Global Static and Rotating Equipment Market Overview –
It is projected that the size of the Global Static and Rotating Equipment Market will reach $90.1 billion by 2026, and it is estimated that it will grow at a CAGR of 3.61 percent during the forecast period of 2021-2026. Additionally, it is projected that the size of the Service market will reach $26.2 billion by 2026, growing at around a CAGR of 4.2 percent between 2021 and 2026.
The rapid industrialization of the world’s economies, as well as the rising number of activities related to the exploration of oil and gas, are major contributors to the expansion of the market for rotating equipment and services. This expansion is in response to the rising demand for energy across the world. The increasing adoption of IoTs in the industrial sector to gain real-time actionable insights and increase the efficiency of equipment has also contributed to the growth of the market.
Artificial intelligence and machine learning are two of the technologies that are being leveraged in this process. The increasing demand for rotating equipment, such as pumps, turbines, and compressors, in industries such as oil and gas, food and beverage, and power generation to move fluid, gases, and other process materials by utilising kinetic energy is what is driving the growth of the market.
It is anticipated that the wide variety of applications of rotating equipment services in a variety of industry verticals to minimise downtime, improve preventive maintenance, boost efficiency, and reduce repair costs will foster demand for the rotating equipment services and equipment market during the period of 2021-2026.
Market Dynamics –
Rapid industrialization in both developed and developing countries, as well as increased oil and gas exploration activities around the world, are expected to drive growth in the global market for static and rotating equipment. This growth is expected to occur over the next few years.
In addition, government spending on the oil and gas industry, as well as an increased emphasis on drilling shale wells across developing countries, are anticipated to assist in the expansion of the global market to some degree. However, the high cost of investment required for both static and rotary equipment is likely to act as a barrier to market expansion during the period covered by the forecast.
Market Scope –
The “Global Static and Rotating Equipment Market Analysis to 2028” is a specialized and in-depth study of the Static and rotating equipment Market with a special focus on the global market trend analysis. The report aims to provide an overview of Static and rotating equipment market with detailed market segmentation by static equipment, rotating equipment and application.
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The global static and rotating equipment market expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading static and rotating equipment market player and offers key trends and opportunities in the static and rotating equipment market.
Region Analysis –
It is anticipated that the market in North America will continue to dominate the global market for static and rotating equipment, as it has done so far, and it is anticipated that this will continue for the duration of the forecast period. This preeminence can be attributed to rising government spending on oil as well as the presence of major players operating in the nations that make up this region.
Additionally, an increase in the excavation of new oil sands in countries such as Canada, coupled with the construction of new facilities in the country, is anticipated to further support the growth of the market to a certain extent in this region. It is anticipated that the market in Europe will contribute a significant revenue share to the market internationally.
It is anticipated that the market in Asia Pacific will experience faster growth as a result of increasing investment, an increase in the number of government initiatives intended to improve the infrastructure and enhance the exploration of LNG, and the presence of prominent players operating in the emerging economies of China and India in this region. Specifically, this is due to the fact that rising investment has led to an increase in the number of government initiatives intended to improve the infrastructure and enhance the exploration of
Key players –
Mitsubishi Heavy Industries
By Type –
By Applications –
By Region –
Middle East & Africa