas compressor components technology, announced the partnership agreement to provide non-lube compressor solutions capable of fulfilling the hydrogen compression requirements of the future hydrogen mobility market such as public transportation, large fleet vehicles, private trucking companies, trains, boats/ships and other high volume, high pressure, vehicle-fueling applications.

The global reciprocating compressor market has witnessed significant growth over the past decade, owing to the rise in the manufacturing, oil & gas and automotive industry. The rise of the oil and gas industry has led to an increase in reciprocating compressor demand. Asia-Pacific holds the largest share in the market owing to an increase in automation and innovation in different sectors in the region. Moreover, LAMEA is the fastest growing region as there is increase in industrialization and urbanization in the developing nations such as Latin America, Middle East, and African nations in the region.

Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging Reciprocating Compressor Market Trends and dynamics. 
• Depending on type, the double acting segment dominated the reciprocating compressor market, in terms of revenue in 2022, and the single acting segment is projected to grow at a significant CAGR during the forecast period.
• By stage type, the double stage segment dominated the reciprocating compressor market share in terms of revenue generated in 2022, and the single stage segment is anticipated to grow with a higher CAGR during the forecast period.
• Depending on end user, the manufacturing segment dominated the reciprocating compressor market, in terms of revenue in 2022, and the chemical plant segment is projected to grow at a significant CAGR during the forecast period.
• The key players within the reciprocating compressor market outlook are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the reciprocating compressor industry.
• The reciprocating compressor market forecast analysis from 2023 to 2032 is included in the report.
• In-depth Reciprocating Compressor Market Analysis is conducted by constructing estimations for the key segments between 2023 and 2032.