Rotating Equipment Repair Market to Reap Over US$ 25.9 Bn in Revenues by End of 2028

Press Release

The rotating equipment repair research report covers comprehensive information about rotating equipment repair market trends, value (US$ Mn) projection, recent developments and dynamics in the global rotating equipment repair market for the period between 2018 and 2028.

The global rotating equipment repair market is projected to reach a market value of US$ 25.9 Bn during the forecast period and is anticipated to grow at a CAGR of 4.6%, by value. Growth of end-use industries such as oil & gas and power generation is a prime factor expected to drive the growth of the rotating equipment repair market.

Need For Reliable Operation of Rotating Equipment and Minimizing Downtime

Rotating equipment form a critical part of industrial plant set-ups, especially in process industries, and their continuing and reliable functioning is vital for the overall plant operation. Rotating equipment are used in physically demanding applications and face continuous wear and tear during operations. Any drop in their operational reliability or sudden failure of equipment can result in significant losses for end users and can lead to a cascading effect across the chain, affecting other industrial processes in a plant or at a location.

Request For Report [email protected] https://www.persistencemarketresearch.com/samples/27712

 

The services, such as rotating equipment repair, continuous maintenance, refurbishment, and component upgrades, have thus become the key to keeping the industrial process chain moving. The demand for rotating equipment repair services has been increasing globally over the recent past and PMR expects the global market for rotating equipment repair is expected to grow 1.6X by the end of the forecast period.

Growing Demand for Rotating Equipment Repair Services from Key End-Use Industries

Key end-use industries for rotating equipment repair include oil & gas, power generation, mining, HVAC, water & wastewater treatment, and general manufacturing. Growing industrialization and development of consumption driven economies have resulted in the steady growth of these industries, which has been driving demand for machinery, such as rotating equipment. Equipment require ongoing repair, maintenance and related services throughout their working life. Thus, the demand for rotating equipment repair, maintenance and similar services is directly benefiting from growing industrialization.

The water & wastewater treatment segment in the global rotating equipment repair market is expected to grow at a 6.1% CAGR, by value, during the forecast period. Growing demand for preventive maintenance and other services in various industries is an important factor expected to create new opportunities for market growth in the coming years.

Increasing Application of Rotating Equipment Repair in Harsh Operating Conditions

In light of the rapid advancements in technology, equipment operators are exploring new frontiers that were earlier untouched or simply unimaginable. New developments in drilling and production technology have led companies to operate in not just deep-water fields, but also ultra-deep-water fields with well depths thousands of feet below the sea level.

Technological developments have enabled the exploration of resources in areas as remote as the Russian Arctic. As a consequence, rotating equipment used for such applications are being used in much harsher environments than any other time previously, which is expected to subsequently surge the demand for rotating equipment repair services.

Moreover, climate change effects have led to sudden swings in weather conditions with extreme levels of cold, heat and rain being witnessed in various regions. Rotating equipment operating in such conditions become even more prone to wear or outright damage.

Such harsh operating conditions are also playing a role in driving the demand for rotating equipment repair and related services. The oil & gas segment is expected to drive the global rotating equipment repair market and create an absolute dollar opportunity worth US$ 2.9 Bn during the forecast period.

Mergers and Acquisitions – Key Growth Strategies in Rotating Equipment Repair Market

In line with the demand for integrated systems & services such as rotating equipment repair services, an increasing number of end users are preferring to simplify and de-clutter their supplier and service provider base. Thus, there is growing demand for suppliers that are full-service providers, as compared to those offering services focused on specific equipment or niche applications. Service providers have responded by expanding their service capabilities through mergers & acquisitions in the global rotating equipment repair market.

For example, Sulzer acquired a controlling stake in the Russian gas turbine maintenance services provider, Rotec GT in 2017. The acquisition allowed Sulzer to acquire a strong foothold in the gas turbine services sector in Russia and the CIS region. Mergers and acquisitions are proving to be effective growth strategies in the global rotating equipment repair market.

Request For Report Table of Content (TOC)@ https://www.persistencemarketresearch.com/methodology/27712

Rotating Equipment Repair Market – Competition Landscape

The global rotating equipment repair market is a moderately consolidated market and most major market participants held a single-digit market share in 2017. The top ten to twelve players in the global rotating equipment repair market collectively hold between 43% and 48% of the market share. The report has profiled some of the most prominent competition actively participating in the competitive landscape of rotating equipment repair market.