The transmission sales market is estimated to be USD 15.8 billion in 2019 and is projected to reach USD 18.7 billion by 2024, growing at a CAGR of 4.2%, from 2019 to 2024. This market growth is driven primarily by the growing shale gas production and low cost of operation. Automation and transition to energy efficiency in oil & gas projects are also expected to fuel the growth of the transmission sales market during the forecast period.
The scope of the study addresses market analysis of gas compression and gas compression engines, and their applicability in transmission and related applications. The transmission sales market is dominated by major players that have a broad regional presence and are established brand names. Leading integrated solution providers in the transmission sales market include Caterpillar, Inc. (US), GE (US), Siemens (Germany), Gazprom (Russia), and Cummins (US).
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The market growth strategies adopted by key players in the transmission sales market include new product launches, contracts & agreements, expansions & investments, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contracts & agreements are the most commonly adopted strategy by market players in 2019. Industry players also adopted investments & expansions as one of the key business strategies in 2019.
Cummins is a global manufacturer of generator sets. The company has 4 complementary operating segments, namely, engine, distribution, components, and power generation system. The company offers compression products under the subsegment of turbo chargers and air handlers under the components business segment. The company has a network of approximately 600 company-owned and independent distributor locations and over 7,400 dealer locations in more than 190 countries and territories. The company adopted investments & expansions as its growth strategies to maintain its market position. For instance, in August 2017, Cummins opened a new Research & Development (R&D) center in San Luis Potosi. The R&D Center is approximately 25,000 square feet, adjacent to its manufacturing facility in San Luis Potosi, Mexico
Atlas Copco provides sustainable productivity solutions such as compressors, vacuum solutions and air treatment systems, construction and mining equipment, and power tools and assembly solutions. It operates through 4 business segments, namely, compressor technique, industrial technique, power technique, and industrial technique. The company provides compressors for different end-use applications through its compressor technique business segment. The company adopted mergers & aquisitions as its growth strategy to maintain its market position. For instance, in June 2019, Atlas Copco has acquired a Pennsylvania-based distributor of compressors—Taylor Air Center. The company has around 20 employees and is located within the densely populated Lehigh Valley in Pennsylvania in the US. Moreover, in March 2018, the company expanded its innovation center in Bretten, Germany. The center would meet the growing customer demand for testing and developing innovative joining technologies.
Transmission Sales Market by Type (Reciprocating, Rotary, Centrifugal, Axial Flow), Application (Artificial lift, Gas Processing Station, LNG & FPS, Storage & Facilities), Compression Media, End Users, and Region - Global Forecasts to 2024
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