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Oil Gas Static Rotating Equipment Market Size, Development, Key Opportunity, Application & Forecast to 2031
Transparency Market Research delivers key insights on the global static and rotating equipment (oil and gas) market. In terms of revenue, the global static and rotating equipment (oil and gas) market is estimated to expand at a CAGR of 4.8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global static and rotating equipment (oil and gas) market.
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The global static and rotating equipment market is expected to witness swift growth led by the advancements in infrastructure in the oil and gas midstream sector. Moreover, new refineries are being constructed and existing ones are revamped, thus pushing the demand for this equipment further. Manufacturers are also projected to reduce their expenses on production and exploration activities.
Static and Rotating Equipment (Oil and Gas) Market: Dynamics
Various downstream, midstream, and upstream activities are dependent on quality, consistency, and reliability of static and rotating equipment. 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.
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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.
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. 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.
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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.
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.
Global Static and Rotating Equipment (Oil and Gas) Market: Segmentation
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Static and Rotating Equipment (Oil and Gas) Market, by Product Type
Oil and Gas Static Equipment
Valves
Boilers
Heat Exchangers
Shell and Tube
Air Cooled
Oil and Gas Rotating Equipment
Compressors
Turbines
Pumps
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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