Oceania Rotating Equipment Market Report and Forecast 2024-2032

Oceania Rotating Equipment Market Outlook

The Oceania rotating equipment market size was approximately USD 4.18 million in 2023. The market is estimated to grow at a CAGR of 10.2% during 2024-2032 to reach a value of USD 12.52 million by 2032.

Key Takeaways

• Digital technologies such as rotating machines analytics are being incorporated in rotating equipment.

• New Zealand's renewable sector, providing 84% electricity, aims for 100% renewable usage by 2035 and a carbon-neutral economy by 2050, thereby providing lucrative opportunities for market expansion in the power generation sector.

• Countries such as Australia, Papua New Guinea, and New Zealand are among the largest gas-producing countries in Oceania.

Rotating equipment are integral components in a wide range of industries such as oil and gas during various stages of production and transportation; water supply; and wastewater treatment processes involving chemical mixing.

The rising initiatives in Oceania to boost energy generation using renewable sources are adding to the demand for rotating equipment. In 2020, the turbine market witnessed a remarkable surge, with its market share soaring from 36.3% in 2019 to an impressive 62.0%. This growth can be largely attributed to the increased deployment of wind energy, a major application of turbines. Australia made significant strides, adding 2.3 GW of on-shore wind energy generation capacity to bolster its renewable energy portfolio.

Figure: Total Energy Supply, Australia, 2022

Key Trends and Developments

Advancements in technologies; expansion of the oil and gas sector; rising industrialisation; and use in renewable power generation are impacting the Oceania rotating equipment market growth

Oceania Rotating Equipment Market Trends

Oceania's ongoing infrastructure development projects, including the construction of transportation infrastructure, present opportunities to install and utilise rotating equipment, such as centrifugal and displacement pumps. Oceania has significant potential for renewable energy generation, such as hydro, wind, and solar power. This expansion aids the deployment of rotating equipment, including turbines and generators, to harness clean energy sources.

Oceania is rich in natural resources. For instance, Papua New Guinea is rich in gold, and copper while Australia boasts an abundance of iron ore and black coal. The mining sector plays a crucial role in Oceania's economic growth. In 2021, global exploration budgets in Australia expanded by 38.8% y-o-y to USD 1.90 billion, exceeding the average global budget growth rate of 35.0%. The growing mining sector is likely to aid the demand for rotating equipment, such as pumps and conveyors to conduct efficient extraction and processing operations.

Market Segmentation

“Oceania Rotating Equipment Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Based on product type, pumps dominate the Oceania rotating equipment market share

Pumps play an indispensable role in industries including manufacturing, chemical processing, and water treatment sectors due to their vital contribution in fluid transportation and processing. The mining sector, for instance, relies on pumps for dewatering, slurry transportation, and oil extraction.

Countries like Australia, benefit from an increasing range of pumps available domestically for markets such as oil and gas and wastewater treatment. High-pressure process pumps find use in oil refineries and large machines for water and wastewater treatment. Additionally, the local mining sector uses slurry pumps for abrasive solids-handling duties.

A rising focus on renewable energy, is likely to increase the demand for various rotating equipment, such as turbines and generators to harness and generate clean energy. Oceania is rich in renewable energy resources with the potential to increase hydropower generation in Fiji and Papua New Guinea.

Competitive Landscape

The market players are focusing on improving product quality and engaging in product innovations to capture market share and maintain a competitive edge

Other notable players operating in the Oceania rotating equipment market include The Weir Group PLC, Ebara Corporation, Hitachi, Ltd, General Electric Company, and Mitsubishi Heavy Industries, Ltd, among others.

Oceania Rotating Equipment Market Analysis by Region

The market benefits from the growth of the power generation sector, one of the major end use sectors for rotating equipment. Within the power generation sector, there is an increased focus on producing renewable power. The New Zealand government’s target to achieve 100% renewable electricity generation by 2035, in addition to their net zero carbon emissions target by 2050, is shifting the consumption towards renewable energy sources such as wind, and solar. New Zealand is set to have 19 operational onshore wind farms with a combined installed capacity of 1,045 MW by the end of 2023. This favours the demand for turbines which are widely used to create electric power in combination with a generator.

Fiji is favoured by its abundant renewable energy resources as it transitions to use them to produce electricity on account of the 20-year National Development Plan, which stipulates all power to be generated from renewable sources by 2030.

Key Highlights of the Report

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Oceania Rotating Equipment Market Report Snapshots

Oceania Rotating Equipment Market Size

Oceania Rotating Equipment Market Trends

Oceania Rotating Equipment Market Share

Oceania Rotating Equipment Companies

Oceania Rotating Equipment Market Regional Analysis