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The rotating equipment market size for oil and gas industry has the potential to grow by USD 5.93 billion during 2020-2024, and the market's growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.
This report provides a detailed analysis of the market by product (pumps, compressors, and turbines), application (upstream, downstream, and midstream), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including Atlas Copco AB, Flowserve Corp., General Electric Co., Grundfos Holding AS, KSB SE & Co. KGaA, Mitsubishi Heavy Industries Ltd., Siemens AG, Sulzer Ltd., TechnipFMC Plc, and The Weir Group Plc.
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The rotating equipment market for oil and gas industry is fragmented with the presence of many well-diversified players. In several developing and underdeveloped economies, regional and local vendors dominate the market. However, as international players are strengthening their foothold in the market with intense R&D and infrastructure support, regional players will find it increasingly difficult to compete in terms of technology, reliability, and price. The competitive environment in this market is likely to intensify further, with an increase in technological, product/service extensions, innovations, and merger & acquisition. Atlas Copco AB, Flowserve Corp., and General Electric Co. are some of the major market participants. Although growth in the petrochemical industry will offer immense growth opportunities, the increasing investments in renewable energy will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this global rotating equipment market forecast for oil and gas industry report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this global rotating equipment market analysis for oil and gas industry report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
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APAC was the largest rotating equipment market for oil and gas industry in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Increasing petroleum consumption significantly and initiatives to increase oil and gas production for ensuring energy security will drive rotating equipment market for oil and gas industry growth in this region over the forecast period.
32% of the market's growth will originate from APAC during the forecast period. China and Russian Federation is the key market for rotating equipment market for oil and gas industry in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Pumps are critical operating components that are needed in all the operations in the oil and gas industry, especially in offshore oil production. Pumps play a key role in power consumption in the overall oil and gas operations. The demand for pumps will rise owing to the increase in the supply and demand for LNG from the Pacific trade region to the Atlantic trade region due to the new liquefication plant capacity, which will use LNG trains and pipelines that require rotating equipment. Therefore, the growth of the rotating equipment market share for oil and gas industry by the pumps segment will be faster than the growth of the market by the other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the rotating equipment market for oil and gas industry size.
According to Technavio's market research report, the global rotating equipment market for the oil and gas industry will grow at a CAGR of close to 3% during the forecast period. Growth in the petrochemical industry is one of the key factors driving the market for oil and gas industry. The rising demand for petrochemicals results in the development of new projects in the oil and gas downstream industry, which in turn, will drive the demand for rotating equipment during the projected period. According to the International Energy Agency (IEA), the petrochemical sector is expected to witness an increase in the demand for crude oil by around 2 million bpd during 2015-2021. The increasing dependence of China on imports will drive the demand for LPG including methanol and methane. This will further boost the growth of the petrochemical industry, which, in turn, will encourage manufacturers to focus on new brownfield and greenfield projects and towards the construction of new pipelines and storage units. The construction of pipelines and storage units will drive the need for new pumps, connecting pipes and valves, and rotating equipment.
The rise in the multiple unconventional oil and gas, LNG, and petrochemical projects in countries such as the US, Canada, and Mexico will drive the market's growth in the Americas from 2017 to 2021. For instance, TransCanada's Prince Rupert Gas Transmission (PRGT) project will provide gas to the suggested Pacific Northwest LNG export plant in the US. Such projects will contribute to the growth of the pipeline network, LNG, and petrochemical industries, which, in turn, will drive the demand for rotating equipment for the oil and gas industry in the region.
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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