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Static and Rotating Equipment (Oil and Gas) Market is estimated to expand at a CAGR of 4.8% from 2021 to 2031
Various downstream, midstream, and upstream activities are dependent on quality, consistency, and reliability of static and rotating equipment.
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The demand for oil and gas equipment is likely to decrease in the near future, owing to the recent drop in oil prices and expenditure on exploration and production. Key actions in oil and gas production are dependent on the reliability and quality of static and rotating equipment. As a result, these static and rotating equipment machines are important components of the oil and gas infrastructure.
Significant development in the exploration and production of crude oil and other hydrocarbons across the world has led to the growth of exploration and refining of oil and gas. Revolution in various fields such as automobile, pharmaceutical, telecommunication, and manufacturing has led to vast industrialization and urbanization, making petroleum a vital element of development. Before transferring oil and gas to end-users, it is processed and refined for effective utilization.
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Static and Rotating Equipment (Oil and Gas) Market: Prominent Regions
North America holds the major share of the global static and rotating equipment (oil and gas) market. The market in the region is anticipated to expand at a CAGR of more than 5% during the forecast period. Midstream, downstream, and upstream activities in the oil and gas industry are highly dependent on the reliability and the quality of static and rotating equipment.
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This is projected to boost the market. Moreover, the growth of the market is also linked with growth of the oil and gas sector. This too is projected to help in development of the regional static and rotating equipment (oil and gas) market in North America. The U.S. is a key country of the static and rotating equipment (oil and gas) market in North America. It held significant share of the static and rotating equipment (oil and gas) market in North America in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Asia Pacific is also a prominent region of the global static and rotating equipment (oil and gas) market. China led the static and rotating equipment (oil and gas) market in Asia Pacific in 2020.
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Static and Rotating Equipment (Oil and Gas) Market: Major Players
The global static and rotating equipment (oil and gas) market is consolidated with the presence of key players. Prominent players operating in the global static and rotating equipment (oil and gas) market include Alfa Laval AB, Atlas Copco AB, Pentair plc, General Electric Company, Metso Oyj, Siemens AG, Sulzer Limited, FMC Technologies Inc., OAO TMK, Technip S.A., Flowserve Corporation, Doosan Group, Wärtsilä, and Mitsubishi Heavy Industries Ltd.
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