Increasing Prominence Of Smart, IoT-Based Equipment Bolstering Demand For Rotating Equipment Repair Market From 2021-2031
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Key Takeaways from Market Study
• The environments in which rotating equipment operate are becoming harsher by the day, especially for sectors such as oil & gas, mining, and power generation. As such, they require high quality maintenance, repair, and upgrade services, correspondingly fueling market growth.
• Increasing number of end users are realizing the high cost saving potential of proactive maintenance and are opting for the same. Moreover, there is also growing awareness about the use of data analytics and predictive modelling to pre-empt sudden equipment failure.
• Condition monitoring & reliability services are expected to lead the market in terms of share as well as growth rate. This is attributable to increased demand for proactive or preventive maintenance services, in light of the tremendous cost savings that can be achieved by minimizing the possibility of sudden equipment breakdown or failure.
• Key end-use industries such as oil & gas, power generation, mining, HVAC, water & wastewater treatment, general manufacturing, etc., are ascending demand for rotating equipment repair.
• Asia Pacific, Europe, and North America are leading regions in this market.
• The market in the U.S. is slated to expand at more than 4$ CAGR though 2031, while that in Germany is expected to progress at around 5%.
• Value of the market in India is set to increase at over 8% CAGR through 2031, while that in China at close to 7%.
• Due to the COVID-19 pandemic, 2020 saw a substantial dip in market growth, at -4.3%. However, with industrial activity gradually picking up, 2021 is expected to witness a growth of around 4%, with long-term prospects even brighter.
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The rotating equipment repair market is significantly fragmented in nature owing to the presence of a large number of small- and medium-sized players operating in the market. Leading players are estimated to account for nearly one-third of overall market value share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market share. Some of the key players operating in the market are The Weir Group PLC, Flowserve Corporation, General Electric Company, Siemens AG, KSB SE & Co. KGaA, Ebara Corporation, and Sulzer AG.
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