Rapid industrialization is the major driving factor of the rotating equipment market. Rotating equipment forma critical part of industrials set ups, and their reliable functioning is vital for overall machinery operation. Furthermore, technological developments in production make the manufacturing process smooth and time-saving tasks, thus driving the manufacture’s needs for high-quality performance equipment. Increase in demand for oil &gas and petrochemicals is anticipated to boost the growth of rotating equipment market. Developments of new projects in these sectors help in diversifying the rotating equipment market. However, high cost of installation process and maintenance of rotating equipment is anticipated to hamper the growth of the market during the forecast period.
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The segmentation of the rotating equipment market is based on type, application, end user, and region. Depending on product, rotating equipment is segmented into pumps, compressors, turbines, mixers, and others. Rotating equipment provides kinetic energy to the manufacturing process and helps in machinery functioning. On the basis of end-use industry, the rotating equipment market has a contribution from different sectors such as mining, oil & gas industry, power, and others. Region wise, the rotating equipment market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Rapid industrialization and surge in demand for productions are likely to boost the growth of the market during the forecast period.
The major players operating in the rotating equipment market are Busch, Clydeunion pumps, Sulzer, Atlas copco, Flowserve, Grundfos, Gardner Denver, and EBARA. Expansions, acquisitions, partnerships, and new product developments are the key strategies adopted by these players to grow their business in potential markets. In addition, they have been focusing on strategies such as organic and inorganic growth developments, including contracts and investments.
Key benefits of the report
- This study presents the analytical depiction of the global rotating equipment market industry along with the current trends and market estimation to determine the imminent investment pockets
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the rotating equipment market share
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the rotating equipment market growth scenario
- The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years
- This report helps users in comprehending the key product segments and their future
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COVID-19 scenario analysis
- Suspension of aviation sector across the globe disrupted the market growth for rotating equipment.
- China represents one of the largest market in aviation sector, and with travel restricts, the airline service has been largely affected in China, thus impacting the market growth.
- Completed shutdown of many production facilities leads to decrease in growth of the for oil &gas and power industries, which will further hinder the market growth for rotating equipment.
- However, companies are adopting Internet of Things (IoT) and visual recognition technology to sense the customer demand more efficiently instead of forecasting based on prior sales history. The visual recognition technology aids in managing the channel inventory by providing better visibility of the distribution channel. Such new insights can positively impact the market growth during the pandemic.
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