Categories: Market Research

Analysis, Share, Drivers, and Growth in the Static and Rotating Equipment Market 2024-2033

The Static And Rotating Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Static And Rotating Equipment Global Market Report 2024, The static and rotating equipment market size has grown strongly in recent years. It will grow from $26.05 billion in 2023 to $27.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to power generation needs, focus on operational efficiency, growing industrialization, infrastructure development, economic growth in emerging markets, replacement and upgradation needs..

The static and rotating equipment market size is expected to see strong growth in the next few years. It will grow to $34.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing renewable energy projects, demand for lng infrastructure, global emphasis on emission reduction, focus on predictive maintenance, growing investments in lng and petrochemical projects, globalization of manufacturing, expansion of downstream processing.. Major trends in the forecast period include digitalization and industry 4.0 integration, remote monitoring and maintenance, adoption of 3d printing/additive manufacturing, innovations in materials and coatings, strategic alliances and partnerships..

The rising popularity and adoption of renewable energy sources to reduce the carbon footprint is expected to propel the growth of the static and rotating equipment market going forward. Renewable energy refers to energy generated from naturally replenished sources such as the sun and wind. Static and rotating equipment has been used in renewable energy to optimize the utilization of wind and solar energy while using as few fossil fuels as possible, including natural gas. For instance, in December 2021, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, renewables are expected to account for about 95% of the increase in worldwide power capacity until 2026, with solar PV alone accounting for more than half. The amount of renewable capacity is estimated to increase by 50% in 2021 and 2026. Therefore, the rising popularity and adoption of renewable energy sources to reduce the carbon footprint is driving the growth of the static and rotating equipment markets.

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The static and rotating equipment market covered in this report is segmented –

1) By Product Type: Oil and Gas Static Equipment, Oil and Gas Rotating Equipment

2) By Static Equipment: Valves, Boilers, Furnaces, Heat Exchangers

3) By Rotating Equipment: Compressors, Turbines, Pumps

4) By Application: Upstream, Midstream, Downstream

Technological advancements have emerged as a key trend gaining popularity in the static and rotating equipment market. Major companies operating in the static and rotating equipment market are focused on innovating new technologies to sustain their position in the market. For instance, in May 2022, Schneider Electric, a France-based multinational company specializing in digital automation and energy management, launched EcoStruxureTM, an asset advisor for electrical distribution and rotating equipment. It has the potential to enhance output and reduce downtime by up to 15 hours per week for any essential rotating equipment, such as motors, compressors, and pumps. Using EcoStruxtureTM Asset Advisor, users can remotely monitor equipment for condition-based maintenance and safety (EAA). It includes modern cloud-based analytics tools that are fed with data and digital insights to help discover problems before they cause equipment failure.

The static and rotating equipment market report table of contents includes: