In view of rapid industrialization all over, ESOMAR-certified firm “Persistence Market Research (PMR)” states that the global rotating equipment repair market is slated to witness a CAGR of 4.8% in the next 10 years.
It is a known reality that the entire world is grasped with industrialization and urbanization. Though the developed economies fall in the category of “matured” ones in this regard, the unexplored economies hitherto have taken the plunge on this count. As such, as there is an increasing demand for rotating equipment so is there demand for them getting repaired as well.
The Eagle Eye view of Rotating Equipment Repair Market
Persistence Market Research (PMR) says:
The Rotating Equipment Repair Market, by nature of service, spans reverse engineering & upgrade, condition monitoring & reliability services, installation and commissioning, repair, refurbish and retrofit, and components & operating software upgrade. Equipment-wise, it says centrifugal compressors, pumps, agitator & mixers, turbines, gas turbines, and steam turbines. By end-use, it’s oil & gas (downstream, midstream, and upstream), power generation, mining, HVAC, water & waste water treatment, general manufacturing, and likewise. According to sales channel, the market comprises independent service vendor—based (offsite, onsite (field service)) and direct OEM-based.
PMR also mentions that direct OEM-based sales channel holds the largest market share due to the authenticity involved therein. Plus, the end-users could ask for smart technologies on the direct basis. Coming to equipment, industrial pumps rule the roost due to wide applications in water and wastewater, power generation, oil & gas, and chemicals vertical.
By Geography
Persistence Market Research (PMR) states that North America holds the largest market share, followed by Europe and the Asia-Pacific. This could be credited to the companies like Hydro Inc., General Electric Company, and Flowserve Corporation rendering services on continuous basis in oil & gas sector. PMR also mentions that Russia is the region to watch out for. Companies like KSB SE & Co., KGaA, John Wood Group PLC, Siemens AG give impetus to the market for rotating equipment repair.
As far as the Asia-Pacific is concerned, China leads from the front, mainly due to the fact that it is home to low-cost labor and raw materials. MEA is also expected to contribute a great deal in this regard in the forecast period.
The key players in the rotating equipment repair market, as profiled by Persistence Market Research (PMR), include Siemens AG, The Weir Group PLC, General Electric Company, Flowserve Corporation, KSB SE & Co. KGaA, Suzler AG, John Wood Group PLC, AI-Rushaid Group, S.T. Cotter Turbine Services, Inc., MEOS Co. LLC, Basis Plant Services S.r.l., TS&S, CFATEC, Maintenaance 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., and John Wood Group PLC.
PMR has gone ahead with highlighting the unique selling points of the key players mentioned above. For instance – it has mentioned that Rainbow is equipped with facilities to repair, refurbish, overhaul, manufacture, and also fabricate a plethora of pumps as well as pump components like pump shafts, pump casings, impellers, diffusers, couplings, wear rings, sleeves, and white metal bearings. Coming to repair, they are mud pump connecting rods and mud pump crank shafts.
The Way beyond the Horizon
Looking at the volatile situation, the key players are taking calculative risk regarding expansion. For instance – they are going for collaborations, acquisitions, mergers, joint ventures in place of launching new products. Since Suzler buying stake in “Rotec GT”, the other players have been following suit. The scenario is expected to continue even going forward.
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