The global rotating equipment repair market will continue to witness steady growth during the forecast period 2018-2028. According to the Persistence Market Research (PMR) study, the rotating equipment repair market is anticipated to witness significant traction from oil & gas and power generation industries. The study projects that the rotating equipment repair market will be valued at more than US$ 25 Bn by the end of 2028.
The demand for rotating equipment repair is set to grow significantly, as rotating equipment play a vital role in diverse end-use applications. As per the study, the wide adoption of rotating equipment repair for regular inspection, maintenance, and other services in proliferating oil & gas and power generation industries is creating growth opportunities for stakeholders. The PMR study opines that as the rotating equipment market is on a stable growth trajectory, the uptake of rotating equipment repair services is likely to grow steadily through 2028.
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As per the study, rotating equipment form a critical part of industrial plant set-ups, mainly in processing industries, and the continuing and reliable functioning of rotating equipment is paramount for smooth operation of the overall plant. This in turn has made services, including rotating equipment repairing vital for keeping industrial process chain moving, which is estimated drive growth in rotating equipment repair market. According to the PMR study, rotating equipment repair is likely to witness steady traction for repair, refurnish, and retrofit services in diverse end-use industries during the forecast period.
The growing demand for integrated systems and services, including rotating equipment repair services, has prompted a wide number of end users to simplify and de-clutter their supplier and service provider base, as per the study. This has led to an increased demand for suppliers that offer a wide range of services, which in turn is favoring service expansion. Consequently, the study indicates that stakeholders are extending their services by forming collaborations and via M&A in rotating equipment repair market. For instance, Sulzer purchased a significant stake in Rotec GT, in 2017. The acquisition of the Russian gas turbine maintenance services provider enabled Sulzer to expand its foothold in gas turbine services space in Russia and the CIS region. The study opines M&A to be a highly adopted and effective growth strategy in the rotating equipment repair market.
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Some of the leading players operating in rotating equipment repair market include
Al-Rushaid Group, The Weir Group PLC, Triple EEE, S.T. Cotter Turbine Services, Inc., Hydro Inc., Sulzer AG, De Pretto Industrie S.r.l., ., MEOS CO. LLC,.
John Wood Group PLC, Flowserve Corporation, MAN SE, Stork, Rainbow Mechanical Solutions LLC, Torishima Pump Mfg. Co., Ltd., Maintenance Partners NV, TS&S, Ebara Corporation, CFATEC, and Siemens AG.
The PMR research study evaluates latent opportunities in the rotating equipment repair market from 2018 to 2028. According to the PMR report, the rotating equipment repair market will grow at a CAGR of more than 4.5% during the foreseeable period.