Market Report Summary
Market – Rotating Equipment Repair Market
Market Value – US$ 17 Bn in 2022
Market CAGR Value – 5% in 2022 to 2031
Market Forecast Year – 2022 to 2031
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Growing industrialization and development of consumption-driven economies have resulted in consistent growth in key end-use industries for rotating equipment repair, such as oil & gas, power generation, mining, HVAC, water & wastewater treatment, general manufacturing, etc. While looking for ways to optimize a manufacturing plant in terms of machine efficiency and overall productivity is only possible by lowering maintenance, downtime, failures, and common plant issues, this is the basic driving force for growing demand for rotating equipment repair.
The global rotating equipment repair market is set to be valued at over US$ 17 Bn in 2022, with stable long-term projections, according to revised insights from Persistence Market Research, an ESOMAR-certified research and consulting firm. The report estimates the market to expand at nearly 5% CAGR over the period of 2022 to 2031. The market witnessed a substantial plunge in the fiscal year 2020, due to the recessionary effects of COVID-19 on the global economy. Nationwide lockdowns across countries globe coupled with labor unavailability resulted in manufacturing plant shutdowns. However, barring a few countries, economic and industrial activities have resumed at a healthy rate post Q2 of 2020. With the industrial sector in a recovery mode, demand for rotating equipment repair is rising positively.
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Key Players:
The report has profiled some of the Important players prevalent in the global like – The Weir Group PLC, Flowserve Corporation, General Electric Company, Siemens AG, KSB SE & Co. KGaA, Ebara Corporation, and Sulzer AG and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Rotating Equipment Repair.
Key Takeaways from Market Study
- The environments in which rotating equipment operate are becoming harsher by the day, especially for sectors such as oil & gas, mining, and power generation. As such, they require high quality maintenance, repair, and upgrade services, correspondingly fueling market growth.
- Increasing number of end users are realizing the high cost saving potential of proactive maintenance and are opting for the same. Moreover, there is also growing awareness about the use of data analytics and predictive modelling to pre-empt sudden equipment failure.
- Condition monitoring & reliability services are expected to lead the market in terms of share as well as growth rate. This is attributable to increased demand for proactive or preventive maintenance services, in light of the tremendous cost savings that can be achieved by minimizing the possibility of sudden equipment breakdown or failure.
- Key end-use industries such as oil & gas, power generation, mining, HVAC, water & wastewater treatment, general manufacturing, etc., are ascending demand for rotating equipment repair.
- Asia Pacific, Europe, and North America are leading regions in this market.
- The market in the U.S. is slated to expand at more than 4$ CAGR though 2031, while that in Germany is expected to progress at around 5%.
- Value of the market in India is set to increase at over 8% CAGR through 2031, while that in China at close to 7%.
- Due to the COVID-19 pandemic, 2020 saw a substantial dip in market growth, at -4.3%. However, with industrial activity gradually picking up, 2022 is expected to witness a growth of around 4%, with long-term prospects even brighter.
“Services such as regular maintenance, repair, refurbishment, component upgrades, etc., play a pivotal role keeping industrial process chains moving and minimizing downtime. Manufacturers and service providers are focusing on developing and providing smart solutions with the integration of IoT-enabled equipment, thus creating new avenues for market growth,” says a Persistence Market Research analyst.
Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)
Key Stakeholders
Rotating Equipment Repair Market Manufacturers
Rotating Equipment Repair Market Distributors/Traders/Wholesalers
Rotating Equipment Repair Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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View Table of Contents, Figures, and Tables@ https://www.persistencemarketresearch.com/market-research/rotating-equipment-repair-market/toc
Major Highlights of the Rotating Equipment Repair Market Report:
- The Rotating Equipment Repair Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
- The report dives deeper into the market and explains the dynamic factors bolstering market growth.
- The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
- The report analyzes the Rotating Equipment Repair Market presence across major regions of the world.
- It determines the production & consumption capacities and demand & supply dynamics of each regional market.
- The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
- It provides company overview and SWOT analysis of each of the market players.
Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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