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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 4% |
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Base Year Market Size (2023) |
~ USD 32 Billion |
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Forecast Year Market Size (2036) |
~ USD 53 Billion |
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Regional Scope |
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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:
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Product Type |
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Voltage |
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Application |
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End User |
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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.
Author Credits: Payel Roy, Dhruv Bhatia
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