Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The "Oceania Rotating Equipment Market Report and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
According to the report, the Oceania rotating equipment market reached a value of USD 3,336.2 Million in 2022. Aided by the expansion of oil and gas and power generation sectors and rising demand for high-performance equipment, the market is projected to further grow at a CAGR of 11.6% between 2023 and 2028 to reach a value of USD 7,218 Million by 2028.
Rotating equipment, which primarily encompasses turbines, pumps, and compressors, is pivotal in a myriad of industrial operations, providing the essential means to convert energy into useful mechanical work. These instruments are integral for sectors such as oil and gas, power generation, mining, and water treatment, among others. The precise engineering and energy efficiency of these devices make them indispensable in modern industrial scenarios.
The robust industrial growth in the Oceania region is a significant catalyst propelling the Oceania rotating equipment market demand. As countries such as Australia and New Zealand continue to bolster their industrial infrastructures, there's an amplified demand for advanced machinery that can optimise operations, reduce energy consumption, and elevate productivity. With industries expanding, the need for efficient equipment for fluid handling and power generation has seen a marked uptick, driving the market forward.
The integration of cutting-edge technologies, such as IoT (Internet of Things) and AI (Artificial Intelligence), with rotating equipment has additionally opened new avenues for the Oceania rotating equipment market expansion. Smart equipment, enabled with sensors and connectivity, allows operators to predict maintenance requirements, enhance operational efficiency, and minimise downtimes. Such advancements not only ensure operational efficiency but also extend the longevity of the equipment.
Rotating equipment's multifaceted applications across various sectors also significantly augment the Oceania rotating equipment market growth. For instance, in the mining industry, a dominant sector in parts of Oceania, these tools are essential for operations like extraction, separation, and slurry transportation. Similarly, in the energy sector, turbines play a vital role in power generation, while compressors are fundamental for oil and gas extraction and refining processes.
Moreover, the increasing focus on sustainable and environmentally friendly operations in Oceania has heightened the demand for energy-efficient rotating equipment, thus aiding the Oceania rotating equipment market development. As industries grapple with the twin challenges of maximising productivity while minimising their carbon footprint, energy-efficient rotating devices have come to the forefront as a sustainable solution. They not only reduce energy consumption but also decrease operational costs, providing a win-win for industries.
Market Segmentation
The market can be divided based on product type, voltage, end use and country.
Market Breakup by Product Type
- Pumps
- Compressors
- Turbines
- Agitators and Mixers
- Others
Market Breakup by Voltage
- Low
- Medium
- High
Market Breakup by End Use
- Oil and Gas
- Power Generation
- Mining
- HVAC
- Water
- Wastewater Treatment
- Others
Market Breakup by Country
- Australia
- New Zealand
- Papua New Guinea
- Fiji
- Others
Competitive Landscape
This report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the Oceania rotating equipment companies. Some of the major key players explored in the report are as follows:
- Siemens AG
- General Electric Company
- Mitsubishi Heavy Industries, Ltd
- Hitachi Industrial Equipment Systems Co., Ltd
- Ebara Corporation
- Sulzer Ltd
- Ingersoll Rand
- Atlas Copco
- The Weir Group PLC
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 93 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $4177.7 Million |
| Forecasted Market Value (USD) by 2028 | $7218 Million |
| Compound Annual Growth Rate | 11.6% |
| Regions Covered | Asia Pacific |
For more information about this report visit https://www.researchandmarkets.com/r/ru5qfz
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