Russia reciprocating compressor market analysis and forecast by 2024
February 13, 2017
The oil and natural gas industry in Russia accounts for the majority of the country’s GDP and export earnings and the performance of this sector directly impacts the market for reciprocating compressors in Russia.
Reciprocating compressor market in Russia is anticipated to expand at a significant pace, led by the presence of large number of oil reservoirs and refineries. Growth factors such as rise in oil prices and some key initiatives by the Ministry of Industry and Trade of the Russian Federation and Association of Compressors have further supported the market growth of reciprocating compressors in Russia. The overall market is anticipated to reach US$ 352.6 Mn by 2024 expanding at a CAGR of 4.9% from 2016 to 2024.
The Russia reciprocating compressor market on the basis of compressor types can be segmented into industrial process gas reciprocating compressor, liquefied natural gas (LNG) reciprocating compressor, and boil of gas (BOG) reciprocating compressor. Industrial process gas reciprocating compressor is further classified into API 618 compressor primarily used for downstream process and high-speed compressors used for upstream and midstream processes. The Russia reciprocating compressor market segmentation by end-use industry includes chemical industry, oil & gas industry, LNG industry, petrochemical industry and others. Oil & gas industry is further classified depending upon the operational activities covering upstream, downstream and midstream activities. LNG industry is further classified based on plant size into small and medium sized plants, and big and giant sized plants.
Some of the prominent players dominating the reciprocating compressors in the Russia include Atlas Copco AB, Kobelco Compressors Corporation, Dresser Rand Group Inc., Howden Group Ltd., and General Electric (Oil & Gas) Co. These players hold significant market share in the Russian reciprocating compressor market collectively holding approximately 40% of the market share in 2015. The other key players profiled in the research study include Leobersdorfer Maschinenfabrik GmbH & Co.KG, Burckhardt Compression AG, Neuman & Esser Group, KwangShin Machinery Co. Ltd., BORSIG ZM Compression GmbH, Ariel Corporation, and SIAD Macchine Impianti S.p.A.