Global Rotating Equipment Market Overview:
As per MRFR analysis, the Rotating Equipment Market Size was estimated at 43.34 (USD Billion) in 2022. The Rotating Equipment Market Industry is expected to grow from 45.01(USD Billion) in 2023 to 63.28 (USD Billion) by 2032. The Rotating Equipment Market CAGR (growth rate) is expected to be around 3.85% during the forecast period (2024 - 2032).
Key Rotating Equipment Market Trends Highlighted
Pumps and compressors are part of the Rotating Equipment Market, which serves as an integral part of many industries, such as oil and gas, power generation, and wastewater treatment, among others. Growing industrialization worldwide, accompanied by increased energy needs, is the main driver of this market. Additionally, a rise in infrastructure projects, specifically within developing countries, has further boosted demand for rotating equipment services.
Furthermore, the increasing requirement for effective and enduring sources of energy has led to higher utilization of sophisticated machines with features such as variable speed drives together with intelligent sensors. This results in optimized energy consumption, thus reducing costs and becomes more appealing to organizations wishing to improve their environmental footprints. Besides that, the incorporation of digitalization as well as IoT into rotating tools is emerging as another key development that facilitates efficient maintenance, remote monitoring, plus improved operational efficiency.
In terms of opportunities, the growing focus on renewable sources of energy coupled with increased usage of natural gas as a fuel offers immense potential for industry growth. At the same time, however, strict environmental laws implemented globally have also spurred demand for modernized machinery that is both cost-effective and environmentally friendly at large.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rotating Equipment Market Drivers
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Growing Demand for Energy-Efficient Equipment
As organizations prioritize sustainability and cost reduction, the demand for energy-efficient rotating equipment is increasing. Governments worldwide are implementing stringent regulations to reduce carbon emissions, driving the adoption of high-efficiency motors, pumps, and compressors. The rising cost of energy is also compelling businesses to invest in equipment that minimizes operational expenses.
This trend is expected to continue in the coming years as companies seek ways to optimize their energy consumption and reduce their environmental impact. The Rotating Equipment Market Industry is anticipated to witness substantial growth due to the increasing demand for energy-efficient equipment, stringent government regulations, and rising energy costs. The adoption of energy-efficient rotating equipment is becoming more prevalent across various industries, including manufacturing, oil and gas, power generation, and water treatment, among others.
Advancements in Automation and Digitalization
The Rotating Equipment Market Industry is experiencing a surge in the adoption of automation and digitalization technologies. These technologies enable remote monitoring, predictive maintenance, and optimization of rotating equipment performance. By leveraging sensors, IoT devices, and data analytics, organizations can gain real-time insights into equipment health, predict potential failures, and optimize maintenance schedules. This leads to increased uptime, reduced downtime, and improved overall equipment effectiveness. Automation also reduces the need for manual intervention, enhancing safety and productivity in industrial environments.
Increasing Focus on Predictive Maintenance
Predictive maintenance is gaining prominence in the Rotating Equipment Market Industry. This approach involves using data-driven techniques to monitor equipment conditions and predict potential failures before they occur. By leveraging data from sensors, historical records, and machine learning algorithms, organizations can identify anomalies, schedule maintenance interventions, and prevent unplanned downtime. Predictive maintenance reduces the risk of catastrophic failures, extends equipment lifespan, and optimizes maintenance costs.
Rotating Equipment Market Segment Insights
Rotating Equipment Market Equipment Type Insights
The Rotating Equipment Market is segmented by Equipment Type into Compressors, Turbines, Pumps, Motors, Fans and Blowers. Among these, the Compressors segment held the largest market share in 2023, accounting for over 32% of the Rotating Equipment Market revenue. This dominance is attributed to the increasing demand for compressors in various industries, including oil gas, chemical processing, and manufacturing. Turbines are expected to witness the highest growth rate during the forecast period, owing to their rising adoption in power generation and industrial applications.
Pumps represent a significant segment of the market, driven by the growing need for water and wastewater treatment, as well as irrigation systems. Motors find widespread use in industrial automation, HVAC systems, and transportation, contributing to their stable market share. Fans and Blowers hold a smaller market share but are gaining traction due to increasing demand for ventilation and air conditioning systems in commercial and residential buildings. The Rotating Equipment Market is projected to reach USD 48.23 Billion by 2024, exhibiting a CAGR of 3.95% during the forecast period from 2023 to 2032.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rotating Equipment Market Industry Vertical Insights
The Rotating Equipment Market is segmented by industry vertical, with key segments including oil and gas, power generation, manufacturing, mining, and water and wastewater treatment. The oil and gas industry accounted for the largest share of the market in 2023 and is expected to continue to dominate the market through 2032. The power generation industry is also a major consumer of rotating equipment and is expected to grow at a steady pace over the forecast period.
The manufacturing industry is another key segment of the market and is expected to grow at a moderate pace over the forecast period. The mining industry is also a significant consumer of rotating equipment and is expected to grow at a steady pace over the forecast period. The water and wastewater treatment industry is a relatively small segment of the market but is expected to grow at a fast pace over the forecast period.
Rotating Equipment Market Power Rating Insights
The power rating segment is a crucial aspect of the Rotating Equipment Market, with each sub-segment catering to specific power requirements. The low power sub-segment, encompassing equipment with power ratings below 500 kW, held a significant market share in 2023 and is projected to maintain its dominance throughout the forecast period. This growth is attributed to the rising demand for energy-efficient and compact equipment in various industries, including healthcare, food processing, and manufacturing.
The medium power sub-segment, ranging from 500 kW to 2 MW, is expected to witness steady growth, driven by increasing adoption in power generation, oil and gas, and wastewater treatment applications. Meanwhile, the high power sub-segment, comprising equipment exceeding 2 MW, is anticipated to gain traction due to its use in large-scale industrial applications, such as mining, transportation, and heavy manufacturing.
Rotating Equipment Market Design Insights
The design segment of the Rotating Equipment Market is categorized into custom, standard, and packaged designs. Custom designs are tailored to specific customer requirements and offer flexibility and customization options. Standard designs are pre-engineered and offer cost-effectiveness and shorter lead times. Packaged designs combine components and systems into a single unit, providing ease of installation and maintenance. The custom design segment held the largest market share in 2023, due to the increasing demand for specialized equipment in various industries.
The standard design segment is expected to witness significant growth over the forecast period, driven by the growing adoption of pre-engineered solutions to reduce costs and accelerate project timelines. The packaged design segment is anticipated to gain traction in the coming years, owing to its advantages in terms of space optimization and ease of integration.
Key insights from the design segment of the Rotating Equipment Market include: The custom design segment is expected to reach a market value of USD 22.56 billion by 2032, growing at a CAGR of 3.2%. The standard design segment is projected to grow at a CAGR of 4.1% during the forecast period, reaching a market size of USD 17.23 billion by 2032. The packaged design segment is anticipated to witness the fastest growth, with a CAGR of 4.5%, reaching a market valuation of USD 11.49 billion by 2032.
Rotating Equipment Market Maintenance and Service Insights
The Maintenance and Service segment is a crucial aspect of the Rotating Equipment Market, contributing significantly to its overall growth. Scheduled Maintenance holds a major share of the segment, accounting for around 45% of the market revenue in 2023.
This dominance is attributed to the increasing emphasis on preventive maintenance strategies to enhance equipment lifespan and minimize unplanned downtime. Predictive Maintenance is gaining traction, driven by the adoption of advanced technologies like IoT and data analytics. On-Demand Maintenance, while accounting for a smaller share, remains significant due to its role in addressing unexpected equipment failures and minimizing production disruptions.
Rotating Equipment Market Regional Insights
The regional segmentation of the Rotating Equipment Market presents a diverse landscape, with each region offering unique growth opportunities. North America continues to dominate the market, accounting for over 35% of the global revenue in 2023. The region's robust industrial infrastructure, technological advancements, and stringent regulatory framework drive market expansion. Europe follows closely, capturing around 28% of the market share.
Growing investments in energy efficiency and automation fuel growth in this region. APAC is emerging as a significant growth hub and is expected to witness a CAGR of over 4% during the forecast period. Rapid industrialization, infrastructure development, and government initiatives to promote energy efficiency contribute to the region's market expansion. South America and MEA exhibit promising growth potential, driven by increasing demand for rotating equipment in the mining, oil gas, and power generation sectors. The growing emphasis on renewable energy sources in these regions is further stimulating market demand.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rotating Equipment Market Key Players And Competitive Insights:
Major players in the Rotating Equipment Market industry are constantly leveraging technological advancements and strategic partnerships to gain a competitive edge. Key players such as Flowserve, Sulzer, and Baker Hughes are focusing on product innovation and customer-centric solutions to drive growth. MA activities and collaborations are prevalent in the Rotating Equipment Market as companies seek to expand their portfolio and enter new markets.
The increasing adoption of digital technologies and data analytics is shaping the competitive landscape as leading Rotating Equipment Market players strive to optimize operations and enhance customer experience. Leading Rotating Equipment Market players like Siemens and Ingersoll Rand emphasize sustainability and energy efficiency in their offerings to meet evolving industry demands. These companies prioritize research and development to introduce innovative products and solutions that cater to evolving customer requirements. Market participants are also investing in expanding their global presence through strategic acquisitions and partnerships to cater to the diverse needs of regional markets.
The Rotating Equipment Market is highly competitive, with numerous regional players competing for market share. These companies often focus on specific regions or market segments to gain a competitive advantage.ABB and Grundfos are prominent Rotating Equipment Market players recognized for their strong brand reputation and extensive distribution networks.
They are actively involved in providing a wide range of rotating equipment solutions tailored to various industry needs. These companies emphasize customer support and aftermarket services to ensure customer satisfaction and loyalty. Through strategic acquisitions and partnerships, ABB and Grundfos aim to strengthen their positions in the Rotating Equipment Market and expand their product offerings. They actively participate in industry events and conferences to showcase their latest innovations and engage with potential customers.
Key Companies in the Rotating Equipment Market Include:
- Sulzer Ltd.
- General Electric
- Siemens AG
- Baker Hughes
- Trelleborg AB
- KSB SE Co. KGaA
- Weir Group plc
- Mitsubishi Heavy Industries Ltd.
- ITT Inc.
- Woodward, Inc.
- Dover Corporation
- Gardner Denver, Inc.
- Flowserve Corporation
- Ingersoll Rand plc
- Atlas Copco AB
Rotating Equipment Market Industry Developments
The Rotating Equipment Market is projected to witness steady growth over the forecast period, driven by increasing demand from end-use industries such as oil and gas, power generation, and manufacturing. Technological advancements in rotating equipment, such as the adoption of digitalization and automation, are expected to further drive market growth. The market is also witnessing a growing trend towards predictive maintenance and condition monitoring, which is expected to contribute to increased equipment uptime and efficiency.
Key market players are focusing on strategic partnerships and acquisitions to expand their product portfolios and gain a competitive edge. Recent developments include the acquisition of Baker Hughes, a leading provider of rotating equipment, by General Electric in 2017, and the partnership between Siemens and Dresser-Rand in 2018 to develop new rotating equipment solutions.
Rotating Equipment Market Segmentation Insights
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Rotating Equipment Market Equipment Type Outlook
- Compressors
- Turbines
- Pumps
- Motors
- Fans and Blowers
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Rotating Equipment Market Industry Vertical Outlook
- Oil and Gas
- Power Generation
- Manufacturing
- Mining
- Water and Wastewater Treatment
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Rotating Equipment Market Power Rating Outlook
- Low Power (500 kW)
- Medium Power (500 kW - 2 MW)
- High Power (>2 MW)
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Rotating Equipment Market Design Outlook
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Rotating Equipment Market Maintenance and Service Outlook
- Scheduled Maintenance
- Predictive Maintenance
- On-Demand Maintenance
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Rotating Equipment Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
43.34 (USD Billion) |
| Market Size 2023 |
45.01 (USD Billion) |
| Market Size 2032 |
63.28 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.85% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Sulzer Ltd., General Electric, Siemens AG, Baker Hughes, Trelleborg AB, KSB SE Co. KGaA, Weir Group plc, Mitsubishi Heavy Industries Ltd., ITT Inc., Woodward, Inc., Dover Corporation, Gardner Denver, Inc., Flowserve Corporation, Ingersoll Rand plc, Atlas Copco AB |
| Segments Covered |
Equipment Type, Industry Vertical, Power Rating, Design, Maintenance and Service, Regional |
| Key Market Opportunities |
Growing Demand for Energy Efficiency Industrial Automation and Smart Factories Increasing Demand for Renewable Energy Expansion of the Oil and Gas Industry Rising Infrastructure Development |
| Key Market Dynamics |
Increasing demand for energy efficiency Rising investments in infrastructure Technological advancements in rotating equipment Growing demand for renewable energy sources Stringent government regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Rotating Equipment Market is expected to reach a valuation of USD 63.28 billion by 2032, exhibiting a CAGR of 3.85% during the forecast period (2024-2032).
Asia-Pacific is anticipated to dominate the Rotating Equipment Market, owing to the presence of emerging economies such as China and India, which are experiencing rapid industrialization and infrastructure development.
The major application segments of the Rotating Equipment Market include oil and gas, power generation, water and wastewater treatment, and manufacturing.
Prominent players in the Rotating Equipment Market include Siemens, General Electric, Flowserve, Baker Hughes, and ABB.
The increasing demand for energy, the need for efficient and reliable equipment, and the growing focus on industrial automation are some of the key factors driving the growth of the Rotating Equipment Market.
Fluctuating raw material costs, intense competition, and technological advancements pose significant challenges to the growth of the Rotating Equipment Market.
Digitalization, the adoption of IoT, and the integration of advanced technologies such as AI and machine learning are some of the emerging trends shaping the Rotating Equipment Market.
The Rotating Equipment Market is expected to witness steady growth over the coming years, driven by the increasing demand for energy and the need for efficient and reliable equipment. The adoption of advanced technologies and the focus on sustainability are expected to further drive market expansion.
Key strategies adopted by players in the Rotating Equipment Market include product innovation, strategic partnerships, mergers and acquisitions, and geographical expansion.
Opportunities for new entrants in the Rotating Equipment Market lie in emerging markets, the development of specialized equipment, and the adoption of innovative technologies.
