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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Rotating Equipment Market Size
The global rotating equipment market size reached a value of around USD 165.86 billion in 2023. The market is further expected to grow at a CAGR of 4.10% between 2024 and 2032, reaching a value of around USD 237.20 billion by 2032.
Key Trends in the Market
Rotating equipment refers to various mechanical parts that utilise kinetic energy for the movement of gases, fluids, and other process materials. These mechanical components include turbines, compressors, pumps, and agitators, among others. The design, inspection, and maintenance requirements of rotating equipment is different from that of fixed equipment.
- The rotating equipment market growth is being driven by rapid industrialisation which is surging the demand for such equipment. Usage of rotating equipment reduces downtime and repair costs while increasing efficiency.
- The growing usage of technologies such as Internet of Things IoTs, artificial intelligence (AI), and machine learning (MI) in the industrial sector a key trend in the market for rotating equipment. These technologies aid in providing real-time, practical insights and increase equipment efficiency.
- The oil and gas, wastewater treatment, and power generating industries are experiencing a surge in demand for rotating equipment like pumps, compressors, and turbines to transfer fluids, gases, and other process materials using kinetic energy. Oil and gas exploration activities are anticipated to increase further to fulfil the expanding global energy demand, increasing the demand for rotating equipment.
Rotating Equipment Market Report Snapshots
Rotating Equipment Market Size
Rotating Equipment Market Analysis
Rotating Equipment Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global market for rotating equipment attained a value of USD 165.86 billion.
The market is projected to grow at a CAGR of 4.10% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 237.20 billion by 2032.
The major drivers of the market include the increasing oil and gas exploration activities, wide range of applications of rotating equipment, and rapid industrialisation.
The increasing adoption of IoTs leveraging artificial intelligence and machine learning in the industrial sector and rising investments in downstream sectors are the key trends propelling the growth of the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The various product types of rotating equipment in the market are pumps, compressors, turbines, and agitators and mixers, among others.
The major players in the rotating equipment market, according to the report, are Siemens Aktiengesellschaft, General Electric Company, Atlas Copco AB, Flowserve Corporation, Mitsubishi Heavy Industries, Ltd., Sulzer Management Ltd, Elgi Equipments Ltd, Ingersoll Rand Inc, The Weir Group Plc, and Ebara Corporation, among others.
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