The Russia reciprocating compressor market has witnessed considerable growth over the past few years due to the implementation of conducive initiatives by the Ministry of Industry and Trade of the Russian Federation and Association of Compressors. The U.S. Commerce Department, the European Union, and the U.S. Bureau of Industry and Security have restricted the use of the U.S.-origin energy production or exploration equipment or technology for subsea applications in the Russia oil and gas sector. This factor is likely to benefit the manufacturers of reciprocating compressors domiciled in Russia in strengthening their presence in the market.
Browse the full Russia Reciprocating Compressor Market Report: http://www.mrrse.com/russia-reciprocating-compressor-market
According to a report by Transparency Market Research (TMR), the Russia reciprocating compressor market was pegged at US$227.1 mn in 2015 and is expected to reach the US$352.6 mn by the end of 2024, expanding at a CAGR of 4.9% between 2016 and 2024.
Advancement of Technology and Innovation to Shape Future of Russia Reciprocating Compressors Market
The government of Russia plays a vital role in the encouraging demand for domestically manufactured reciprocating compressors. It has introduced various support programs for investors and funding organizations that have promoted subsea applications in the country. Another factor fuelling the growth of the market is the increasing number of oil reservoirs and refineries in the country. On the flip side, the shortage of raw materials and high maintenance cost associated with reciprocating compressors is hampering the growth of the market. However, technological advancements and development of maintenance-free and innovative compressors with greater efficiency are expected to benefit the market in the coming years.
Demand for Reciprocating Compressors from Oil and Gas Sector Will Continue to be Strong
Based on end-use industry, the market is segmented into chemical, petrochemical, oil and gas, liquefied natural gas (LNG), and others. The oil and gas sector was the leading segment in 2015 and is estimated to maintain its dominance until the end of 2024, accounting for 42% of the overall market revenue. Due to rising number of oil reservoirs in the country, the segment is poised to exhibit a noteworthy CAGR of 6.4% during the same period.
On the basis of type, industrial process gas reciprocating compressors will continue to remain the leading segment until 2024. However, the LNG reciprocating compressors segment will expand at a CAGR of 5.3% between 2016 and 2024.
Browse the full Press Release of Russia Reciprocating Compressor Market at http://www.mrrse.com/russia-reciprocating-compressor-industry
Reciprocating Compressors Manufacturers to Focus on Mergers and Acquisitions
Atlas Copco AB, General Electric (Oil & Gas) Co., and Kobelco Compressors Corporation are the key players in the Russia reciprocating compressors market. As per TMR, most of the prominent players in the market are increasingly focusing on strategic alliances to expand their consumer base. A case in point being Atlas Copco, which acquired at least three companies including Roxel Rental AS, Schneider Druckluft GmbH, and FIAC, in the first seven months of 2016. Some other prominent players in the market are Ariel Corporation, BORSIG ZM Compression GmbH, Burckhardt Compression AG, Dresser Rand Group Inc., Howden Group Ltd., KwangShin Machinery Co. Ltd., Leobersdorfer Maschinenfabrik GmbH & Co.KG, Neuman & Esser Group, and SIAD Macchine Impianti S.p.A.