Rotating Equipment Market Size & Share, by Product Type (Pumps, Compressors, Turbines, Mixers); Voltage (Low Voltage, Medium Voltage, High Voltage); Application (Upstream, Downstream, Midstream); End User (Mining, Oil & Gas, Power) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5353
  • Published Date: Oct 31, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Rotating Equipment Market size is anticipated to cross USD 53 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of rotating equipment was over USD 32 Billion. The market is primarily driven by the rapid industrialization of the world. According to a report, industrialization is expanding quickly, at a rate of 57%.  Additionally, the number of people working in industry worldwide is increasing at a rate of 23%. Rotating equipment is an essential component of industrial settings, and the efficient performance of this equipment is essential to the operation of every other gear.

The petroleum and oil sectors frequently employ rotating machinery. Kinetic energy is used by machinery and equipment to move fluids, gases, and other goods. Additionally, the smoother and more efficient duties brought about by technical developments in production drive the manufacturer's demand for high-performance equipment. The growth of new projects in various industries contributes to the market share diversification of rotating equipments.

Rotating Equipment Market
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Rotating Equipment Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Technological Advancements - The smoother and more efficient duties brought about by technological advancements in production drive the manufacturer's demand for high-performance machinery. For instance, the market is rapidly expanding as a result of the increasing integration of rotating equipment with the Internet of Things (IoT) and the use of intelligent monitoring and control. IoT apps are crucial for providing real-time updates, such as shipment and storage status, repair and preventive maintenance warnings, and supply chain information. For instance, in February 2020, DXP Enterprises Inc. finalized the acquisition of Turbo Machinery Repair, Inc., a pump and industrial equipment, repair, maintenance, and labor services company.
  • Increasing Demand in Power Generation Sector - Opportunities for repair and maintenance services for rotating equipment like gas turbines, compressors, pumps, and generators have been growing as a result of increased investments in the power sector. About two-thirds of the electricity generated in a combined-cycle power plant comes from the gas turbine set, and one-third comes from the steam turbine set. The market has expanded as a result of the growing need for gas turbines in power generation facilities that offer dependability and maximum efficiency.
  • Increasing Utilization of Rotating Equipment in the Oil and Gas Industry – Oil and gas businesses can conduct exploration and production activities at greater depths and in harsher climates because of technological advancements in the equipment used for exploration and refining. For instance, in 2022, the world's demand for crude oil (including biofuels) was USD 99.57 million barrels per day, and in 2023, it is anticipated to reach USD 101.89 million barrels per day. Additionally, unexplored regions with sizable deposits of natural gas or crude oil present a chance for the growth of the oil and gas exploration and production market, which would then result in a drop in oil prices and a chance for rotating equipment market expansion.


  • Rapid Shift Towards Renewable Energy – It is anticipated that the interest in and growth of the renewable energy sector would reduce the amount of money coming into the oil and gas industry. The market is anticipated to suffer as a result of this. The capital investment being made for oil and gas could be hampered by the rising percentage of electricity generation using renewable energy sources. With the aid of government grants and incentives, the adoption of renewables has been sped up globally due to the need to minimize carbon footprint. The demand for renewable energy is expected to rise as a result of the increasing efficacy of using them to generate electricity. As a result, this element will have a negative effect on market expansion.
  • Exorbitant Installation and Maintenance Costs for Rotating Equipment
  • Stringent Regulations to Reduce Emissions May Hamper the Market Growth

Rotating Equipment Market: Key Insights

Base Year


Forecast Year



~ 4%

Base Year Market Size (2023)

 ~ USD 32 Billion

Forecast Year Market Size (2036)

 ~ USD 53 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Rotating Equipment Segmentation

Product Type (Pumps, Compressors, Turbines, Mixers)

Rotating equipment market from the pumps segment is anticipated to hold the largest share of 40% during the forecast period. Pumps are essential operational components that are required for all oil and gas sector operations, particularly in offshore oil production. In the entire oil and gas activities, pumps are important in terms of power usage. Due to the new liquefaction plant capacity, which will use LNG trains and pipelines that require rotating equipment, the supply and demand for LNG from the Pacific trade region to the Atlantic trade region would increase. In 2021, the volume of LNG traded globally exceeded 500 billion cubic meters. In October 2021, the landing price of LNG in South Korea was USD 35.43 per million BTUs. As a result, the pumps category will grow its market share of rotating equipment for the oil and gas industry more quickly than the other segments.

End User (Mining, Oil & Gas, Power)

The oil & gas segment in the rotating equipment market is expected to grow rapidly compared to other segments. The oil & gas segment is expected to hold a share of 48% by the end of 2036. In the oil and gas sectors, machinery and equipment that uses kinetic energy to transfer fluids, gases, and other materials is referred to as rotating equipment. The spinning parts of the machinery include turbines, pumps, generators, compressors, and engines. The growth of new projects in the oil and gas downstream sector as a result of the increased petrochemical demand ultimately drives the need for rotating equipment throughout the forecasted period. Petrochemicals constituted more than 16% of the OECD's oil demand in 2020. Petrochemicals' market worth rose to USD 556 billion in 2021. The growth of the segment will be driven by the expansion of several unconventional oil and gas, LNG, and petrochemical projects in nations including the US, Canada, and Mexico. Therefore, all these factors altogether are accelerating the growth of the market.

Our in-depth analysis of the global rotating equipment market includes the following segments:

          Product Type

  • Pumps
  • Compressors
  • Turbines
  • Mixers


  • Low Voltage
  • Medium Voltage
  • High Voltage


  • Upstream
  • Midstream
  • Downstream

         End User

  • Mining
  • Oil & Gas
  • Power

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Rotating Equipment Industry - Regional Synopsis

North American Market Forecast

The North America is poised to account for 36% share of the global rotating equipment market by 2036. The need for rotating equipment and services has grown as a result of the region's expanding oil refineries and rising electricity demand. The substantial exploration and refining activity in the area is also accountable for the growth of the market. Additionally, the presence of significant US technological advancement players has improved operational proficiency in oil and gas operations. Moreover, the growing demand for electric power in the region is also accelerating the market growth rapidly. For instance, the proposed Pacific Northwest LNG export facility in the US will receive gas from TransCanada's Prince Rupert Gas Transmission (PRGT) project. These initiatives will support the expansion of the LNG, petrochemical, and pipeline networks, which will increase demand for rotating equipment in the local oil and gas sector.

APAC Market Statistics

The rotating equipment market in Asia Pacific is expected to hold 27% of the revenue share during the forecast period. The growth can be attributed to the growing investment in the oil & gas industry in various nations. Additionally, the region has the most oil rigs overall. Additionally, numerous institutions across many nations are working on research and development initiatives to increase the effectiveness of equipment and encourage investment in the field. Moreover, with the booming power industry and the swift industrialization of other industries like mining and construction, China is one of the largest purchasers of rotation machines. An additional USD 1.16 trillion in value was produced by the Chinese construction sector in 2022. The China State Construction Engineering Corporation (CSCEC), the biggest construction firm in the world, reported earnings of almost USD 0. 22 billion in 2020. Therefore, all these factors are expanding the market growth of rotation machines in the region.

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Rotating Equipment Market Size
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Companies Dominating the Rotating Equipment Landscape

    • Honeywell International Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Doosan Corporation.
    • Siemens
    • General Electric
    • Flowserve Corporation

In the News

  • With its industry-leading monitoring system for AC motors and rotating machinery based on electrical signature analysis (ESA) technology, Samotics joins the Siemens Xcelerator partner ecosystem. NXpower Monitor now incorporates ESA technology to provide asset health and energy efficiency insights for equipment that is powered by electricity. To provide an end-to-end asset monitoring service for the complete energy distribution system, ESA will increase NXpower Monitor's capabilities.
  • GE Power Conversion and Statkraft are happy to be collaborating to decarbonize the UK electricity sector. At Statkraft's facility in Keith, Moray, GE Power Conversion will produce and install two Rotating Stabilizer synchronous machines to assist in delivering this ground-breaking and globally competitive way to managing grid stability.

Author Credits:  Payel Roy, Dhruv Bhatia

  • Report ID: 5353
  • Published Date: Oct 31, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing technological advancements, increasing demand in the power generation sector, and increasing utilization of rotating equipments in the oil and gas industry are some of the factors driving the market growth.

The market size of rotating equipments is anticipated to attain a CAGR of 4% over the forecast period, i.e., 2024-2036.

The major players in the market are Honeywell International Inc., Doosan Corporation, Siemens, General Electric, Flowserve Corporation, Japan Radio Co., Ltd., NSK Corporation, Oki Electric Industry Co., Ltd., IHI Corporation, CHUWA MACHINERY CO., LTD, and others.

The oil & gas segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Rotating Equipment Market Report Scope

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