Rotating Equipment Repair Market Surges as Industries Prioritize Machine Maintenance and IoT Integration
Companies operating in industries such as oil and gas, chemicals, mining, and manufacturing are increasingly recognizing the critical importance of machine safety and maintenance to ensure durability, productivity, and efficiency. The growing emphasis on reducing breakdowns has become a driving force behind the rising demand for rotating equipment repair services worldwide. In recent years, there has been a noticeable shift towards the adoption of Internet of Things (IoT) and wireless sensor technology to monitor the performance of rotating equipment. With more industrial plants focusing on enhancing productivity and efficiency, remote rotating equipment repair services are poised to gain prominence in the near future. Service providers offering dedicated onsite repair services are expected to have a competitive edge in the global rotating equipment repair market.
IoT-Enabled Smart Rotating Equipment to Fuel Market Growth
The steady growth of industrialization and the advancement of utilization-driven economies have led to continuous development in key end-use industries such as oil and gas, power generation, mining, heating, ventilation, air conditioning (HVAC), and water and wastewater treatment. Services like routine maintenance, repair, refurbishment, and component upgrades play a pivotal role in keeping industrial processes running smoothly, minimizing downtime. Manufacturers and service providers are increasingly focusing on creating and offering smart solutions by incorporating IoT-enabled equipment, paving the way for market expansion. Growing investments in IoT-enabled systems are expected to drive the repair and modification activities of rotating equipment.
Impact of COVID-19 on the Global Rotating Equipment Repair Market
The global COVID-19 pandemic had a significant impact on industrial planned repair activities for rotating equipment. The construction and industrial sectors experienced substantial setbacks due to a dip in market growth caused by the pandemic. Nationwide lockdowns led to labor shortages and the temporary shutdown of manufacturing plants. However, construction and industrial activities have gradually resumed since Q1 2021, which is expected to help the rotational equipment repair market regain its momentum in the near future.
Oil and Gas Industry Remains a Leading Consumer Segment
The oil and gas industry continues to be a primary consumer of rotating equipment repair services and solutions. This industry encompasses upstream, midstream, and downstream processes, with a majority of pumps, compressors, and turbines operating within these processes. Consequently, predictive maintenance, repair, and overhaul are standard practices to prevent breakdowns or operational delays. Other key consumer industries include power generation, mining, HVAC, food and beverages, and renewables. End users typically release tenders for specific repair work scopes, and service providers secure contracts based on factors such as service costs, industry experience, and quality.
Turbine Repair Holds a Significant Market Share
In terms of equipment types, turbine repair accounted for a major market share in 2020. The high service costs associated with the repair and maintenance of turbines are expected to drive demand in the coming years. Various types of turbines, including impulse, reaction, radial, axial flow, and mixed flow turbines, are utilized in industries such as gas, steam, wind, and water turbines. All of these turbines require proper maintenance and repair. Additionally, other equipment types include pumps, centrifugal compressors, agitators/mixers, and gearboxes.
U.S. Leads Global Rotating Equipment Repair Market; China and India as Manufacturing Hubs
North America, led by the U.S., is expected to dominate the rotating equipment repair market. A majority of leading manufacturers of rotating equipment are based in the U.S., and increased investments in shale gas extraction and processing are anticipated to drive investment in repair and maintenance activities for aging rotating equipment in the oil and gas industry. In contrast, China and India are likely to witness a surge in demand for rotating equipment repair services due to continuous industrialization and rapid power plant upgrades. This shift has led key manufacturers of rotating equipment to establish manufacturing hubs in India and China, further boosting the growth prospects of the rotating equipment repair market in Asia Pacific.
Middle East Remains a Key Region for Oil and Gas Repair Activities
In the Middle East, Saudi Arabia, UAE, and Kuwait continue to be key regions for market growth in oil and gas rotational repair activities. High oil and gas discoveries and increased investments in oil and gas operations are expected to drive the demand for rotating equipment repair activities in this region. For instance, in April 2020, EthosEnergy secured a multi-million-dollar contract from Maruzen PetroChemicals for the repair and maintenance of a Frame 6B Gas Turbine.
Global Rotating Equipment Repair Market: Competitive Landscape
Key players in the global rotating equipment repair market include Siemens AG, GE, MAN Energy Solutions, Sulzer Ltd, CR Asia, The Weir Group PLC, KSB, Saudi Arabian Engineering Company Ltd., Sendan International Company Limited, and EthosEnergy. These large-scale manufacturers often establish strategic contracts with major end-user firms, such as Saudi Aramco, and offer periodic maintenance and repair services as part of their comprehensive service packages.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/rotating-equipment-repair-market
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