The global rotating equipment repair market is expected to be worth over $ 17 billion in 2021 with stable long-term projections based on revised findings from Persistence Market Research, an ESOMAR-certified research and consulting company. The report estimates the market will grow nearly 5% CAGR over the period from 2021 to 2031.
The market experienced a significant slump in fiscal year 2020 due to the recessive effects of COVID-19 on the global economy. Nationwide lockdowns in all countries of the world in connection with the unavailability of workers led to operational stoppages. Apart from a few countries, economic and industrial activities have resumed at a good pace after the second quarter of 2020. As the industrial sector is in a recovery mode, the demand for repairs to rotating equipment is increasing positively.
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Important findings from the market study
- The environments in which rotating equipment operates are getting tougher by the day, especially for sectors such as oil and gas, mining, and power generation. Hence, they need high quality maintenance, repair, and upgrade services that drive market growth accordingly.
- More and more end users are realizing the high cost savings potential of proactive maintenance and are opting for the same. In addition, there is a growing awareness of the use of data analysis and predictive modeling to prevent sudden device failures.
- Condition monitoring and reliability services are expected to lead the market in both proportion and growth rate. This is due to the increased demand for proactive or preventive maintenance services, given the huge cost savings that can be made by minimizing the possibility of sudden equipment failure or failure.
- Major end-use industries such as oil and gas, power generation, mining, HVAC, water and wastewater treatment, general manufacturing, etc., are increasing demands for rotating equipment repairs.
- Asia Pacific, Europe, and North America are leading regions in this market.
- The US market is expected to expand more than USD 4 CAGR through 2031 Germany is expected to progress at around 5%.
- Value of the market in India is expected to rise to over 8% CAGR by 2031, while the in China at almost 7%.
- Due to the COVID-19 pandemic, there was a significant decline in market growth of -4.3% in 2020. However, with the gradual recovery in industrial activity, growth of around 4% is expected in 2021, with the long-term prospects even better.
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“Services such as regular maintenance, repair, overhaul, component upgrades, etc. play a crucial role in keeping industrial process chains moving and minimizing downtimes. Manufacturers and service providers concentrate on developing and providing intelligent solutions with the integration of IoT- capable devices This creates new avenues for market growth, “says an analyst from Persistence Market Research.
Competitive landscape
The rotating equipment repair market is significantly fragmented due to the presence of a large number of small and medium-sized companies operating in the market. It is estimated that leading players account for almost a third of the total market value share. These players are likely to invest in new technological developments and expanding their networks in order to maintain their market share. Some of the key market players are Weir Group PLC, Flowserve Corporation, General Electric Company, Siemens AG, KSB SE & Co. KGaA, Ebara Corporation and Sulzer AG.
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More valuable insights
The Worldwide Rotary Equipment Repair Market has been analyzed with the impact of COVID-19 detailing the macroeconomic factors, market trends, and market background. According to the research scope, the market was categorized by the type of service, equipment, end-use industry, distribution channel, and region. The report provides qualitative and quantitative information on various players in this market. It tracks the market on both the supply and demand side.
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