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.
For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=9670
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.
Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=S&rep_id=9670
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
Checkout More Related Studies Published by Fact.MR Research:
Automotive Pumps Market: The global automotive pumps market is forecasted to expand at a CAGR of 4.6% and touch a valuation of US$ 23.48 billion by the end of 2033, up from US$ 14.99 billion in 2023.
Automotive Collision Repair Service Market: The global automotive collision repair service market has been calculated at a value of US$ 195.27 billion for 2024 and is forecast to reach a value of US$ 272.8 billion by 2034, with a projected CAGR of 3.4% from 2024 to 2034.
Automobile Engine & Part Manufacturing Market: Revenue from the global automobile engine & part manufacturing market is analyzed at US$ 410.21 billion in 2024. The market is projected to increase at a remarkable 8.3% CAGR and reach a size of US$ 912.97 billion by the end of 2034.
Auto Part & Accessory Manufacturing Market: The latest study by Fact.MR reveals that the global auto part & accessory manufacturing market is estimated to rise from US$ 1997.45 billion in 2024 to US$ 3879.15 billion by 2034-end. Demand is evaluated to expand at a 6.9% CAGR between 2024 and 2034.
Autonomous Farm Equipment Market: Forecasted to advance at 15.3% CAGR over the next 10 years, the global autonomous farm equipment market is anticipated to increase from a value of US$ 1.1 billion in 2024 to US$ 4.59 billion by 2034, as revealed in the recently updated industry report by Fact.MR.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.
With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team: sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
Wall St Business News, Latest and Up-to-date Business Stories from Newsmakers of Tomorrow
