Press release
Global Rotating Equipment Market Size to Grow at a CAGR of 4.10% in the Forecast Period of 2024-2032
Rotating equipment refers to mechanical devices that use kinetic energy to move fluids, gases, and other materials. This broad category includes turbines, compressors, pumps, and gearboxes, which are vital components in various industrial operations. These machines are the backbone of processes in sectors such as oil and gas, power generation, mining, and water treatment facilities.
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The rotating equipment market growth is predominantly driven by the expansion of the energy sector and industrialisation in emerging economies. The need for upgraded and efficient machinery in manufacturing processes and energy production is catalysing the market's growth. Furthermore, the trend towards automation and the adoption of smart factory concepts are amplifying the demand for advanced rotating equipment.
As per the rotating equipment market analysis, the use of rotating equipment is crucial in industries that demand high operational efficiency and output. The oil and gas sector, being one of the largest end-users, relies heavily on this equipment for exploration, production, and transportation. Similarly, the power generation industry's shift toward cleaner and renewable sources necessitates the use of advanced turbines and compressors for energy conversion and distribution.
The market is witnessing significant technological innovations, with manufacturers investing in research and development to produce energy-efficient and reliable equipment. The integration of the Internet of Things (IoT) and predictive maintenance technologies are some of the crucial rotating equipment market trends that are transforming equipment management, reducing downtime, and extending the life span of machinery.
Sustainability is becoming an integral part of the rotating equipment industry. There is a marked shift towards designing machinery that minimises environmental impact through reduced energy consumption and emissions. Companies are also focusing on the lifecycle management of equipment, emphasising durability and recyclability.
The future of the rotating equipment market looks promising with opportunities in retrofitting aging industrial machinery and expanding into new regional markets. The push for sustainable and intelligent industry processes is likely to drive continuous innovation and adoption of state-of-the-art equipment solutions.
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Market Segmentation
The market can be divided based on product type, voltage type, industry, and region.
Market Breakup by Product Type
Pumps
Compressors
Turbines
Agitators and Mixers
Others
Market Breakup by Voltage Type
Low
Medium
High
Market Breakup by Industry
Oil and Gas
Power Generation
Mining
HVAC
Water
Wastewater Treatment
Others
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global rotating equipment market. Some of the major players explored in the report by Expert Market Research are as follows:
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
Ebara Corporation
Others
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