Emerging trends of the Static and Rotating Equipment (Oil and Gas) Market Growing Trade Among Emerging Economies Opening New Business-Opportunities
Static and Rotating Equipment (Oil and Gas) Market: Introduction
Transparency Market Research delivers key insights on the
global static and rotating equipment (oil and gas) market.
In terms of revenue, the global static and rotating equipment (oil and gas)
market is estimated to expand at a CAGR of 4.8% during
the forecast period, owing to numerous factors, regarding which TMR offers
thorough insights and forecast in its report on the global static and rotating
equipment (oil and gas) market.
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The global static and rotating equipment market is expected to
witness swift growth led by the advancements in infrastructure in the oil and
gas midstream sector. Moreover, new refineries are being constructed and
existing ones are revamped, thus pushing the demand for this equipment further.
Manufacturers are also projected to reduce their expenses on production and
exploration activities.
Static and Rotating Equipment (Oil and Gas) Market: Dynamics
Various downstream, midstream, and upstream activities are
dependent on quality, consistency, and reliability of static and rotating
equipment. The demand for oil and gas equipment is likely to decrease in the
near future, owing to the recent drop in oil prices and expenditure on
exploration and production. Key actions in oil and gas production are dependent
on the reliability and quality of static and rotating equipment. As a result,
these static and rotating equipment machines are important components of the
oil and gas infrastructure.
Significant development in the exploration and production of crude
oil and other hydrocarbons across the world has led to the growth of
exploration and refining of oil and gas. Revolution in various fields such as
automobile, pharmaceutical, telecommunication, and manufacturing has led to
vast industrialization and urbanization, making petroleum a vital element of
development. Before transferring oil and gas to end-users, it is processed and
refined for effective utilization.
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Static and Rotating Equipment (Oil and Gas) Market: Prominent
Regions
North America holds the major share of the global static and
rotating equipment (oil and gas) market. The market in the region is
anticipated to expand at a CAGR of more than 5% during the forecast period.
Midstream, downstream, and upstream activities in the oil and gas industry are
highly dependent on the reliability and the quality of static and rotating
equipment. This is projected to boost the market. Moreover, the growth of the
market is also linked with growth of the oil and gas sector. This too is
projected to help in development of the regional static and rotating equipment
(oil and gas) market in North America. The U.S. is a key country of the static
and rotating equipment (oil and gas) market in North America. It held
significant share of the static and rotating equipment (oil and gas) market in
North America in 2020. The country is estimated to maintain its dominant
position in the region during the forecast period.
Asia Pacific is also a prominent region of the global static and
rotating equipment (oil and gas) market. China led the static and rotating
equipment (oil and gas) market in Asia Pacific in 2020.
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Static and Rotating Equipment (Oil and Gas) Market: Major Players
The global static and rotating equipment (oil and gas) market is
consolidated with the presence of key players. Prominent players operating in
the global static and rotating equipment (oil and gas) market include Alfa
Laval AB, Atlas Copco AB, Pentair plc, General Electric Company, Metso Oyj,
Siemens AG, Sulzer Limited, FMC Technologies Inc., OAO TMK, Technip S.A.,
Flowserve Corporation, Doosan Group, Wรคrtsilรค, and Mitsubishi Heavy Industries
Ltd.
Technological Advancement in Oil & Gas Static and Rotating Equipment
Oil
and gas rotating equipment such as turbines,
pumps, compressors, and oil & gas static equipment such as valves, boilers,
furnaces, and heat exchangers are increasingly becoming popular in different
industries due to their efficiency. Static equipment are more reliable as they
do not have moving parts. Market players are focusing on increasing the
efficiency of these equipment to reduce the operational time of exploration,
transportation, and refinery activities. This helps in significantly increasing
the profit.
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Static
equipment do not have a redundant/standby system. These include vacuum ejector
system, pipes, reactors, and knockout drums. Rotating equipment have moving
parts and standby systems. They need maintenance on a regular basis. These
equipment comprise pumps, compressors, and motors. Technological advancements
in static and rotating equipment (oil and gas) have enabled companies to
execute exploration and production activities at greater depths and under the
unpleasant climatic conditions.
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