There are numerous
players competing in the Russia reciprocating compressor market, with
Kobelco Compressors Corporation, Atlas Copco AB, and General Electric
(Oil & Gas) Co. at the top of the list. Other key contributors to
the growth of the reciprocating compressor market include Dresser
Rand Group Inc., Howden Group Ltd., 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.
Transparency Market
Research (TMR) has found that a number of these companies have been
focused on strategic alliance as their go-to growth plan. Atlas
Copco, one of the most prominent names in the reciprocating
compressors market in Russia, acquired at least three companies in
the first seven months of 2016 alone: FIAC, an Italian manufacturer
of compressors and allied equipment, in January; Schneider Druckluft
GmbH, a German manufacturer of compressed air solutions, in June; and
Roxel Rental AS, a Norwegian supplier of drilling and well products
and solutions, in July.
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“Atlas Copco,
through these acquisitions, has managed to strengthen the company’s
position in offshore markets, which has also benefited its operations
and presence in Russia,” the lead author of the TMR study states.
“The acquisitions have also enabled Atlas Copco to expand its
product portfolio as well as expertise within the compressors
segment.”
Government
Support Programs for Investors Act as a Positive Trend
“The Ministry of
Industry and Trade of the Russian Federation has set down a number of
rules and regulations that have had a significant impact on the
reciprocating compressors market,” the lead author reports. For
instance, the European Union, the U.S. Commerce Department, and the
U.S. Bureau of Industry and Security restricts the use of U.S.-origin
energy exploration or production equipment as well as technology for
subsea applications in the Russia oil and gas industry. This includes
the prohibition of compressors. This has strengthened the presence of
local manufacturers of reciprocating compressors.
In addition to this,
the Russian government has introduced several support programs for
investors that have empowered subsea applications in the country.
This, in turn, has boosted the demand for reciprocating compressors,
among other industrial equipment.
Local manufacturers
of reciprocating compressors in Russia have, in the past, faced
numerous hurdles owing to the lack of sustainability to cope up with
international standards and quality benchmarks. A number of them
have, therefore, pinned their hopes on the global advancement of
technology and innovation and the development of maintenance-free
compressors with greater efficiency.
“Foreign direct
investment (FDI) will bring to Russia the benefits of these
technological advancements and augment the output efficiency of the
reciprocating compressors market in Russia,” the TMR analyst
predicts.
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Oil and Gas
Sector to Lead Consumption of Reciprocating Compressors in Russia
The opportunity in
the Russia reciprocating compressor market is anticipated to rise
from US$227.1 mn in 2015 to be worth US$352.6 mn by 2024. If these
values hold true, the market is forecast to expand at a CAGR of 4.9%
from 2016 to 2024. The oil and gas sector is the key end user of
reciprocating compressors in Russia and this segment is projected to
account for a share of over 42% by 2024. It is also anticipated to
register the highest CAGR of 6.4% during the forecast period.
Among the major
types of compressors, industrial process gas reciprocating
compressors led the Russia reciprocating compressor market in 2015
and this segment is projected to retain its top position through
2024. LNG reciprocating compressors, on the other hand, are likely to
emerge as the most rapidly expanding segment by type, registering a
5.3% CAGR from 2016 to 2024.
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