Transparency Market Research Report Add "Static and Rotating Equipment (Oil and Gas) Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022" to its database.
Albany, NY -- (SBWIRE) -- 02/09/2017 -- As several manufacturers seek to launch diverse products, a heightened level of competition prevails in the global market for static and rotating equipment. A number of competitors exhibit greater emphasis on improving the quality of their products and prioritizing brand identification strategies. The major companies operating in the global static and rotating equipment market are Flowserve Corporation, Siemens AG, FMC Technologies Inc., Mitsubishi Heavy Industries, Ltd., among others. Strategies adopted by these companies have a significant influence on the overall market.
The global market for static and rotating equipment was pegged at US$26.5 bn in 2013. It is projected to advance substantially over the coming years with a CAGR of 3.70% during the forecast period, achieving US$35.8 bn by 2022, finds Transparency Market Research (TMR).
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North America to Maintain its Foremost Position
The recommencement of E&P activities in the Gulf of Mexico, and privatization of the hydrocarbon sector in Mexico, together with new oil sand projects in Canada have been the key catalysts of the static and rotating equipment market in North America. On the other hand, Europe will witness a low rate of growth on account of high cost of raw materials. The countries in Asia Pacific are expected to focus on downstream sector, whereas Russia will carry out extensive improvement of its refineries. Therefore, manufacturers of static and rotating equipment will profit to a great extent from significant opportunities presented by these regions.
On the basis of product type, oil and gas rotating equipment and oil and gas static equipment are the two key segments. Of these, the oil and gas static equipment accounted for about 52.79% share in the global market for static and rotating equipment, wherein the valves segments is projected to exhibit highest demand due to production activities worldwide.
LNG Infrastructure in Asia Pacific, Middle East to Aid Growth
The rise of advanced technologies such as oil production via unconventional sources is projected to be the major factor driving the global static and rotating equipment market. Substantial development of LNG infrastructure is likely to boost growth in Asia Pacific and the Middle East, states TMR. This development has occurred because of an urgent need for conversion of natural gas into liquefied natural gas (LNG). Besides the aforementioned factors, large investments in the refining sector will be a key growth driver in these regions. Large refining complexes have been under construction in the Middle East, whereas the refining sector in North America is propelled by low feedstock prices. Due to the rising significance of natural gas in the global energy mix, it is slated that LNG will exhibit larger sales in the future. North America and Australia will emerge as prominent exporters of LNG.
Growing Offshore Activities to Aid Market's Expansion
The growing number of offshore activities in the global hydrocarbons production mix, along with the emergence of several oilfields have been driving the global market for compressors. The E&P projects that are to commence in South America and Asia Pacific are expected to augment the demand for turbines. The upstream and midstream sectors will be responsible for the growth of pumps segment. Positive displacement pumps and centrifugal pumps are two major types of pumps. The necessity of secondary recovery techniques is also projected to fuel demand for pumps. The boilers segment will benefit from construction and installation trends in the refining industry, along with distillation capacity additions in pre-existing refineries. The upstream industry, particularly the unconventional E&P projects, will be driving the demand for valves.
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The information presented in this review is based on a Transparency Market Research report, titled, "Static and Rotating Equipment - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022."
Key segments of the Global Static and Rotating Equipment market
Oil and Gas Static and Rotating Equipment Market: Product Type Analysis
Oil and Gas Static Equipment
Shell and Tube
Oil and Gas Rotating Equipment
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