Players Adopted New Product Development as a Strategy to Increase Their Penetration in Regional Markets of Turbocompressors Market
The global turbocompressors market is estimated to grow at a CAGR of 5.4% from 2016 to 2021. This growth can be attributed to the increasing LNG trade between nations and rapid industrialization in regions such as Asia-Pacific, Europe, and the Middle East & Africa. Increasing industrialization in emerging markets, triggered by the fall in oil prices, is also expected to drive the turbocompressors market.
The turbocompressors market comprises numerous regional as well as international players. Market leaders include Atlas Copco AG (Sweden), GE Oil & Gas (U.K.), Hitachi Ltd. (Japan), and Mitsubishi Heavy Industries, Ltd. (Japan).
Contracts & agreements and expansion are the strategies most widely adopted by market players to increase their revenue and market share. Key industry players followed these strategies to win more contracts and increase their market share. Players also adopted new product development as a strategy to increase their penetration in regional markets.
Atlas Copco AG is a leading provider of sustainable productivity solutions. It offers products such as compressors, vacuum solutions and air treatment systems, construction and mining equipment, power tools, and assembly systems. The company is focusing on mergers & acquisition as one of its key growth strategies. In May 2016, Atlas Copco AG acquired the compressor business of Kohler Druckluft (Liechtenstein). This acquisition would help increase the company’s customer base in Central Europe.
GE Oil & Gas is a conglomerate of General Electric that that handles the turbocompressors business. The company manufactures centrifugal, axial, and subsea compressors under its turbomachinery solutions segment. It focuses on contracts & agreements as its key growth strategy. In June 2016, it signed a contract with Graziella Green Power (Italy) to provide technologies for next-generation power stations using geothermal energy. This contract also involves the supply of the reciprocating compressors used in GE Oil & Gas’ ORegen technology system. The contract would enable the company to introduce its technology in the geothermal sector.
Related Reports:
Turbocompressor Market by Type (Centrifugal & Axial), Application (Oil & Gas, Chemical, and Power Generation), Stage (Single & Multi), Output Pressure (0–20, 21–100, Above 100 Bar), and by Region - Global Trends & Forecasts to 2021
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