Rotating Equipment Repair Market: Overview
The Rotating Equipment Repair Market valued at over US$ 17.85 Billion in 2022, is expected to reach a value of US $26.37 Billion in 2030, growing at a CAGR of 5%.
The growth of Rotating Equipment and Services Market is majorly attributed to the rapid industrialization coupled with increasing oil and gas exploration activities to cater to the growing demand for energy across the globe.
Increasing adoption of IoTs leveraging artificial intelligence, machine learning in industrial sector to gain real-time actionable insights increasing the equipment efficiency has also contributed to the growth of the market.
The burgeoning demand for rotating equipment including pumps, turbines and compressors in oil & gas, Food & beverage or power generation sector to move fluid, gases and other process materials utilizing kinetic energy are bolstering the market growth.
The wide range of applications of rotating equipment services in various industry verticals to minimize downtime, improve preventive maintenance, boosting efficiency and reducing repair costs are anticipated to foster the demand.
Segmental Analysis of Rotating Equipment Repair Market:
Competitive Landscape:
Flowserve
General Electric
Siemens
KSB
Ebara
Sulzer
John Wood Group
Torishima Pump
MAN
Stork
Hydro
Triple EEE
Amaru Giovanni
Rainbow Mechanical Solutions
De Pretto Industries
Based on Strategic Analysis
- Suppliers and Distributors
- Value Chain Analysis
- Opportunities Analysis
- Product Life Cycle or Market Life Cycle
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Based on Service Type
- Maintenance
- Installation and Commissioning Services
- Repair and Overhaul
- Retrofit and Up-gradation Services
- Monitoring and Asset Management Services
- Emergency Breakdown Services
- Testing and Inspection Services
- Technical and Project Management Services
- Others
Based on Equipment
- Gearboxes
- Pumps
- Compressors
- Agitators and mixers
- Fans and Blowers
- Motors and Drives
- Turbines
- Engines
Based on End-User
- Food and Beverages
- Oil and Gas
- Chemical
- Mining
- Power Generation
- Others
Based on Region
- Middle East
- UAE
- South Africa
U.S. government announced to invest more than $4 billion for the development of power sector. APAC is estimated to be the fastest growing market with a CAGR of 6.1% during the forecast period due to rising government investments towards oil & gas production.
South-East Asia is estimated to be the hot-zone for establishing manufacturing hubs and thus accelerating the demand for rotating equipment and services in industrial sector.
Key Trends: Growth Determinants and Challenges
Surging adoption of advanced technologies including IoT to aid market expansion
The growing adoption of IoT technologies to monitor the operations of rotating machineries across oil & gas industries is fuelling the industry expansion.
Integration of IoT devices or applications with rotating equipment facilitate the delivery of real time updates incorporating shipment and storage status, details for supply chain, while providing repair and proactive maintenance warnings in advance.
This in turn enhances operating performance and productivity of these machines.
There has been a widespread demand for rotating machineries like turbines in power generation plants as they ensure reliability and optimum efficiency.
It is worth noting that, almost two-third of electricity generation in combined-cycle power plants come from the gas turbine set while on-third of the power is generated from steam turbine set. These factors in turn are positively swaying the market dynamics.
Major Developments:
- In June 2020, Blackstone Industrial Services, a leading Canadian critical rotating equipment services company announced to acquire the assets of Trican Pipeline & Industrial Services Business which is a subsidiary of Trican Well Service Ltd. To strengthen its position in market to manage the growing competition.
- In June 2019, GE Power and Simec Atlantis announced their Strategic Partnership to Develop Tidal Stream Application at Commercial Scale.
Key Takeaways from the report:
- Deep-insights on regional analysis of rotating equipment repair market.
- Growth factors and challenges discussed thoroughly in the report.
- The Rotating Equipment Repair Market valued at over US$ 17.85 Billion in 2022, is expected to reach a value of US $26.37 Billion in 2030, growing at a CAGR of 5%
Growing industrialization and development of consumption-driven economies have resulted in consistent growth in key end-use industries for rotating equipment repair, such as oil & gas, power generation, mining, HVAC, water & wastewater treatment, general manufacturing, etc.
While looking for ways to optimize a manufacturing plant in terms of machine efficiency and overall productivity is only possible by lowering maintenance, downtime, failures, and common plant issues. This is the basic driving force of growing demand for rotating equipment repair. Rotating equipment are predominantly referred to the machines that use kinetic energy to move gasses, fluids, and other materials across oil and gas industries. The rotating parts of these equipment include, generators, turbines, pump engines and compressors.
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Major Questions answered in the report:
- Which regions hold the largest segment share for Rotating Equipment repair market?
- What are the growth challenges in Rotating Equipment Repair market?
- Which companies contribute in the Rotating Equipment Repair market?
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