Reciprocating Compressor Market is to Develop Maintenance-free Compressors with Greater Efficiency
Russia reciprocating compressor market to expand due to number of oil reservoirs and refineries, Russian Federation has set rules which have an impact on Russia reciprocating compressors market
Russia reciprocating compressor market to expand due to number of oil reservoirs and refineries, Russian Federation has set rules which have an impact on Russia reciprocating compressors market
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<strong>Reciprocating</strong> <strong>Compressor</strong> <strong>Market</strong> Technological Innovations &<br />
<strong>Develop</strong> <strong>Maintenance</strong>-<strong>free</strong> <strong>Compressor</strong>s <strong>with</strong> <strong>Greater</strong> <strong>Efficiency</strong><br />
The oil and natural gas industry in Russia accounts for the majority of the country’s GDP<br />
and export earnings and the performance of th<strong>is</strong> sec<strong>to</strong>r directly impacts the <strong>Reciprocating</strong><br />
<strong>Compressor</strong>s <strong>Market</strong> in Russia.<br />
The Russian oil and natural gas sec<strong>to</strong>r boasts of the increased presence of blue chip<br />
companies. Th<strong>is</strong> has substantially ra<strong>is</strong>ed the demand for equipment that <strong>is</strong> directly or<br />
indirectly involved in subsea applications in exploration and production (E&P) practices.<br />
Subsequently, the Russia market for reciprocating compressors has received a significant<br />
boost. The market <strong>is</strong> projected <strong>to</strong> r<strong>is</strong>e from a value of US$227.1 mn in 2015 <strong>to</strong> reach<br />
US$352.6 mn by 2024. If these values hold true, the reciprocating compressors market<br />
<strong>is</strong> forecast <strong>to</strong> expand at a CAGR of 4.9% from 2016 <strong>to</strong> 2024.<br />
Local manufacturers of reciprocating compressors in Russia have faced numerous hurdles<br />
owing <strong>to</strong> the lack of sustainability <strong>to</strong> cope up <strong>with</strong> international standards and quality<br />
benchmarks. Furthermore, the fragile political scenario has resulted in a significantly<br />
lower demand from local compressor manufacturers.<br />
Transparency <strong>Market</strong> Research states that the reciprocating compressors market in Russia<br />
<strong>is</strong> anticipated <strong>to</strong> pick up pace only if manufacturers across the globe advance their<br />
technological innovations and develop maintenance-<strong>free</strong> compressors <strong>with</strong> greater efficiency.<br />
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The oil and gas industry <strong>is</strong> by far the leading end user of reciprocating compressors in<br />
Russia and the share of th<strong>is</strong> segment <strong>is</strong> pegged <strong>to</strong> be over 42% by 2024. Th<strong>is</strong> sec<strong>to</strong>r <strong>is</strong><br />
also anticipated <strong>to</strong> reg<strong>is</strong>ter the highest CAGR during the forecast period – a healthy 6.4%<br />
from 2016 <strong>to</strong> 2024. However, the oil and gas sec<strong>to</strong>r in Russia has been facing a s<strong>to</strong>rm of<br />
challenges mainly due <strong>to</strong> the stagnant European market, expensive Asian projects, and<br />
strict Western sanctions. Th<strong>is</strong> has resulted in limited investments and innovations <strong>with</strong>in<br />
key technological segments of the oil and gas industry.
The LNG industrial sec<strong>to</strong>r has been identified as highly opportun<strong>is</strong>tic by Transparency<br />
<strong>Market</strong> Research. On the other hand, end users such as chemical, petrochemicals, industrial<br />
metallic <strong>to</strong>ols, and metal processing are predicted <strong>to</strong> reg<strong>is</strong>ter mediocre growth<br />
over the course of the forecast period.<br />
Among the major types of compressors, industrial process gas reciprocating compressors<br />
<strong>to</strong>ok the lead in the Russia reciprocating compressor market in 2015 and th<strong>is</strong> segment <strong>is</strong><br />
likely <strong>to</strong> retain its <strong>to</strong>p position through 2024. LNG reciprocating compressors, on the other<br />
hand, are likely <strong>to</strong> emerge as the fastest growing segment by type, expanding at a 5.3%<br />
CAGR from 2016 <strong>to</strong> 2024.<br />
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