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Demand for Reciprocating Compressor in Russia Propelled by Presence of Oil Reservoirs and Refineries

Article Description

The Russia reciprocating compressor market is expected to reach US$352.6 mn by 2024, exhibiting a 4.90% CAGR between 2016 and 2024. The presence of oil reservoirs and refineries is credited to be the most important factor driving the Russia reciprocating compressor market. Rise in the prices of oil is expected to further support the growth of the Russia reciprocating compressor market. Additionally, the market for reciprocating compressor in Russia is expected to benefit from key initiatives taken by the Ministry of Industry and Trade of the Russian Federation and Association of Compressors. 

Demand for Reciprocating Compressor to Increase from Oil and Gas Industry 

The Russia reciprocating compressor market, by end user is classified into the petrochemical industry, oil and gas industry, chemical industry, and LNG industry. Currently, the oil and gas industry dominates the Russia reciprocating compressor market. 

The oil and gas industry in Russia possess blue chip companies. This has boosted the demand for equipment and devices that are indirectly or directly related to subsea applications in exploration and production practices. With this the Russia reciprocating compressor market has registered a considerable boost in the recent years. Despite many challenges, the oil and gas industry in Russia is expected to lead the demand for reciprocating compressors. 

Fragile Political Scenario to Challenge Market 

Key companies operating in the Russia reciprocating compressor market are facing the challenge of fragile political scenario. Local manufacturers in Russia are facing various hurdles while manufacturing new reciprocating compressors owing to stringent government rules and political conditions. Fragile political scenario resulted in low demand for reciprocating compressors. All these factors are predicted to hamper the growth of the Russia reciprocating compressor market. 

Despite many challenges, the oil and gas industry is expected to hold 42% of the Russia reciprocating compressor market by 2024, allowing this end-user segment to maintain its dominance throughout the forecast period. 

Technological advancements and innovations from the key companies are likely to boost the growth of the Russia reciprocating compressor market. Some of the key companies operating in the Russia reciprocating compressor market are Atlas Copco AB, Dresser Rand Group Inc., General Electric (Oil & Gas) Co., Kobelco Compressors Corporation, Leobersdorfer Maschinenfabrik GmbH & Co.KG,  Neuman & Esser Group, and Howden Group Ltd. Key companies are concentrating on new product developments to maintain their dominance in the Russia reciprocating compressor market. 

Browse Full Russia Reciprocating Compressor Market Report with TOC:http://www.mrrse.com/russia-reciprocating-compressor-market

Industrial Process Gas Reciprocating Compressor to Lead through 2024 

By type the Russia reciprocating compressor market is classified into liquefied natural gas reciprocating compressor, industrial process gas reciprocating compressor, and boil of gas reciprocating compressor. Industrial process gas reciprocating compressor consists of API 618 compressor that is utilized for downstream process. This segment also comprises high-speed compressors that are utilized for midstream and upstream procedures.  The industrial process gas reciprocating compressor segment is expected to lead the Russia market for reciprocating compressors. However, the liquefied natural gas reciprocating compressor segment is expected to exhibit a 5.30% CAGR from 2016 to 2024. 

Efforts are being taken by key companies to adopt innovation to manufacture new reciprocating compressors, thus support the growth of the market in Russia.