Albany, NY -- (SBWIRE) -- 06/13/2017 -- A new Transparency Market Research report states that the global static and rotating equipment market stood at US$26.5 bn in 2013 and is predicted to reach US$35.8 bn in 2022. It is expected to expand at a sluggish CAGR of 3.70% from 2014 to 2022. The title of the report is "Static and Rotating Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022".
According to this report, the swift infrastructure advancement in the oil and gas midstream sector is a major driver fuelling the global market for static and rotating equipment. In addition, factors such as the construction of new refineries and enhancement in the present facilities are also amongst the prime factors fuelling the market.
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Furthermore, oil production via unconventional sources is a key technology having a positive impact on the static and rotating equipment market. On the other hand, the hostile macroeconomic outlook may impede the demand owing to great pricing pressure being posed on the major manufacturers, thus restraining the growth of the global static and rotating equipment market.
On the basis of product type, the market is segmented into oil and gas static equipment and oil and gas rotating equipment. Oil and gas static equipment is further segmented into valves, heat exchangers, boilers, air cooled, and shell and tube. Oil and gas rotating equipment is further segmented into compressors, pumps, and turbines. Amongst these, oil and gas static equipment constituted a share of 52.79% in the market and within static equipment, the segment of valves will experience the highest demand owing to unconventional exploration and production activities globally.
In terms of geography, the global static and rotating equipment market is segmented into Europe, North America, the Middle East and Africa, South and Central America, and Asia Pacific. Amongst these, in 2013, North America held the biggest share in the market and is predicted to maintain its superiority all through the forecast horizon. On the other hand, the development of the market will be slow within the European region owing to operators being unable to maintain margins within the high-cost upstream industry. In the region of Asia Pacific and the Middle East, steps have been taken to enhance infrastructure for the exploration of LNG, thus impacting the market positively.
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Metso Oyj, Sulzer Limited, Alfa Laval AB, FMC Technologies Inc., Siemens AG, Pentair plc, General Electric Company, Atlas Copco AB, Flowserve Corporation, Technip SA, Mitsubishi Heavy Industries Ltd., Tenaris SA, Doosan Group, Wartsila, and OAO TMK are the prime players dominant in the market, as per this study.
The oil and gas static and rotating equipment market is segmented as follows:
Oil and Gas Static and Rotating Equipment Market: Product Type Analysis
Oil and Gas Static Equipment
Shell and Tube
Oil and Gas Rotating Equipment