Global Reciprocating Compressors Market set to reach $7.8 billion by 2031 with a CAGR of 4.53%.

From GlobeNewswire: 2024-11-28 06:14:00

The global Reciprocating Compressors Market was valued at USD 5.72 Billion in 2024 and is expected to reach USD 7.8 Billion by 2031, with a CAGR of 4.53% driven by increasing oil and gas production activities worldwide. Market growth is also attributed to rising demand for carbon capture and storage projects.

Hybrid compressors and smart reciprocating compressors are gaining traction in the market, with aftermarket services for maintenance and overhauls also on the rise. Single-acting reciprocating compressors dominated the market in 2024, particularly in the oil & gas industry, accounting for over 35% of the market share.

The global Reciprocating Compressors Market is projected to grow at a CAGR of 4.53% from 2024-2031, with single-acting compressors expected to maintain dominance due to their simplistic design. The oil & gas industry will continue to drive market growth, while North America is anticipated to hold the largest market share.

Key players in the Reciprocating Compressors Market include Ariel Corporation, Atlas Copco, Burckhardt Compression AG, and Siemens AG. Strategic partnerships and new product launches are key strategies for market players. North America is expected to lead the market, with high demand from the oil & gas industry in the US.

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