Government of Russia Playing Significant Role in Strengthening Domestic Manufacturing and Use of Reciprocating Compressors, Finds TMR - Seite 2

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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. 

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. 

Browse the Press Release: http://www.transparencymarketresearch.com/pressrelease/russia-reciprocating-compressor-market.htm

This review is based on the findings of a TMR report titled "Reciprocating Compressor Market - Russia Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024." 

Russia Reciprocating Compressor Market: By Type 

• Industrial Process Gas Reciprocating Compressor
• API 618
• High-speed Reciprocating Compressor
• LNG Reciprocating Compressor
• BOG Reciprocating Compressor 

Russia Reciprocating Compressor Market: By End-use Industry