Rotating Equipment Market Share

North American Market Forecast

North America industry is likely to account for largest revenue share of 36% by 2037. The need for rotating equipment and services has grown as a result of the region's expanding oil refineries and rising electricity demand. The substantial exploration and refining activity in the area is also accountable for the growth of the market. Additionally, the presence of significant US technological advancement players has improved operational proficiency in oil and gas operations. Moreover, the growing demand for electric power in the region is also accelerating the market growth rapidly. For instance, the proposed Pacific Northwest LNG export facility in the US will receive gas from TransCanada's Prince Rupert Gas Transmission (PRGT) project. These initiatives will support the expansion of the LNG, petrochemical, and pipeline networks, which will increase demand for rotating equipment in the local oil and gas sector.

APAC Market Statistics

The rotating equipment market in Asia Pacific is expected to hold 27% of the revenue share during the forecast period. The growth can be attributed to the growing investment in the oil & gas industry in various nations. Additionally, the region has the most oil rigs overall. Additionally, numerous institutions across many nations are working on research and development initiatives to increase the effectiveness of equipment and encourage investment in the field. Moreover, with the booming power industry and the swift industrialization of other industries like mining and construction, China is one of the largest purchasers of rotation machines. An additional USD 1.16 trillion in value was produced by the Chinese construction sector in 2022. The China State Construction Engineering Corporation (CSCEC), the biggest construction firm in the world, reported earnings of almost USD 0. 22 billion in 2020. Therefore, all these factors are expanding the market growth of rotation machines in the region.