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Static And Rotating Equipment Market Report 2024 - Static And Rotating Equipment Market Size, Trends, And Forecast
Static And Rotating Equipment Market
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According to The Business Research Company's, The static and rotating equipment market size has grown strongly in recent years. It will grow from $26.05 billion in 2023 to $27.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to power generation needs, focus on operational efficiency, growing industrialization, infrastructure development, economic growth in emerging markets, replacement and upgradation needs.
The static and rotating equipment market size is expected to see strong growth in the next few years. It will grow to $34.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing renewable energy projects, demand for lng infrastructure, global emphasis on emission reduction, focus on predictive maintenance, growing investments in lng and petrochemical projects, globalization of manufacturing, expansion of downstream processing. Major trends in the forecast period include digitalization and industry 4.0 integration, remote monitoring and maintenance, adoption of 3d printing/additive manufacturing, innovations in materials and coatings, strategic alliances and partnerships.
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Market Drivers and Trends:
The increasing electricity demand is expected to propel the static and rotating equipment market going forward. Electricity is a form of energy resulting from the existence of charged particles (such as electrons or protons), either statically as an accumulation of charge or dynamically as a current. Static and rotating equipment employed in the electricity sector encompasses generators, transformers, and machinery such as turbines, and is used in the processes of power generation, transmission, and distribution. For instance, in July 2021, according to the report by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global electricity demand is set to grow by close to 5% in 2021 and 4% in 2022. Therefore, the increasing electricity demand is driving the static and rotating equipment market.
Technological advancements have emerged as a key trend gaining popularity in the static and rotating equipment market. Major companies operating in the static and rotating equipment market are focused on innovating new technologies to sustain their position in the market. For instance, in May 2022, Schneider Electric, a France-based multinational company specializing in digital automation and energy management, launched EcoStruxureTM, an asset advisor for electrical distribution and rotating equipment. It has the potential to enhance output and reduce downtime by up to 15 hours per week for any essential rotating equipment, such as motors, compressors, and pumps. Using EcoStruxtureTM Asset Advisor, users can remotely monitor equipment for condition-based maintenance and safety (EAA). It includes modern cloud-based analytics tools that are fed with data and digital insights to help discover problems before they cause equipment failure.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Alfa Laval AB, Atlas Copco AB, Pentair plc, General Electric Company, Metso Oyj, Siemens AG, Sulzer Limited, TechnipFMC Inc., OAO TMK Group, Technip SA, Flowserve Corporation, Doosan Group, Wärtsilä Corporation, Mitsubishi Heavy Industries Ltd., Tenaris S.A., NES Company Inc., Ingersoll Rand Inc., Gardner Denver Inc., Dresser-Rand Group Inc., Weir Group plc, KSB SE & Co. KGaA, SPX FLOW Inc., John Crane plc, ITT Inc., Ebara Corporation, Kobe Steel Ltd., Voith GmbH & Co. KGaA, Baker Hughes Company, National Oilwell Varco Inc., Aker Solutions ASA, Cameron International Corporation, Schlumberger Limited, Emerson Electric Co., Honeywell International Inc., Parker Hannifin Corporation, Danfoss A/S, Swagelok Company, Spirax-Sarco Engineering plc, Armstrong International Inc.
Static And Rotating Equipment Market 2024 Key Insights:
• The static and rotating equipment market size is expected to see strong growth in the next few years. It will grow to $34.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Renewable Energy Adoption Fuels Growth In Static And Rotating Equipment Market
• Technological Advancements Drive Innovation In The Static And Rotating Equipment Market
• North America was the largest region in the static and rotating equipment market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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