The ‘Global Rotating Equipment Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global rotating equipment market, assessing the market on the basis of its segments like product type, voltage type, industry, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 159.33 billion
- Forecast CAGR (2023-2028): 10%
- Forecast Market Size (2028): USD 201.98 billion
Rapid industrialisation across the world and expansion of sectors such as oil and gas and power generation are driving the growth of the rotating equipment market. Rotating equipment offers enhanced flexibility in industrial applications, enabling the seamless movement of large volumes of materials for different processes. The demand for rotating equipment is particularly high in applications that are physically demanding and in process industries.
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The versatility of rotating equipment and their ability to be customised as per application needs are further bolstering the market growth. Usage of rotating equipment in combination with fixed equipment can significantly speed up operations while reducing repair costs and downtime, thereby aiding the rotating equipment market expansion.
In the oil and gas sector, rotating equipment plays an integral role in various processes such as drilling, production, refining, and completion, with pumps in particular being widely used. The increasing demand for oil and gas by-products and investments in improving oil and gas production capacities are further projected to increase the demand for rotating equipment.
By voltage type, high voltage accounts for a sizable share of the rotating equipment market, fuelled by the rising need for higher power equipment. Larger types of rotating equipment or those used to move higher volumes of materials have greater requirement of power. As various industries scale their production capabilities, the demand for high voltage rotating equipment is likely to rise.
Rotating Equipment Industry Definition and Major Segments
Rotating equipment refers to mechanical components that utilise kinetic energy for the movement of various gases, fluids, or solids, and comprises of drivers, transmission devices, and driven equipment. Highly versatile, rotating equipment can be connected with other devices as needed for end use applications, however, the maintenance needs of rotating equipment varies from fixed equipment.
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Based on product type, the market is divided into:
- Agitators and Mixers
On the basis of voltage type, the market is segmented into:
Based on industry, the market is classified into:
- Oil and Gas
- Power Generation
- Wastewater Treatment
By region, the market is categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Rotating Equipment Market Trends
The rising adoption of Industrial Internet of Things (IIoT) and upgrades in industrial processes across industries are key trends anticipated to impact the rotating equipment market. With advancements in technology and increasing penetration of Internet of Things, more industries are implementing integrated systems for industrial processes. Through IIoT, real-time monitoring is easier, particularly for larger and more complex systems utilising rotating equipment. The surging demand for various industrial products such as power, water, wastewater treatment, and oil and gas products, are encouraging industries to optimise and streamline their operations by implementing newer technologies. Further industrial expansion, supported by IIoT, is expected to augment the demand for rotating equipment in the coming years.
Regionally, the Asia Pacific is projected to witness substantial growth in the global rotating equipment market in the forecast period, which can be attributed to rapid industrialisation in countries such as China and India. Moreover, rising disposable incomes and increasing population are surging the need for power, water, and wastewater treatment, thereby increasing the demand for rotating equipment. Efforts towards power plant modernisation in countries like Indonesia, Malaysia, India, and China, are also leading to a higher demand for rotating equipment. Expansion of key market players in the Asia Pacific and establishment of regional manufacturing units would further aid market growth.
Key Market Players
The major players in the global rotating equipment market report are Siemens Aktiengesellschaft, General Electric Company, Atlas Copco AB, Flowserve Corporation, Mitsubishi Heavy Industries, Ltd., Sulzer Management Ltd, Elgi Equipments Ltd, Ingersoll Rand Inc, The Weir Group Plc, and Ebara Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.