Industry: Industrial Automation
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 315
Report ID: PMRREP27712
[315 Pages] According to Persistence Market Research, the Rotating Equipment Repair revenue totalled US$ 17,957.8 Mn for 2022. The overall Rotating Equipment Repair is expected to reach US$ 28,885.9 Mn by 2033, growing at a CAGR of 4.9% from 2023 to 33.
Rotating equipment repair entails maintaining or restoring rotating machinery. All rotating machinery, including turbines, compressors, and generators, is referred to as rotating equipment. This type of equipment plays a crucial role in the operation of several industrial and manufacturing activities. The absence of this equipment would cause production to drop slightly, which shows the importance of the repair of this equipment for their smooth and regular working. Rotating Equipment Repair Market expansion is primarily attributed to the rapid industrialization along with expanding oil and gas exploration operations to meet the rising global demand for energy.
|
Global Rotating Equipment Repair Size (2022A) |
US$ 17,957.8 Mn |
|
Global Rotating Equipment Repair Size (2023E) |
US$ 18,780.5 Mn |
|
Projected Rotating Equipment Repair Value (2033F) |
US$ 28,885.9 Mn |
|
Value CAGR (2023-2033) |
4.9% |
|
Collective Value Share: Top 3 Countries (2023) |
27.8% |
The global Rotating Equipment Repair market accounts for ~ 35 to 40% of its parent market of the rotating equipment market.
From 2017 to 2022, the market for Rotating Equipment Repair increased at a 2.2% CAGR and is projected to grow at a value of a CAGR of 4.9% in the forecast period 2023 to 2033. This increase in YOY growth in 2023 is higher because of factors including the rising industrial development and widespread use of this equipment in various industries such as oil & gas and power generation.
Rotating equipment is an essential component of industrial plant setups, particularly in the processing industries, and its uninterrupted and reliable performance is essential for the efficient operation of the entire plant. As a result, repair services like refurbishment, continuous servicing, component upgrades, and maintenance have become crucial for maintaining the flow of industrial processes, and it is anticipated that it is fueling the market's expansion. This is forecasted to boost the market to reach US$ 28,885.9 Mn by the end of 2033.
The rise in global industrialization and development in the oil and gas sector and the increasing demand for power generation around the world are primarily responsible for the growth of the rotating equipment repair market. The market has also expanded as a result of the increased use of IoT in the industrial sector, which is utilizing artificial intelligence and machine learning to gather real-time actionable insights and boost equipment efficiency. However, with this technological advancement in equipment and its handling; most of the rotating equipment requires time-to-time service and maintenance for their uninterrupted operation in the industry, this factor driving the rotating equipment repair market growth.
The growing need for rotating machinery, such as pumps, turbines, and compressors, in the oil and gas, food and beverage, or power-generating sectors to transfer fluids, gases, and other process materials is promoting the market expansion of equipment repair. The advantage offered by on-time equipment repair such as improved preventive maintenance, and increase efficiency is driving the market growth, Additionally, the lower cost of repairing this type of equipment motivate industrial supervisor to carry out this operation, which increases the market growth.
Industries such as mining, oil and gas, chemical, and other general industrial sectors are now becoming increasingly aware of the safety features of every small and large equipment and machinery to boost their productivity and lower the risk of breakdowns. Equipment is equipped with several cutting-edge technologies, thus maintenance and repair are becoming more and more important. This is creating lucrative opportunities for the future expansion of the global market for rotating equipment repair.
The equipment and machinery at power generation plants need periodical inspections, parts replacement, diagnoses, and timely renovation which will maintain consistency and regularity in the power plant. This growing need for repair services in power generation plants produces growth opportunities for market expansion.
OEM manufacturers and independent service providers are competing for the supply of equipment with smart controls and remote operation & monitoring capabilities to the industrial sector, owing to increased demand for smart technologies and integrated systems. This will accelerate repair and service opportunities for service providers, thus creating growth opportunities for the rotating equipment repair market.
How is the Germany market for Rotating Equipment Repairs likely to explode?
Germany is one of the most lucrative markets for Rotating Equipment Repairs in the Europe region, and it is hold around 4.5% value share of the global Rotating Equipment Repair.
One of the key manufacturing industries in Germany is machinery and equipment. Germany and other European nations were among the first to deploy cutting-edge machinery in industrial plants and manufacturing units in the oil & gas, mining, and general manufacturing sectors. Leading industries like oil production, mining, and power generation have thrived in the country during the past few decades. The market for rotating equipment in Germany increased as a result of the necessity for repairs on the machinery and equipment utilized in this industry.
Where Does Japan stand in the market for Rotating Equipment Repairs?
One of the most attractive markets in the East Asia region for Rotating Equipment Repair is Japan, which accounts for a 4.6% value share in the global Rotating Equipment Repair market.
The major source of revenue for the rotating equipment repair market is one of the largest and most developed countries like Japan in East Asia. The strong demand for rotating equipment in end-use sectors is primarily driven by federal regulations governing the industrial environment, the sizeable manufacturing sector in the nation, and the pervasive preference for sophisticated technological solutions in manufacturing environments. This demand is then followed by an increase in requests for repairs of this equipment, which raises its market value in the nation.
What is the Outlook for the Rotating Equipment Repair in India?
India is anticipated to expand at a CAGR of 8.4% from 2023 to 2033. Throughout the forecast period of 2023–2033, India is anticipated to hold a significant share of the global market.
In India’s industrial sector, there is a growing need for high-quality machinery and equipment to boost plant productivity, which is driving up demand for rotating equipment repair. Additionally, major players in the global market are concentrating on the growth of their networks to be close to the expanding client base in the nation.
Which End-use Industry of Rotating Equipment Repair remains Significant?
The Oil & Gas industry segment leads the Rotating Equipment Repair by End-Use industry and it is having a value share of 32.6% in the global market.
The oil & gas industry is one of the most hazardous types of industry. Rotating equipment is mostly used in this type of harsh environment industry. The equipment used in the oil & gas industry, therefore, needs repairing consistently. These factors increase shares of the repairing market of rotating equipment in the oil & gas industry prominently.
Which Sales Channel accounts for Higher Sales in Rotating Equipment Repair?
The Direct OEM Based segment dominates the global Rotating Equipment Repair by Sales Channel and is expected to hold its position until the end of the forecast period, having a value share of 63.2%.
The direct OEM-based sales channel for rotating equipment repair, which is anticipated to hold a prominent market value share, is primarily being driven by growing awareness regarding the maintenance of industrial equipment. Additionally, manufacturers need trustworthy service providers to ensure the proper operation of these components in industrial equipment, increasing demand for direct OEM-based sales channels in the global market.
The market for rotating equipment repair will certainly see expanding opportunities as a result of technological developments and the implementation of maintenance systems in the future, which will result in greater integration of business and technical systems. The manufacturers in the market are expanding their aftermarket services. The market is moderately consolidated in nature, which results in low bargaining power for customers due to less number of certified service providers in this space.
Some of the key developments are:
In June 2020, Blackstone Industrial Services, a leading Canadian critical rotating equipment services company announced the acquisition of the assets of Trican Pipeline & Industrial Services Business which is a subsidiary of Trican Well Service Ltd. To strengthen its position in the market to manage the growing competition.
In June 2019, GE Power and Simec Atlantis announced their Strategic Partnership to Develop Tidal Stream Application at Commercial Scale.
|
Attribute |
Details |
|
Forecast Period |
2023-2033 |
|
Historical Data Available for |
2017-2022 |
|
Market Analysis |
US$ Mn for Value |
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Pricing |
Available upon Request |
By Nature of Service
By Equipment
By End-use Industry
By Sales Channel
By Region
To know more about delivery timeline for this report Contact Sales
The global Rotating Equipment Repair is estimated to be valued at over US$ 18,780.5 Mn as of 2023.
Rotating Equipment Repairs are projected to increase at 4.9% CAGR and are expected to be valued at around US$ 28,885.9 Mn by 2033 end.
The Weir Group PLC, Flowserve Corporation, General Electric Company, Siemens AG, KSB SE & Co. KGaA, Ebara Corporation, Sulzer AG, John Wood Group PLC, Torishima Pump Mfg. Co., Ltd, MAN ES, Stork, Hydro Inc., Triple EEE, Amaru Giovanni S.R.L., Rainbow Mechanical Solutions LLC, De Pretto Industrie S.r.l., Maintenance Partners NV, CFATEC, TS&S, Basis Plant Services S.r.l., MEOS CO. LLC, S.T. Cotter Turbine Services, Inc., Al-Rushaid Group, etc.
China, Germany, U.S., India, and Japan are driving most of the demand for Rotating Equipment Repair.
China, the U.K., and Germany are major producers and exporters of Rotating Equipment Repair.
