Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- The global static and rotating equipment market size is projected to grow from USD 29.84 billion in 2021 to USD 38.90 billion in 2028. The rising exploration and production activities occurring at greater depths are set to affect growth positively. Every unexplored area has vast reserves of crude oil or natural gas, which, in turn, would lead to low prices of oil. Fortune Business Insights™ presented this information in a report, titled, “Static and Rotating Equipment Market, 2021-2028.” The report further states that the market stood at USD 29.08 billion in 2020. It would exhibit a CAGR of 3.9% in the forecast period between 2021-2028.
INEOS Energy Signs Agreement with PGNiG Upstream Norway AS to Sell Oil & Gas Business
In March 2021, INEOS Energy, a leading chemical producer headquartered in London, signed an agreement with PGNiG Upstream Norway AS to sell its Oil and Gas business in Norway. The deal is worth USD 615 million and includes pipelines, facilities, fields, and production activities. It will help the company to rebalance its existing product portfolio in terms of gas and oil. Additionally, it will strengthen the company’s position in the global market. Such initiatives by renowned manufacturers are set to drive the demand for static and rotating equipment.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 3.9% |
| 2028 Value Projection | USD 38.90 Billion |
| Base Year | 2020 |
| Market Size in 2019 | USD 29.08 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 250 |
| Segments covered | Static and Rotating Equipment Market Size, Share & COVID-19 Impact Analysis, By Type (Static Equipment {Heat Exchangers, Boilers, Furnaces, Valves, Others}, Rotating Equipment {Pumps, Compressors, Turbines, Others}), By Application (Upstream, Midstream, Downstream), By Location (Onshore, Offshore) And Regional |
| Growth Drivers | Rising Demand for Energy Backed by Rapid Urbanization to Bolster Growth |
| Reduced Midstream & Downstream Work amid COVID-19 Pandemic May Obstruct Growth |
Market Drivers & Restraints:
The rapid migration of people from rural to urban areas is anticipated to spur the demand for energy from every sector. Also, the surging population worldwide would skyrocket this demand. At present, renewable energy sources are at the nascent stage in terms of adoption as the major portion of power generation is done through oil and gas. As per the United Nations, for instance, by 2050, 68% of the world’s population is estimated to reside in urban areas. In 2020, it was 56.2%. This factor is likely to augment the static and rotating equipment market growth in the forthcoming years. However, government bodies in numerous countries are providing incentives to reduce emissions and make more use of renewables. This factor may hamper the demand for static and rotating equipment.
Covid-19 Impact Analysis:
Prominent oil and gas companies across the globe are temporarily halting their onshore and offshore drilling activities on account of the reduced demand for oil and disturbances in supply chains amid the COVID-19 pandemic. It is therefore increasing prices of oil. This has further lowered the midstream and downstream work. These activities require static and rotating equipment. We are providing elaborate research reports to help you get a clear picture of the current market scenario.
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Report Coverage:
The report studies decisive segments of the static and rotating equipment industry containing regions, end-users, technologies, types, and applications. It explains the performance and importance of each of the segments by considering sales volume, growth prospects, revenue share, and demand. Additionally, it would help our clients to accurately determine the market size to guide them in selecting the right strategy for their business growth.
Segmentation:
Upstream Segment to Lead Fueled by Rising Exploration Activities Globally
By application, the market for static and rotating equipment is divided into upstream, midstream, and downstream. Amongst these, the upstream segment is set to dominate in the near future stoked by the increasing exploration activities taking place across the globe to search for oil and gas. It generated 52.1% in 2020 in terms of the static and rotating equipment market share.
Regional Insights:
Presence of Prominent Firms & Rising Refinery Activities to Help North America Dominate
- North America: The region is expected to lead the market in the near future on account of the increasing number of refinery and exploration activities. At the same time, the presence of reputed players in the U.S. would also aid regional growth.
- Asia Pacific: It held USD 8.71 billion in terms of revenue in 2020. This growth is attributable to the presence of numerous oil rigs in China and India. Besides, exhaustive research and development activities conducted by various firms and institutions would boost growth.
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Competitive Landscape:
Key Players Aim to Launch New Products by Conducting Extensive R&D Activities
The market for static and rotating equipment contains some of the most renowned companies, namely, Atlas Copco, Alfa Laval, and TechnipFMC. They are majorly focusing on research and development activities to come up with novel equipment. A few others are aiming to compete with their rivals by engaging in acquisition and agreement strategies. But, the global market is still at the budding stage as most of the products are currently undergoing a testing process before distribution.
Key Industry Development:
October 2020: Liebherr launched an electric-hydraulic LB 16 drilling rig at Bauma. It is battery-powered and can be operated easily without a cable. It is also diesel-powered and conventional for applications in noise-sensitive areas.
A List of Key Manufacturers Operating in the Global Market:
- TechnipFMC
- Alfa Laval
- Atlas Copco
- General Electric
- Siemens AG
- Metso Oyj
- Sulzer Ltd.
- Pentair Plc.
- Flowserve Corporation
- Wartsila Oyj Abp
- OAO TMK
- Doosan Group
- Mitsubishi Heavy Industries
Static and Rotating Equipment Market Segmentation:
By Type:
- Static Equipment
- Rotating Equipment
By Application:
- Upstream
- Midstream
- Downstream
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Static and Rotating Equipment Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments by Industry Players in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Static and Rotating Equipment Market Analysis (USD Billion), Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1. Static Equipment
6.2.1.1. Heat Exchangers
6.2.1.2. Boilers
6.2.1.3. Furnaces
6.2.1.4. Valves
6.2.1.5. Others
6.2.2. Rotating Equipment
6.2.2.1. Pumps
6.2.2.2. Compressors
6.2.2.3. Turbines
6.2.2.4. Others
6.3. Market Analysis, Insights and Forecast – By Application
6.3.1. Upstream
6.3.2. Midstream
6.3.3. Downstream
6.4. Market Analysis, Insights and Forecast – By Location
6.4.1. Onshore
6.4.2. Offshore
6.5. Market Analysis, Insights and Forecast – By Region
6.5.1. North America
6.5.2. Europe
6.5.3. Asia Pacific
6.5.4. Latin America
6.5.5. Middle East & Africa
Continued….
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