Reciprocating Compressor Market Research Report - Global Forecast till 2030

Impact of the Covid-19 Outbreak on the Reciprocating Compressor Market

The COVID-19 pandemic has impacted every industry, either positively or negatively. The spread of the coronavirus across the world has caused a slowdown in the growth of every sector. The reciprocating compressor market has also been negatively impacted by the effects of the COVID-19 outbreak. The factors responsible for the growth of the market include the increasing demand for oil & gas and the adoption of reciprocating compressors for various manufacturing processes. However, the spread of the pandemic has resulted in partial or complete lockdowns and the shutting down of businesses. The disruption in the manufacturing sector has lowered the demand for reciprocating compressors. Most of the companies are focusing on reducing expenses and increasing profitability as well as rethinking their strategies to mitigate the negative impacts of the COVID-19 pandemic. Besides, the prices of crude oil, as well as the production of natural gas, has been decreasing, which is significantly impacting the growth of the market.

FIGURE: PRODUCTION OF NATURAL GAS

Reciprocating compressors are also widely used in automation and robotics applications for pneumatic robot control with compressed air. These compressors help in enhancing productivity after the expansion of the pneumatic system. However, the shutdown of manufacturing companies owing to the COVID-19 pandemic has resulted in a significant drop in revenue. Large enterprises that retain considerable automation technology customers have cut down capital expenditures to counter the collapse in material and consumer demand during the global lockdown.

Source: Primary Experts, Secondary Sources and MRFR Analysis

Source: Secondary Sources