The China reciprocating compressors has been witnessing a burgeoning demand over the past few years despite intensifying competition from the screw and centrifugal compressors. The cost-efficiency of reciprocating compressors and the increasing need to replace the old ones has created a positive outlook for the China reciprocating compressors market in the past few years. The industrial sector is expected to steer the demand for reciprocating compressors in the near future as the country primarily depends on manufacturing activities to maintain its overall economy. Furthermore, a pressing need to optimize the high consumption of crude oil in an efficient manner is also anticipated to drive the demand for reciprocating compressors in the coming years. The application reciprocating compressors in the automotive industry and growing activities in refineries, CNG and LNG transportation and storage are also expected to propel the demand for these products.
According to the research report, the opportunity in the China reciprocating compressors market was worth US$771.1 mn in 2014 and is anticipated to reach US$1,178.9 mn by 2022. Between the forecast period of 2015 and 2022, the overall market is expected to rise at a CAGR of 5.3%. The industrial process gas reciprocating compressors segment is anticipated to lead the overall market by the end of 2022, earning a revenue worth US$351.3 mn.
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Industrial Process Gas Reciprocating Compressors Remain Preferred Choice of Compressors
The demand for industrial process gas reciprocating compressors will surge as manufacturers are changing their processes from being labor-intensive to technology-oriented. The demand for industrial process gas reciprocating compressors will continue to surge across China as they are highly cost-effective. The oil-free reciprocating compressors segment is also expected to present immense opportunities as end users are trying to comply with regulatory reforms. Owing to this reason, the installation of oil-free reciprocating compressors will be high in industries such as food and beverage, electronics, pharmaceutical, and textiles during the forecast period.
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Sustained Industrial Development to Raise Demand for Compressors
The World Bank estimates suggest that China’s economy is expected to dip by 0.2% by 2017. Despite the slight decline, the industrial production is expected to grow at a sustained pace as the country largely depends on manufacturing. Furthermore, increasing foreign direct investment (FDI) and the abundance of cheap and affordable labor will keep the industrial sector going at a steady rate. Owing to these reasons, the demand for industrial production will remain persistent during the forecast period, the research report predicts.
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