According to the report by Expert Market Research (EMR), the global rotating equipment market size reached a value of USD 165.86 billion in 2023. Aided by increasing demand from key sectors such as oil and gas, power generation, and water and wastewater treatment, the market is projected to further grow at a CAGR of 4.10% between 2024 and 2032 to reach a value of USD 237.20 billion by 2032.
Rotating equipment refers to mechanical devices that transfer kinetic energy from one medium to another and include turbines, pumps, compressors, and gearboxes. These devices are essential components in various industrial processes, playing crucial roles in energy generation, fluid handling, and material processing.
As global energy demands continue to rise, the oil and gas industry’s expansion significantly fuels the need for new and efficient rotating equipment. Additionally, the shift towards renewable energy sources and the modernisation of power infrastructure drives the demand for advanced rotating machineries, such as turbines and compressors.
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Increasing investments in water infrastructure projects worldwide necessitate extensive deployment of pumps and compressors, bolstering the rotating equipment market growth.
Moreover, the operation and maintenance of rotating equipment can be costly, particularly in sectors like oil and gas where equipment reliability is crucial to operations. Stricter environmental regulations worldwide are pushing sectors to adopt more environmentally friendly but potentially more expensive technologies.
Furthermore, the integration of IoT and AI technologies in rotating equipment is revolutionising maintenance strategies through predictive analytics and real-time monitoring, significantly reducing downtime and operational costs. Advances in material science and engineering are leading to the development of more energy-efficient equipment designs, which are increasingly favoured due to rising energy costs and environmental concerns, thereby leading to the rotating equipment market development.
A significant trend in the market is the growing adoption of technologies like Internet of Things (IoT), artificial intelligence (AI), and machine learning (MI) in the industrial sector. These technologies play a crucial role in providing real-time insights and improving equipment efficiency. Industries such as oil and gas, wastewater treatment, and power generation are witnessing a surge in demand for rotating equipment such as pumps, compressors, and turbines.
As per the rotating equipment market analysis, Asia-Pacific is projected to lead the market growth, driven by rapid industrialisation and urbanisation in emerging economies such as China and India. North America and Europe also present significant growth opportunities, supported by replacement demand and technological upgrades in mature industrial sectors. Increased investments in the oil and gas sector, rapid industrialisation, and the modernisation of power plants in countries such as China, India, Indonesia, and Malaysia are driving the growth of the regional market. Furthermore, leading rotating equipment manufacturers are establishing production facilities in countries like China and India, which is expected to further propel the rotating equipment market expansion.
Rotating Equipment Market Segmentation
The market can be divided based on the product type, voltage type, industry, and region.
Market Breakup by Product Type
- Pumps
- Compressors
- Turbines
- Agitators and Mixers
- Others
Market Breakup by Voltage Type
- Low
- Medium
- High
Market Breakup by Industry
- Oil and Gas
- Power Generation
- Mining
- HVAC
- Water
- Wastewater Treatment
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Rotating Equipment Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global rotating equipment market. Some of the major players explored in the report by Expert Market Research are as follows:
- 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
- Ebara Corporation
- Others
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