Rotating Equipment Repair Market
Rotating Equipment Repair Market Study by Pumps, Centrifugal Compressors, Agitator & Mixers, Turbines, Gas Turbines, and Steam Turbines from 2024 to 2034
Analysis of Rotating Equipment Repair Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Rotating Equipment Repair Market Outlook (2024 to 2034)
The global rotating equipment repair market size is estimated to be valued at US$ 19,674.2 million in 2024. The market is projected to register a steady CAGR of 5% to accumulate a total of US$ 32,047.2 million in market revenue by 2034.
Rotating equipment has an indispensable role in industrial plant setups, especially in the processing industries. Their uninterrupted and consistent performance is necessary for the effective operation of the overall plant. Consequently, there is rising demand for repair services like component upgrades, continuous servicing, maintenance, etc., for the smooth flow of industrial processes.
Primarily, robust industrialization and rising demand for power generation are key factors that are fueling the demand for rotating equipment repair. Further, increasing knowledge about the advantages of on-time equipment repair, like better preventive maintenance and heightened efficiency, is also casting a bright light on rotating equipment repair services. Additionally, end users are focusing on rotating equipment repair to cut down on huge expenses later in their processes.
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Top Factors Propelling the Rotating Equipment Repair Market Forward
- Increasing importance of rotating equipment repair that ensures maintenance and restoration of rotating machinery. Their critical role in the smooth operation of manufacturing and industrial activities is increasing its adoption.
- Surging operations for oil and gas explorations to fulfill heightened energy demands are raising investments in rotating equipment repair.
- Growing repair services in processing industries that include continuous servicing, refurbishment, maintenance, and component upgrades are expanding growth prospects.
- The emerging use of IoT in the industrial sector, which uses machine learning and artificial intelligence to collect real-time actionable insights and promote equipment efficiency, is proving to be profitable for providers of rotating equipment repair. This is because, despite technological upgrades, machines require timely servicing and maintenance to ensure uninterrupted operations.
|Estimated Market Value (2024E)
|US$ 19,674.2 million
|Forecasted Market Value (2034F)
|US$ 32,047.2 million
|Projected Growth Rate (2024 to 2034)
|Direct OEM-based Segment Growth Rate (2024 to 2034)
|Centrifugal Compressors Segment Growth Rate (2024 to 2034)
|North America Market Share (2024)
|East Asia Market Share (2024)
|Leading Manufacturers Profiled in the Rotating Equipment Repair Industry Report
Which Trends Impact the Global Rotating Equipment Repair Market?
“Demand for Smart Technologies Surge the Sales Prospects for Rotating Equipment Repair”
Several industries, like chemical, oil and gas, mining, and other general industrial sectors, are becoming conscious of the safety features of small and large machinery and equipment. Equipment is also being equipped with novel technologies, thus raising the importance of rotating equipment repair. Growing demand for integrated systems and smart technologies is expected to increase the supply of equipment with remote operation and monitoring capabilities and smart controls. Eventually, this creates a lucrative atmosphere for the expansion of the rotating equipment repair industry.
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Which Factors Impinge Upon Market Efficiency?
“Emerging Interest in Renewable Energy and Shortage of Specialized Labor”
Due to a shortage of skilled labor that effectively understands and repairs complex rotating equipment, the market is falling short of its potential revenue generation. Further, the high cost associated with repair in the short term is acting as a market barrier. Thus challenging end users, particularly those from developing countries with lower budgets.
Strict regulations in various countries are slowing the pace of rotating equipment repair players as they have to comply with distinct regulations in different countries. Another key hindrance for this market is the growing interest in renewable energy, which is expected to diminish the investment funds coming into the oil and gas industry. Thus, markets associated with the oil and gas industry are expected to observe the burning effects of this shift.
Which Region Consumes a Prominent Share in the Global Market?
“North America Consumes a Greater Market Share”
According to a recent market research report, the North America rotating equipment repair market is expected to acquire a share of 31.9% in 2024. Value-wise, the regional market is estimated to enjoy earnings worth US$ 6,276.1 million in 2024. The market in focus is forecast to reach US$ 10,639.7 million by 2034, expanding at a CAGR of 5.4%.
The regional market is deploying advanced machinery in manufacturing units and industrial plants in the mining, oil and gas, and general manufacturing industries. The expanding market for rotating equipment is necessitating the demand for repairs in the equipment and machinery in this industry.
Which Region is Projected to Register Faster Growth?
“East Asia is Anticipated to Register a CAGR Greater Than That of North America”
The East Asia market is projected to record a 6.3% CAGR through 2034. In 2024, the rotating equipment repair market in East Asia gained US$ 4,505.4 million. From there, the regional market is forecast to catapult to US$ 8,300.2 million by 2034. The value share expected for this market is 22.9% in 2024.
East Asia is an attractive market for key players in the rotating equipment repair industry. Significant demand for rotating equipment from end-user industries is mainly being propelled by federal regulations associated with an industrial environment. The expanding manufacturing sector and increasing preference for advanced technological solutions in the manufacturing environment are increasing the prospects for rotating equipment repairs.
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Which Country in North America Captures Sizeable Market Share?
“The United States is Anticipated to Possess a Substantial Share in the Market”
The United States rotating equipment repair market is predicted to occupy a 64.6% share in 2024. In the same year, the country is estimated to gain US$ 4,054.3 million. By 2034, the United States market is forecast to accumulate US$ 6,905.1 million, recording a CAGR of 5.5% in the meantime.
The market is being catalyzed by increasing electricity demand and expanding oil refineries. Further, rapid refining and exploration activity in the United States is also propelling market growth. Additionally, the emergence of new projects in multiple industries is giving rise to the diversification of rotating equipment.
Which Country in East Asia Acquires a Massive Market Portion?
“China is Predicted to Capture a Significant Portion of the Regional Market”
China rotating equipment repair market is expected to cut a value share of 55.6% in 2024. The market value is forecast to catapult from US$ 2,505.0 million in 2024 to US$ 4,756.0 million by 2034. In the meantime, the market is projected to expand at a CAGR of 6.6%.
The market is being driven by aging machinery that requires constant maintenance and repairs to enjoy an extended lifespan and efficiency. The surging adoption of strategies for preventive maintenance by various industries is raising the demand for regular repair services and equipment inspections.
Demand for rotating equipment repair services is increasing as advanced technologies like condition monitoring and predictive maintenance are being used in end-use industries.
Which Sales Channel is Significantly Preferred?
“Direct OEM-based is a Highly Preferable Sales Channel”
The direct OEM-based segment is expected to account for a market share of 63.3% in 2024. In the same year, the segment is estimated to be worth US$ 12,453.8 million. By 2034, the segment is forecast to reach US$ 20,990.9 million, recording a CAGR of 5.4% throughout. This segment is predicted to expand owing to rising awareness about the maintenance of industrial equipment. Moreover, the growing demand for dependable service providers for the proper functioning of components in industrial equipment is raising the share of OEM-based sales channels.
Which Equipment Sales Generate Considerable Revenue for Rotating Equipment Repair Market?
“Centrifugal Compressors are Significantly Purchased Equipment”
The centrifugal compressors segment is expected to generate a value share of 27.8% in 2024. The segment is estimated to account for a value of US$ 5,469.4 million in 2024. By 2034, the segment is forecast to accumulate US$ 8,941.2 million, expanding at a CAGR of 5% through this period.
The increasing use of centrifugal compressors in critical industries like oil and gas, power generation, chemical processing, and refrigeration is raising the demand for its repairs and maintenance. Strict environmental regulations are coercing industries to employ cleaner technologies. Centrifugal compressors, owing to their ability to enable cleaner gas processing, are thus finding significant use.
Key players in the rotating equipment repair market include John Wood Group PLC, Sulzer AG, Ebara Corporation, KSB SE & Co. KGaA, Siemens AG, General Electric Company, Flowserve Corporation, The Weir Group PLC, Maintenance Partners NV, De Pretto Industrie S.r.l., Rainbow Mechanical Solutions LLC, Amaru Giovanni S.R.L., Triple EEE, Hydro Inc., Stork, MAN ES, Torishima Pump Mfg. Co., Ltd., TS&S, CFATEC, MEOS CO. LLC, Basis Plant Services S.r.l., Al-Rushaid Group, and S.T. Cotter Turbine Services, Inc., among others.
Technological innovations or upgrades by market players are expected to increase the demand for maintenance systems in the future. Further, manufacturers are increasing their aftermarket services to enjoy greater profits. For comprehensive growth, key players are expected to opt for different organic and inorganic strategies to raise their market footprint.
Recent Developments in the Rotating Equipment Repair Market
- Blackstone Industrial Services, which is a leading Canadian provider of rotating equipment services, announced in June 2020 that it is acquiring the assets of Trican Pipeline & Industrial Services Business. The main intent behind this acquisition was to raise competition in the main market.
- In 2023, Siemens, in collaboration with DMG?MORI, is providing a digital twin on the Siemens Xcelerator Marketplace for machine tool processing. This is expected to enable breakthroughs and enhancements in flexibility, sustainability, and time-to-market.
Segmentation of Rotating Equipment Repair Market Research
By Sales Channel :
- Direct OEM-based
- Independent Service Vendor-based
By Equipment :
- Centrifugal Compressors
- Agitator and Mixers
- Gas Turbines
- Steam Turbines
By Region :
- North America
- Latin America
- East Asia
- South Asia and Oceania
- The Middle East and Africa
- FAQs -
What was the Value of the Rotating Equipment Repair Market in 2019?
The rotating equipment repair industry was worth US$ 15,628.4 million in 2019.
What is the Sales Outlook for Rotating Equipment Repair in 2024?
The sales outlook for rotating equipment repair is likely to be valued at US$ 19,674.2 million in 2024.
What is the Demand Forecast for Rotating Equipment Repair for the Decade?
Demand for rotating equipment repair is projected to reach a market value of US$ 32,047.2 million by the end of 2034.
What is the Growth Projection for the Rotating Equipment Repair Market?
The growth of rotating equipment repair is projected to rise at 5% through 2034.
At What Rate Is the Market in East Asia Predicted to Grow?
The East Asia market for rotating equipment repair is forecast to expand at a CAGR of 6.3% through 2034.