Rotating Equipment Market Analysis

Product Type (Pumps, Compressors, Turbines, Mixers)

Rotating equipment market from the pumps segment is anticipated to hold the largest share of 40% during the forecast period. Pumps are essential operational components that are required for all oil and gas sector operations, particularly in offshore oil production. In the entire oil and gas activities, pumps are important in terms of power usage. Due to the new liquefaction plant capacity, which will use LNG trains and pipelines that require rotating equipment, the supply and demand for LNG from the Pacific trade region to the Atlantic trade region would increase. In 2021, the volume of LNG traded globally exceeded 500 billion cubic meters. In October 2021, the landing price of LNG in South Korea was USD 35.43 per million BTUs. As a result, the pumps category will grow its market share of rotating equipment for the oil and gas industry more quickly than the other segments.

End User (Mining, Oil & Gas, Power)

The oil & gas segment in the rotating equipment market is expected to grow rapidly compared to other segments. The oil & gas segment is expected to hold a share of 48% by the end of 2036. In the oil and gas sectors, machinery and equipment that uses kinetic energy to transfer fluids, gases, and other materials is referred to as rotating equipment. The spinning parts of the machinery include turbines, pumps, generators, compressors, and engines. The growth of new projects in the oil and gas downstream sector as a result of the increased petrochemical demand ultimately drives the need for rotating equipment throughout the forecasted period. Petrochemicals constituted more than 16% of the OECD's oil demand in 2020. Petrochemicals' market worth rose to USD 556 billion in 2021. The growth of the segment will be driven by the expansion of several unconventional oil and gas, LNG, and petrochemical projects in nations including the US, Canada, and Mexico. Therefore, all these factors altogether are accelerating the growth of the market.

Our in-depth analysis of the global rotating equipment market includes the following segments:

Product Type	Pumps Compressors Turbines Mixers
Voltage	Low Voltage Medium Voltage High Voltage
Application	Upstream Midstream Downstream
End User	Mining Oil & Gas Power

Frequently Asked Questions (FAQ)

Increasing technological advancements, increasing demand in the power generation sector, and increasing utilization of rotating equipments in the oil and gas industry are some of the factors driving the market growth.

The market size of rotating equipments is anticipated to attain a CAGR of 4% over the forecast period, i.e., 2024-2036.

The major players in the market are Honeywell International Inc., Doosan Corporation, Siemens, General Electric, Flowserve Corporation, Japan Radio Co., Ltd., NSK Corporation, Oki Electric Industry Co., Ltd., IHI Corporation, CHUWA MACHINERY CO., LTD, and others.

The oil & gas segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.

Rotating Equipment Market Analysis