The rapid development in the gas and oil sector is boosting the global static and rotating equipment market, says Fortune Business Insights in their new study. The study is titled, “Static and Rotating Equipment Market Size, Share and Global Trend by Equipment type (Static Equipment Type & Rotating Equipment Type), By Application (Onshore & Offshore), and Geography Forecast till 2027”. According to the report, the market is largely affected by the rise in the production of unconventional reserves.
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Key Market Driver – Industrial development and soaring demand for hydrocarbon
Key Market Restraint – Unstable hydrocarbon prices
The Middle East and Africa to Emerge as Most Lucrative Region with Presence of Leading Oil Reserves
The static and rotating equipment in North America is anticipated to dominate over the rest of the regions. This is because of the recent discoveries of tight gas and shale gas in the region that has helped to increase the production of unconventional reserves. In addition to that, continuous hydrocarbon extraction from current well and new well exploration is also boosting the market in the region. New refineries are constructed in order to meet the extensive demand and this is further expected to boost the static and rotating equipment market in the region. On the other side, France, Russia, Norway, and the United Kingdom are anticipated to have a bigger set up for processing and production of hydrocarbon. This in turn, is likely to increase the demand for rotating and static tools in the market in Europe.
On the other hand, the static and rotating equipment market in Asia Pacific is anticipated to offer lucrative growth opportunities in the forecast period owing to the increasing investment in processing and refining of hydrocarbons. Developing nations such as China and India are focusing on taking new initiatives to generate oil and gas in their respective nations. This will boost the static and rotating equipment market. On the other side, the fact that the Middle East has the largest oil companies and huge oil reserves in the world makes it the most lucrative market in the future.
Technological Advancements in Exploration Activities to Boost Market
The growth of the rotating and static equipment market is directly related to the profit and gain of the oil and gas industries. The speedy development of infrastructure in the gas and oil midstream industry is also driving the growth of the market worldwide. Advancement in key technology brings about oil production through advance guard sources is anticipated to bring a positive influence to the global market and thus, help in driving the market.
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1. By Equipment Type
- Static Equipment Type
- Heat Exchangers
- Rotating Equipment Type
2. By Applications
3. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Another factor boosting the global static and rotating equipment market is the rise in offshore exploration of oil and gas resources. This, accompanied by government initiatives and the regulatory policies issued in accordance with the exploration of oil and gas sectors is prognosticated to boost the global market in the forecast duration.
On the flip side, the fall in the basic price of oil and gas may act as a restrain and hinder the market in the future. The constant pricing pressure of these tools and machinery faced by manufacturers may also hamper the overall growth of the market in the near future.
- Wartsila Oyj Abp
- General Electric
- Alfa Laval
- Pentair Plc.
- Atlas Copco
- OAO TMK
- Siemens AG
- Mesto Oyj
- Mitsubishi Heavy Industries
- Sulzer Ltd.
- Flowserve Corporation
- Technip FMC
- Doosan Group
Key Industry Developments
- In March 2019, Atlas Copco has been awarded a contract for providing oil-free compressor technology to feed modern LNG carriers by Samsung Heavy Industries in Korea.
- In December 2018, The 5-year contract extension has been awarded by British Petroleum to Sulzer Wood Ltd for pump maintenance services for BP operations in the North Sea.
- In November 2018, the World leader in heat transfer Alfa Laval has won two contracts to supply a Framo pumping system to oil platforms in the North Sea. The order is expected to have a value of approximately SEK 175 million.
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Major Table of Content for Static and Rotating Equipment Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Static and Rotating Equipment Market Analysis, Insights and Forecast, 2027
- North America Static and Rotating Equipment Market Analysis, Insights and Forecast, 2027
- Europe Static and Rotating Equipment Market Analysis, Insights and Forecast, 2027
- Asia Pacific Static and Rotating Equipment Market Analysis, Insights and Forecast, 2027
- The Middle East and Africa Static and Rotating Equipment Market Analysis, Insights and Forecast, 2027
- Latin America Static and Rotating Equipment Market Analysis, Insights and Forecast, 2027
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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