Transmission Sales Market projected to reach $18.7 billion by 2024 at a CAGR of 4.2% from 2019 to 20
According to the new market research report "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", published by MarketsandMarkets™, The Transmission Sales Market is expected to grow from an estimated market size of USD 15.2 billion in 2019 to USD 18.7 billion by 2024, registering a CAGR of 4.2% from 2019 to 2024. The Transmission Sales Market is witnessing significant growth, which is driven by the growing shale gas production activities.
Based on type, the reciprocating segment is expected to hold the largest share of the market
The reciprocating segment is expected to dominate the Transmission Sales Market during the forecast period. Applications of a reciprocating compressor include oil refineries, gas pipelines, chemical plants, natural gas processing plants, and refrigeration plants. These compressors are used in the oil & gas industry for compressing the gas for the main transmission through gas pipelines. This has helped the reciprocating segment to acquire the largest share in the Transmission Sales Market.
Browse and in-depth TOC on "Transmission Sales Market"
70 - Tables
45 - Figures
135 - Pages
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Power generation is expected to be the fastest segment of the Transmission Sales Market during the forecast period
The Transmission Sales Market in this report has been classified based on end-user into oil & gas, power generation, water & wastewater management, and others. Power generation plants require compressors for gas turbine power plants, ash conveying, and fly ash handling, ensuring highest efficiency and operating reliability. The rising demand for power is triggering the need for additional power generation. This, coupled with the need to replace and modernize existing power plants, has resulted in the extensive use of gas turbine power plants. Compressors are used to maintain pipeline pressure in the power generation sector. Moreover, retrofit and modernization projects in Europe and North America are likely to boost the power plant segment of the Transmission Sales Market.
Europe: the leading Transmission Sales Market
In this report, the Transmission Sales Market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe is expected to lead the Transmission Sales Market during the forecast period. The market in Europe is driven by the growth of the industrial sector and competitive growth in Eastern and Central Europe. This growth is influenced by increasing privatization and low-cost base. Compressors are used in manufacturing and processing sectors, which represent a major advancement in the adoption of newer technologies by customers. Its distinguishing features include high-quality compressed air, low energy consumption, reduced noise levels, and ease of maintenance. The major end-users driving the Transmission Sales Market in the region are power generation, oil & gas, and water & wastewater management.
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The report includes the profiles of some of the top players in the Transmission Sales Market to enable an in-depth understanding of the competitive landscape. The key players in the Transmission Sales Market include Caterpillar, Inc. (US), GE (US), Siemens (Germany), Gazprom (Russia), and Cummins (US). The leading players are adopting various strategies to increase their share in the Transmission Sales Market.
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