Rotating Equipment Market size is projected to reach $90.1 billion by 2026 and it is estimated to grow at a CAGR 3.61% during the forecast period 2021-2026 and Service market size is estimated to reach $26.2 billion by 2026 growing at around a CAGR 4.2% between 2021 and 2026. 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 for Rotating Equipment Services and Equipment Market during 2021-2026.
Rotating Equipment and Services Market Segment Analysis – By Equipment Type
By Equipment Type, Rotating Equipment and Services Market is segmented into Pumps, Compressors, Turbines, Agitators & Mixers, Fans & Blowers, Motors & Drives, Gearboxes, Engine and Others. Turbines dominated the market in 2020 acquiring a share of 25.62% and is estimated to grow at a CAGR 3.50% during the forecast period 2021-2026 due to high speed operating capabilities in harsh industrial environment. The rising demand for gas turbines to drive the compressors with maximized speed and low level energy consumption has significantly triggered the growth of the market. Motors and Drives are estimated to be the fastest growing market with a CAGR 5.0% due to rising integration of motors with intelligent IoT solutions improving uptime, machine performance and productivity. In April 2020, LUKOIL signed a trilateral memorandum with Sulzer Ltd. and Kogalym Oilfield Equipment Service LLC (KNPO), which involves establishing a service company to maintain, repair and upgrade LUKOIL’s rotating equipment including compressors, pumps, etc. in the West Siberian region and such agreements are set to drive the market during 2021-2026.
Rotating Equipment and Services Market Segment Analysis – By End Use industry
By End Use industry, Rotating Equipment and Services Market is segmented into Oil & gas, Mining, Power Generation, Chemical, Food & Beverage and Others. Oil & gas is estimated to account for the largest market share by 2026 at a CAGR 2.0% for rotating equipment market and at a CAGR 2.2% for service market due to increasing demand for electric motors in oil refineries coupled with rising investments in downstream sectors. Mining is estimated to be the fastest growing market with a CAGR of 5.3% for rotating equipment market and a CAGR of 6.2% for service market due to growing demand for improving pump efficiency, pump lifecycle and other process reliabilities in harsh environment.
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Rotating Equipment and Services Market Segment Analysis – By Geography
By Geography, Rotating Equipment and Services Market is segmented into North America, Europe, APAC, South America and RoW. North America dominated the market acquiring a share of 36% in 2019 and is estimated to grow at a CAGR 3.0% during 2021-2026. The ever-increasing demand for electricity and establishment of new oil refineries in this region has bolstered the demand for rotating equipment and services. In 2019, U.S government announced to invest more than $ 4 billion for the development of power sector by 2025.APAC is estimated to be the fastest growing market with a CAGR 6.1% during the forecast period 2021-2026 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.
Rotating Equipment and Services Market Drivers
Increasing integration with IoT
Rising integration of Rotating Equipment with IoT leveraging intelligent monitoring and control is significantly triggering the growth of the market. IoT apps are crucial to deliver updates in real time, including shipment and storage status, repair and proactive maintenance warnings, and details from the supply chain. Industrial IoT enables rotating equipment suppliers to stay connected to their assets and, consequently develop new and lucrative business models which is set to drive the rotating equipment and services market. Integration of IoT with rotating equipment offer improved operating performance, less downtime and increased productivity. Such advanced and beneficiary capabilities are analyzed to augment the market during 2021-2026. In February 2020, DXP Enterprises Inc. completed the acquisition of Turbo Machinery Repair, Inc., a pump and industrial equipment, repair, maintenance and labor services company and such acquisitions are estimated to drive the market from 2021 to 2026.
Rising demand for rotating equipment and services in power generation sector
Increasing investments towards power sector have been creating opportunities for repair and maintenance services for rotating equipment such as gas turbines, compressors, pumps, and generators. In a combined-cycle power plant, approximately two-third of the electricity generation comes from the gas turbine set and one-third comes from the steam turbine set. The rising demand for gas turbines in power generation facilities offering reliability, optimum efficiency has contributed to the growth of the market.
Rotating Equipment and Services Market Challenges
Lack of Training and Execution Skills
Absence of skilled workforce lead to higher resolution time in case of technical glitches and thus hampering the adoption. However, rising investments on R&D are set to offset this challenge during the later stages of 2021-2026.
Rotating Equipment and Services Market Landscape
Product innovation, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Rotating Equipment and Services market. In 2020, the market of Rotating Equipment and Services industry outlook has been fragmented by several companies. Rotating Equipment and Services top 10 companies include General Electric Company, Atlas Copco Group, Grundfos, Siemens AG, Flowserve Corporation, Sulzer Ltd., Ingersoll Rand Inc., Weir Group, ITT Inc., Mitsubishi Electric Corporation among others.
Acquisitions/Technology Launches
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
Motor and drives are estimated to witness the fastest growth with a CAGR of 5.0% during the forecast period 2021-2026 due to rising integration with IoTs to develop smarter solutions
North America is estimated to dominate the market with a CAGR 2.9% during 2021-2026 owing to increasing demand for electricity and rising government investments towards new oil & gas refineries.
Increasing demand for advanced rotating equipment in power generation sector and growing integration with IoTs are the major factors driving the market.
Absence of skilled workforce is hampering the adoption.
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https://www.industryarc.com/Report/16365/rotary-encoder-market.html
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https://www.industryarc.com/Report/18676/mining-equipment-market.html
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