Rotating Equipment Repair Market to Incur Rapid Extension during 2031

Market Report Summary

Market – Rotating Equipment Repair Market

Market Value – US$ 17 Bn in 2021

Market CAGR Value – 5% in 2021 to 2031

Market Forecast Year – 2021 to 2031

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Earlier, from the 1960s to the 1980s, repair and maintenance service was only seen as a circumstantial activity, and was considered to be of minor importance useful only when some breakdown occurred in the production line of manufacturing industries. This department’s scope was restricted to selected sectors such as electricity, mechanics, or greasing, due, to which, the notions of prevention related to machinery maintenance didn’t exist, and so, development of this service sector lagged behind.

Many manufacturing processes, on an industrial scale, rely on a large variety of rotating equipment to deliver end products such as from steam turbines and electric motors to compressors, expanders, and pumps. Proper repair and maintenance is required to keep the manufacturing process running smoothly.

Nowadays, companies into mining, oil & gas, chemical, and general manufacturing are progressively become aware about the safety aspects of machinery to increase their productivity and reduce the incidence of breakdowns. Equipment possess many advanced technologies, due to which, repair and maintenance is gaining more importance day by day, which is paving the futuristic path for the growth of the global rotating equipment repair market.

The global rotating equipment repair market is set to be valued at over US$ 17 Bn in 2021, with stable long-term projections, according to revised insights from Persistence Market Research, an ESOMAR-certified research and consulting firm. The report estimates the market to expand at nearly 5% CAGR over the period of 2021 to 2031. The market witnessed a substantial plunge in the fiscal year 2020, due to the recessionary effects of COVID-19 on the global economy. Nationwide lockdowns across countries globe coupled with labor unavailability resulted in manufacturing plant shutdowns. However, barring a few countries, economic and industrial activities have resumed at a healthy rate post Q2 of 2020. With the industrial sector in a recovery mode, demand for rotating equipment repair is rising positively.

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Key Players:

The report has profiled some of the Important players prevalent in the global like – The Weir Group PLC, Flowserve Corporation, General Electric Company, Siemens AG, KSB SE & Co. KGaA, Ebara Corporation, and Sulzer AG and more.

This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Rotating Equipment Repair.

Key Takeaways from Market Study

• The environments in which rotating equipment operate are becoming harsher by the day, especially for sectors such as oil & gas, mining, and power generation. As such, they require high quality maintenance, repair, and upgrade services, correspondingly fueling market growth.

• Increasing number of end users are realizing the high cost saving potential of proactive maintenance and are opting for the same. Moreover, there is also growing awareness about the use of data analytics and predictive modelling to pre-empt sudden equipment failure.

• Condition monitoring & reliability services are expected to lead the market in terms of share as well as growth rate. This is attributable to increased demand for proactive or preventive maintenance services, in light of the tremendous cost savings that can be achieved by minimizing the possibility of sudden equipment breakdown or failure.

• Key end-use industries such as oil & gas, power generation, mining, HVAC, water & wastewater treatment, general manufacturing, etc., are ascending demand for rotating equipment repair.

• Asia Pacific, Europe, and North America are leading regions in this market.

• The market in the U.S. is slated to expand at more than 4$ CAGR though 2031, while that in Germany is expected to progress at around 5%.

• Value of the market in India is set to increase at over 8% CAGR through 2031, while that in China at close to 7%.

• Due to the COVID-19 pandemic, 2020 saw a substantial dip in market growth, at -4.3%. However, with industrial activity gradually picking up, 2021 is expected to witness a growth of around 4%, with long-term prospects even brighter.

"Services such as regular maintenance, repair, refurbishment, component upgrades, etc., play a pivotal role keeping industrial process chains moving and minimizing downtime. Manufacturers and service providers are focusing on developing and providing smart solutions with the integration of IoT-enabled equipment, thus creating new avenues for market growth," says a Persistence Market Research analyst.

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