Rotating Equipment Repair Market - Global Market Share, Trends, Analysis and Forecast, 2023-2032
The global rotating equipment repair market was estimated to be US$ 24.4 Billion in 2022 and is expected to grow at a CAGR of 5.8% between 2023 to 2032.
Rotating equipment repair refers to the maintenance and repair services provided for various types of rotating machinery used in various industries, such as oil and gas, chemical, power generation, and manufacturing. Rotating equipment includes pumps, compressors, turbines, fans, blowers, gearboxes, and motors, among others. These equipment are subjected to wear and tear over time, resulting in the need for regular maintenance and repair services to ensure their optimal performance and extend their lifespan.
Rotating Equipment Repair Market Drivers
Increasing demand for power generation around the world is boosting the market growth
The global rotating equipment repair market is being driven by several factors, including the growing demand for energy, the expansion of industrial activities, and the need for regular maintenance and repair of rotating equipment. The growing global population and increasing industrialization have led to a significant rise in the demand for energy, which is driving the growth of the rotating equipment repair market.
The expansion of industrial activities in various sectors is also driving the demand for rotating equipment repair services. Additionally, rotating equipment such as pumps, compressors, and turbines require regular maintenance and repair services to ensure their optimal performance.
Another significant factor driving the rotating equipment repair market is the rising focus on reducing operational costs and downtime. Efficiently maintained equipment can significantly reduce operating costs and increase productivity, resulting in less downtime and improved overall efficiency.
As a result, many industry players are adopting new technologies and strategies to meet the growing demand for their services. For instance, predictive maintenance strategies have been found to reduce maintenance costs by 25% to 30% and increase equipment uptime by 20% to 50%, according to a study by the U.S. Department of Energy.
Application Segmentation of Global Rotating Equipment Repair Market
Increasing demand for rotating equipment repair services in the HVAC sector
Based on application, the oil and gas sector is the largest segment in the rotating equipment repair market due to the high demand for rotating equipment in upstream, midstream, and downstream activities. Rotating equipment, such as pumps, compressors, and turbines, are widely used in oil and gas exploration, production, refining, transportation, and distribution processes.
The oil and gas sector is highly capital-intensive and requires reliable and efficient rotating equipment to ensure uninterrupted operations, resulting in a higher demand for rotating equipment repair services.
The power generation segment is also a significant contributor to the rotating equipment repair market. The power generation industry requires rotating equipment such as turbines, generators, and motors, which are used in thermal, hydroelectric, nuclear, and renewable power plants.
The aging power infrastructure and the growing demand for electricity have increased the need for maintenance and repair services, driving the growth of the rotating equipment repair market in the power generation sector.
The mining sector also utilizes rotating equipment such as crushers, mills, and conveyors, which are critical for the extraction and processing of minerals. Mining operations require high-performance rotating equipment that can withstand harsh conditions and heavy loads. The demand for rotating equipment repair services in the mining sector is driven by the need to ensure optimal performance and minimize downtime.
The HVAC (heating, ventilation, and air conditioning) segment utilizes rotating equipment such as fans, blowers, and chillers, which are essential for maintaining comfortable indoor environments in commercial and residential buildings. The growth of the HVAC market is driven by factors such as urbanization, increasing disposable income, and the adoption of energy-efficient systems.
The demand for rotating equipment repair services in the HVAC sector is driven by the need to maintain optimal indoor air quality and energy efficiency.
Regional Trends of the Global Rotating Equipment Repair Market
Adoption of advanced technologies is driving market growth in the Middle East and Africa
Geographically global rotating equipment repair market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Following are some of the major trends in these regions –
North America: North America is expected to dominate the market due to the presence of key market players and the high demand for rotating equipment repair services in the oil and gas and power generation industries.
The growing emphasis on predictive maintenance and the adoption of advanced technologies such as digital twins and AI are also driving the growth of the market in the region.
Europe: Europe is also a significant market for rotating equipment repair services due to the presence of a large number of industrial facilities and the increasing demand for energy-efficient solutions. The adoption of Industry 4.0 technologies and the shift towards renewable energy sources are expected to drive the growth of the market in Europe.
Asia-Pacific: The Asia-Pacific region is expected to witness the highest growth rate in the rotating equipment repair market due to the increasing industrialization, urbanization, and the growing demand for energy.
The growing investments in infrastructure, particularly in emerging economies such as China and India, are driving the demand for rotating equipment repair services in the region.
Middle East and Africa: The Middle East and Africa region is also a significant market for rotating equipment repair services due to the presence of key players and the high demand for rotating equipment in the oil and gas and mining industries. The growing emphasis on sustainable solutions and the adoption of advanced technologies are expected to drive the growth of the market in the region.
South America: South America is also expected to witness significant growth in the rotating equipment repair market due to the increasing investments in the oil and gas and mining industries and the growing demand for reliable and efficient rotating equipment. The adoption of predictive maintenance and the use of advanced technologies are expected to drive the growth of the market in the region.
Key players and market strategies:
Expansion through mergers and acquisitions: Many companies acquire other companies or merge with them to expand their business and increase their market share. For instance, in 2018, Sulzer Ltd acquired JWC Environmental, LLC, a provider of solids reduction and removal products for wastewater treatment, to expand its wastewater treatment offerings.
Strategic partnerships and collaborations: Companies enter into strategic partnerships and collaborations to expand their product portfolio and improve their technological capabilities. For example, in 2020, General Electric (GE) and Sulzer signed a long-term agreement to collaborate on advanced repair technologies for power generation equipment.
Focus on research and development: Companies invest in research and development to develop new products and technologies to cater to the changing customer needs and preferences. For instance, in 2019, Siemens AG invested €600 million in a new research and development center for power plant technology in Germany.
Geographic expansion: Companies expand their operations into new regions to tap into new markets and customers. For example, in 2019, SKF Group expanded its operations in India by opening a new factory in Ahmedabad to cater to the growing demand for rotating equipment repair services in the region.
Focus on digital transformation: Companies focus on digital transformation by adopting new technologies such as artificial intelligence, machine learning, and the Internet of Things to enhance their service offerings and improve their operational efficiency. For instance, in 2020, Wärtsilä Corporation launched an advanced predictive maintenance software solution to improve the reliability and performance of rotating equipment.
ABB, Atlas Copco, Baker Hughes, Ebara Corporation, Flowserve Corporation, General Electric, Grundfos, Hitachi, Ltd., Ingersoll Rand, KSB SE & Co. KGaA, Mitsubishi Heavy Industries, Ltd., Siemens AG, SKF AB, Sulzer Ltd., and Weir Group PLC and many more.
Global Rotating Equipment Repair Market Segmentation:
By Application
- Oil & Gas
- Power Generation
- Mining
- HVAC
By Type
- Pumps
- Centrifugal Compressors
- Agitators & Mixers
- Turbines
By Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
- Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
- Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
- Market Synopsis: Global Rotating Equipment Repair Market
- Global Rotating Equipment Repair Market Qualitative Analysis
- Trends
- Market trends
- Technology Trends
- PESTLE Analysis (For 3 prominent countries)
- Market Influencers
- Driving Forces
- Hindering Forces
- Opportunities
- COVID-19 impact
- Porter’s Five Forces Analysis
- Value Chain Analysis
- Trends
- Global Rotating Equipment Repair Market Analysis and Forecast, by Type
- Overview and definitions
- Key segment analysis
- Global Rotating Equipment Repair Market Estimates (US$ Mn), by Type, 2019 – 2032
- Pumps
- Centrifugal Compressors
- Agitators & Mixers
- Turbines
- Others
- Global Rotating Equipment Repair Market Analysis and Forecast, by Application
- Overview and definitions
- Key segment analysis
- Global Rotating Equipment Repair Market Estimates (US$ Mn), by Application, 2019 – 2032
- Oil & Gas
- Power Generation
- Mining
- HVAC
- Others
- Global Rotating Equipment Repair Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global Rotating Equipment Repair Market Estimates (US$ Mn), by Region, 2019 – 2032
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Rotating Equipment Repair Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America Rotating Equipment Repair Market Estimates (US$ Mn), by Type, 2019 – 2032
- Pumps
- Centrifugal Compressors
- Agitators & Mixers
- Turbines
- Others
- North America Rotating Equipment Repair Market Estimates (US$ Mn), by Application, 2019 – 2032
- Oil & Gas
- Power Generation
- Mining
- HVAC
- Others
- North America Rotating Equipment Repair Market Estimates (US$ Mn), by Country, 2019 – 2032
- United States
- Canada
- Rest of North America
- Europe Rotating Equipment Repair Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe Rotating Equipment Repair Market Estimates (US$ Mn), by Type, 2019 – 2032
- Pumps
- Centrifugal Compressors
- Agitators & Mixers
- Turbines
- Others
- Europe Rotating Equipment Repair Market Estimates (US$ Mn), by Application, 2019 – 2032
- Oil & Gas
- Power Generation
- Mining
- HVAC
- Others
- Europe Rotating Equipment Repair Market Estimates (US$ Mn), by Country, 2019 – 2032
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific Rotating Equipment Repair Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific Rotating Equipment Repair Market Estimates (US$ Mn), by Type, 2019 – 2032
- Pumps
- Centrifugal Compressors
- Agitators & Mixers
- Turbines
- Others
- Asia Pacific Rotating Equipment Repair Market Estimates (US$ Mn), by Application, 2019 – 2032
- Oil & Gas
- Power Generation
- Mining
- HVAC
- Others
- Asia Pacific Rotating Equipment Repair Market Estimates (US$ Mn), by Country, 2019 – 2032
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa Rotating Equipment Repair Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa Rotating Equipment Repair Market Estimates (US$ Mn), by Type, 2019 – 2032
- Pumps
- Centrifugal Compressors
- Agitators & Mixers
- Turbines
- Others
- Middle East & Africa Rotating Equipment Repair Market Estimates (US$ Mn), by Application, 2019 – 2032
- Oil & Gas
- Power Generation
- Mining
- HVAC
- Others
- Middle East & Africa Rotating Equipment Repair Market Estimates (US$ Mn), by Country, 2019 – 2032
- UAE
- Saudi Arabia
- South Africa
- Israel
- Rest of MEA
- South America Rotating Equipment Repair Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America Rotating Equipment Repair Market Estimates (US$ Mn), by Type, 2019 – 2032
- Pumps
- Centrifugal Compressors
- Agitators & Mixers
- Turbines
- Others
- South America Rotating Equipment Repair Market Estimates (US$ Mn), by Application, 2019 – 2032
- Oil & Gas
- Power Generation
- Mining
- HVAC
- Others
- South America Rotating Equipment Repair Market Estimates (US$ Mn), by Country, 2019 – 2032
- Brazil
- Argentina
- Rest of South America
- Competition Analysis – Global Rotating Equipment Repair Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
- ABB Ltd.
- Business overview
- Geographic presence
- Product portfolio
- Financial facts
- Relevant news and strategic view
- Atlas Copco
- Baker Hughes
- Ebara Corporation
- Flowserve Corporation
- General Electric
- Grundfos
- Hitachi, Ltd.
- Ingersoll Rand
- KSB SE & Co. KGaA
- Mitsubishi Heavy Industries, Ltd.
- Siemens AG
- SKF AB
- Sulzer Ltd.
- Weir Group PLC
- ABB Ltd.
- Conclusion & Recommendations
Frequently asked questions about this report
How big is rotating equipment repair market?
The rotating equipment repair market size was estimated to be US$ 24.4 Billion in 2022.
How much is the rotating equipment repair market growth?
The rotating equipment repair market is expected grow at a CAGR of 5.8% between 2023 to 2032.
What are the major driving factors in the rotating equipment repair market?
The global rotating equipment repair market is being driven by several factors, including the growing demand for energy, expansion of industrial activities, and the need for regular maintenance and repair of rotating equipment.
Which application type is the significant contributor in the rotating equipment repair market?
The power generation segment is also a significant contributor to the rotating equipment repair market. The aging power infrastructure and the growing demand for electricity have increased the need for maintenance and repair services, driving the growth of the rotating equipment repair market in the power generation sector.
Which region dominates the rotating equipment repair market?
North America is expected to dominate the market due to the presence of key market players and the high demand for rotating equipment repair services in the oil and gas and power generation industries.
What are the key growth strategies of rotating equipment repair market manufacturers?
Companies operating in the global rotating equipment repair market have adopted various growth strategies to strengthen their market position and expand their business. The major growth strategies adopted by these Companies focus on digital transformation by adopting new technologies such as artificial intelligence, machine learning, and the Internet of Things to enhance their service offerings and improve their operational efficiency.
Who are the prominent market players in the rotating equipment repair industry?
ABB, Atlas Copco, Baker Hughes, Ebara Corporation, Flowserve Corporation, General Electric, Grundfos, Hitachi, Ltd., Ingersoll Rand, KSB SE & Co. KGaA, Mitsubishi Heavy Industries, Ltd., Siemens AG, SKF AB, Sulzer Ltd., and Weir Group PLC among others, are the major players in this market.