LONDON--(BUSINESS WIRE)--The new rotating equipment market for the oil and gas industry research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the rise in refining capacity across the world,” says a senior analyst for Industrials at Technavio.
The growing demand for oil and fuel from the transportation and power generation sectors has increased investments in new refinery projects. This has led to a rise in the demand for oil for refining, which has increased the adoption of rotating equipment in oil refineries. These factors are fueling the growth of the market. As the markets recover Technavio expects the rotating equipment market for oil and gas industry size to grow by USD 5.93 billion during the period 2020-2024.
Rotating Equipment Market for Oil and Gas Industry Segment Highlights for 2020
- The rotating equipment market for the oil and gas industry is expected to post a year-over-year growth rate of (8.17)%.
- Based on product, the pumps segment witnessed maximum growth in the global rotating equipment market for the oil and gas industry in 2019. Rotating pumps are extensively used in the oil and gas industry to move extremely demanding media and work under extreme environmental pressure, temperature, and material conditions.
- The growth of the market will be significant in the pumps segment during the forecast period.
- 32% of the growth will originate from the APAC region.
- The market growth in APAC is driven by factors such as increasing petroleum consumption and initiatives to increase oil and gas production to meet growing energy demands.
- China and the Russian Federation are the key markets for the rotating equipment market for the oil and gas industry in APAC.
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- The rotating equipment market for oil and gas industry size is expected to accelerate at a CAGR of almost 3% during the forecast period.
- The rotating equipment market for the oil and gas industry is segmented Product (Pumps, Compressors, and Turbines), Geography (North America, APAC, MEA, Europe, and South America), and Application (Upstream, Downstream, and Midstream).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Atlas Copco AB, Flowserve Corp., General Electric Co., Grundfos Holding AS, KSB SE & Co. KGaA, Mitsubishi Heavy Industries Ltd., Siemens AG, Sulzer Ltd., TechnipFMC Plc, and The Weir Group Plc.
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