LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global rotating equipment market for the oil and gas industry is projected to grow to USD 50.18 billion by 2021, at a CAGR of close to 6% over the forecast period.
This research report titled ‘Global Rotating Equipment Market for the Oil and Gas Industry 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Rotating equipment are devices that store energy by compressing a fluid and then converting the energy into usable power by fluid expansion. The harsh working conditions in the oil and gas industry, along with the greenfield and brownfield projects will lead to the increase in the use of pumps, compressors, and turbines for injection, flow, gas compression, and power generation operations.|
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Based on the product, the report categorizes the global rotating equipment market for the oil and gas industry into the following segments:
“Pumps occupied the largest segment of the rotating equipment market in 2016, due to their key role in managing the power consumption in oil and gas operations. They are used to move extremely demanding media and work under extreme environmental conditions,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for oil and gas research.
The demand for pumps will rise owing to the increase in the supply and demand for LNG from the Pacific trade region to the Atlantic trade region due to the new liquefication plant capacity, which will use LNG trains and pipelines that require rotating equipment. Also, the adoption of intelligent pumping solutions in the oil and gas industry will create additional revenue in the market.
The global rotating equipment market for the oil and gas industry by the compressors segment is expected to reach USD 19.40 billion by 2021, owing to the development of unconventional oil and gas resources worldwide, especially in North America and China. Compressors have wide applications in the entire value chain of the oil and gas industry, used widely in the upstream, midstream, and downstream segments.
The industry will be influenced by the need for environmental compliance and energy efficiency while choosing these products. Therefore, next-generation compressor technologies will gain prominence during the forecast period.
“Turbines are installed in natural gas plants, oil booster stations, gas compression stations, petrochemical plants, and power generation and cogeneration plants worldwide. The demand for turbines is expected to grow owing to the development of unconventional oil and gas resources around the world, especially natural gas resources in North America and China,” says Thanikachalam.
Gas turbines are especially suited for pipeline compressor applications; gas turbine-driven centrifugal compressors are also used in downstream process industries such as refineries and petrochemical and fertilizer plants, which require flexible and reliable compression trains. The growing use of gas as an energy source in the future energy mix due to its clean and emission-free properties will drive the growth of turbines.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Atlas Copco
- General Electric (GE)
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