Reciprocating Compressor Components: Market Introduction
A reciprocating compressor is a positive displacement mechanism that uses a piston to compress the gas and deliver it at high pressure. It compresses and pushes gases by creating linear (reciprocating) and rotational motion.
The compressors are deployed to raise the pressure level of the gas compressors and are commonly used in the oil and gas industry, refineries, gas production plants, gas pipelines.
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The compressors are made up of many components. play an important role in handling heat, aiding in rotation, enhancing the machine’s durability, narrowing gas flow, and even enabling other parts to carry out their tasks efficiently.
The major factor driving the growth of the reciprocating compressors components market is the increasing adoption of reciprocating compressors in the iron and steel production process. The steel industry has been experiencing considerable growth in terms of its production capacity over the past decade.
This growth is because of the growing demand for steel from the developing nations in the world. The increasing adoption of reciprocating compressors will further boost the growth of the reciprocating compressor components market. However, the high cost of installation of reciprocating compressors is significantly high which is expected to impede the demand of the reciprocating compressor components market.
In addition, the rising cost due to the maintenance of different components such as crankshaft, connecting rod, crosshead, piston rod, and rings, packing rings or seal rings, control valves, suction unloaders, and clearance pockets is likely to hinder the global reciprocating compressor components market during the forecast period.
However, the unprecedented effect of the coronavirus pandemic on the global economy is expected to impede the adoption of the reciprocating compressor components over the next few fiscal quarters. As a result, the global demand for reciprocating compressors components is set to see slow growth in the near future, but the demand is expected to generate substantial growth opportunities in the long run.
The market is segmented on the basis of components and sales channel. The major components for the reciprocating compressor include frame, cylinder, distance piece, crankshaft, piston, bearings, compressor valves, others.
The manufacturers are focus on improving the quality of components of better and increase the overall efficiency of the product. On the basis of the sales channel, the market is classified into OEM and aftermarket.
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Global Reciprocating Compressor Components Market is Experiencing Massive Decline as COVID-19 Outbreak
COVID-19 has caused an adverse impact on the business economy of the globe. This is the most affected verticals due to the ongoing COVID-19 outbreak. The market is highly dependent on the demand from the industrial sector and the automotive industry. No industry is untouched by this pandemic including the reciprocating compressor components market. Leading players in the market had to shut down production. The market has been significantly impacted the supply chain and product demand in the sector and is currently amidst unprecedented uncertainty. For instance, in March 2020, Atlas Copco, a leading reciprocating compressor manufacturer stopped production at its compressor manufacturing plant at Antwerp, Belgium.
Segmentation Analysis of Global Reciprocating Compressor Components Market
Global Reciprocating Compressor Components Market is bifurcated into two major categories: component, sales channel, and region.
On the basis of component, the global market for reciprocating compressor components is divided into:
- Distance piece
- Compressor valves
On the basis of sales channel, the global market for reciprocating compressor components is divided into:
Based on the region, the global market for reciprocating compressor components is segmented as:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
Reciprocating Compressor Components Market: Regional Outlook
The Asia Pacific is the leader in the consumption of the reciprocating compressor components in the global market. This is attributed to rapid growth in the industrial, electronics, and manufacturing activities in the region in past few years. China has become the electronics manufacturing hub of the world which has created huge opportunities for the reciprocating compressor components manufacturers. Europe, led by rapid industrialization has also contributed significantly to the global market. However, the outbreak of the coronavirus has put some barriers on the compressor components market such as economic uncertainty, disturbed supply chain, and an insufficient inventory which has caused latency in the market. Although, the market is poised to rebound in long run to create significant opportunities.
Reciprocating Compressor Components Market: Competition Outlook
Major players operating in the market include Atlas Copco, Burckhardt Compression AG, Howden Group, Mitsui E&S Holdings Co., Ltd., Siemens AG, GE Company, IHI Corporation, Ltd., Mitsui E&S Holdings Co., Ltd., The Japan Steel Works, LTD., Kaeser Kompressoren Co., Ltd., Mayekawa Mfg. Co., LTD, Mikuni Kikai Kogyo Co., LTD., Gardner Denver Holdings Inc., Howden Group Ltd. Players are shifting towards advanced components, integrating new technology to enhance reciprocating compressor components lifetime, and increase efficiency and reduce maintenance cost to gain a competitive advantage in the market.
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