- Advancements in rotating equipment catalyzing demand in various exploration and production activities globally for improving operational efficiencies; rise in energy demand worldwide to spur demand
ALBANY N.Y., April 14, 2022 (GLOBE NEWSWIRE) -- Significantly growing industry investments in oil and gas purification and retailing has bolstered revenue potential of the static and rotating equipment (oil and gas) market. Rise in application of the static and rotating equipment in upstream and downstream processes has generated massive lucrative avenues. The global static and rotating equipment (oil and gas) market is estimated to reach US$ 35.6 Bn by the end of 2031.
Considerable demand for electricity in several industrialized nations has positively steered the use of static and rotating equipment. Fossil fuels still account for a major source of energy for electricity generation in numerous developed and developing countries. The aspect is boosting the need for state-of-the art refinery equipment in developed economies.
Rise in use of pumps in various upstream, midstream, and downstream activities has reinforced profitable opportunities, note the analysts in an in-depth study on the global static and rotating equipment (oil and gas) market.
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Key Findings of Static and Rotating Equipment (Oil and Gas) Market Study
- Growing Oil & Gas Exploration and Production Propelling Sales: Rise in number of oil and gas exploration and refining activities has propelled the uptake of static and rotating equipment. The rotating held a leading share of the global static and rotating equipment (oil and gas) market in 2020. The application of turbines has risen in power generation. Static equipment needs maintenance on regular basis, which is critical for ensuring optimized performance of these in various exploration applications.
- Advancements in Equipment to Catalyze Revenue Possibilities: The need for improving operational efficiencies is increasing among upstream and downstream oil and gas companies. Demand for advanced equipment in deep-water oil and gas exploration operations has expanded lucrative avenues, note the analysts in a TMR study on the global static and rotating equipment (oil and gas) market. Technological advancements in compressors and pumps have benefitted both downstream and upstream players.
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Static and Rotating Equipment (Oil and Gas) Market: Key Drivers
- Ongoing exploration and refinery activities have spurred the demand for compressors, turbines, and pumps. This has spurred sales of rotating equipment in the static and rotating equipment (oil and gas) market.
- Constant need for improvement in equipment efficiency for oil & gas companies in the upstream and downstream activities is driving the static and rotating equipment (oil and gas) market.
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Static and Rotating Equipment (Oil and Gas) Market: Regional Growth Dynamics
- North America is a highly lucrative market. The North America static and rotating equipment (oil and gas) market is anticipated to expand at CAGR of more than 5% during the forecast period of 2021–2031. The U.S. has contributed a sizable revenue share to the regional market. Strides made in the oil and gas sector has spurred the sales of products in the regional market. Rise in number of exploration and refinery activities have propelled the revenue prospects of the regional market.
- The Asia Pacific static and rotating equipment (oil and gas) market is expected to present significant profitable avenues during the forecast period.
Static and Rotating Equipment (Oil and Gas) Market: Key Players
Some of the prominent players in the static and rotating equipment (oil and gas) market are Wärtsilä, Doosan Group, Flowserve Corporation, Technip S.A., OAO TMK, FMC Technologies Inc., Sulzer Limited, Siemens AG, Metso Oyj, General Electric Company, Pentair plc., Atlas Copco AB, and Alfa Laval AB.
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Global Static and Rotating Equipment (Oil and Gas) Market: Segmentation
Static and Rotating Equipment (Oil and Gas) Market, by Product Type
- Oil and Gas Static Equipment
- Valves
- Boilers
- Heat Exchangers
- Shell and Tube
- Air Cooled
- Oil and Gas Rotating Equipment
- Compressors
- Turbines
- Pumps
Static and Rotating Equipment (Oil and Gas) Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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