Rotating Equipment Repair Market is Expected to Expand at a CAGR of 5%, Reaching US$ 32,047.2 Million by 2034 | Fact.MR Report

Players Active in the Rotating Equipment Repair Market are Entering New Markets with High-growth Opportunities for Continued Growth

/EIN News/ -- Rockville, MD , Nov. 18, 2024 (GLOBE NEWSWIRE) -- The global Rotating Equipment Repair Market is estimated to reach US$ 19,674.2 million in 2024 and expand at a steady 5% CAGR through 2034. The market is forecast to attain a valuation of US$ 32,047.2 million by 2034.

Growth in industrial sectors like manufacturing, energy, and petrochemicals is raising the demand for rotating equipment repairs for uninterrupted operations. Additionally, aging infrastructure and machinery also necessitate frequent maintenance and repairs for a better lifespan.

Surging use of preventive maintenance strategies is increasing the demand for regular inspection and repair services. Further, the implementation of strict environmental regulations to meet the current emission standards and lower energy consumption is also increasing the applications of rotating equipment repair services.

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Key Takeaways from the Rotating Equipment Repair Market Study:

• The global rotating equipment repair market gained US$ 15,628.4 million in 2019.
• The North America market is expected to capture a significant market share of 31.9% in 2024. In the same year, the market is estimated to be valued at US$ 6,276.1 million in 2024. By 2034, the regional market is forecast to amass US$ 10,639.7 million.
• The East Asia market is predicted to acquire a value share of 22.9% in 2024. The regional market is forecast to be worth US$ 8,300.2 million by 2034, expanding at a CAGR of 6.3%.
• Direct OEM-based is a leading sales channel for rotating equipment repairs. The segment is anticipated to occupy a value share of 63.3% in 2024. The segment is projected to record a 5.4% CAGR and reach US$ 20,990.9 million by 2034.
• Centrifugal compressors are the dominantly purchased equipment. The segment is expected to capture 27.8% in 2024. The segment is projected to expand at a CAGR of 5% to gain US$ 8,941.2 million by 2034.
  

”Players are expected to observe significant opportunities in the East Asia market as power needs increase in this region. Moreover, manufacturers are also focusing on developing distinct repair technologies and materials to reduce downtime, increase efficiency, and prolong equipment’s lifespan." says a Fact.MR analyst.

Leading Players Driving Innovation in the Rotating Equipment Repair Market:

Key players in the rotating equipment repair market include John Wood Group PLC, Sulzer AG, Ebara Corporation, KSB SE & Co. KGaA, Siemens AG, General Electric Company, Flowserve Corporation, The Weir Group PLC, Maintenance Partners NV, De Pretto Industrie S.r.l., Rainbow Mechanical Solutions LLC, Amaru Giovanni S.R.L., Triple EEE, Hydro Inc., Stork, MAN ES, Torishima Pump Mfg. Co., Ltd., TS&S, CFATEC, MEOS CO. LLC, Basis Plant Services S.r.l., Al-Rushaid Group, and S.T. Cotter Turbine Services, Inc., among others.

Competitive Landscape:

Key players are increasing their repair service offerings for a wide variety of rotating equipment. These offerings include specialized services such as predictive maintenance and remote monitoring. Additionally, players are increasing their penetration in new markets, especially in developing regions with significant demand for power generation and infrastructure.

Market leaders are additionally collaborating with technology providers, OEMs, and other active players to access new technologies and markets.

Key competitors are further investing their resources in inorganic growth strategies, like joint ventures, mergers, and acquisitions, to increase their market share.

Recent Developments Shaping the Rotating Equipment Repair Market:

• In April 2022, Sulzer expanded the availability of superior-quality services for rotating equipment in Gujarat, India. The service center is going to offer retrofits, upgrades, repairs, and parts manufacturing for an extensive range of rotating equipment repairs.
• In October 2023, API enhanced the oil and gas sector’s safety with revised recommended practices for the components of rotating equipment.

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Rotating Equipment Repair Industry News:

• In June 2020, Blackstone Industrial Services, a prominent rotating equipment services provider in Canada, declared that it will buy the assets of Trican Pipeline & Industrial Services Business. Increasing competitiveness in the primary market was the primary goal of this transaction.
• In 2023, Siemens will offer a digital twin for machine tool processing on the Siemens Xcelerator Marketplace in partnership with DMG?MORI. It is anticipated that this will allow for innovations and improvements in time-to-market, sustainability, and flexibility.

Segmentation of Rotating Equipment Repair Market Research:

• By Sales Channel :
  • Direct OEM-based
  • Independent Service Vendor-based
• By Equipment :
  • Pumps
  • Centrifugal Compressors
  • Agitator and Mixers
  • Turbines
  • Gas Turbines
  • Steam Turbines
• By Region :
  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia and Oceania
  • The Middle East and Africa
    

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