Increasing Adoption of Smart Rotating Equipment for Automated Control and Monitoring Process is Anticipated to Boost Rotating Equipment and Services Market During The Forecast Period 2021-2026. Rotating Equipment and Services Market size is projected to reach $90.1 billion by 2026 and it is estimated to grow at a CAGR 3.61% during the forecast period 2021-2026.
Rotating Equipment Market size is projected to reach $90.1 billion by 2026 and it is estimated to grow at a CAGR 3.61% during the forecast period 2021-2026 and Service market size is estimated to reach $26.2 billion by 2026 growing at a CAGR of 4.2% between 2021 and 2026. Implementation of smart solutions in industries helps in predictive maintenance and early identification of rotating machinery damage. This further results in adoption of rotating equipment and services. Growing industrialization and development of consumption driven economies have resulted in the steady growth of the industries is set to drive the market. The rotating equipment require ongoing repair, maintenance and related services throughout their working life. Thus, the demand for rotating equipment repair, maintenance and similar services is directly benefiting from growing industrialization, thereby driving the market.
Rotating equipment and services market has witnessed rapid evolution with the ongoing developments in oil & gas sector. The rapid adoption of electric motors in oil refineries are augmenting the market. The growing demand for frequent inspection of motors to maintain the efficiency of equipment in harsh environment is fostering the need for services market. Increasing adoption of smart motors in oil & gas industries to provide intelligent solutions about the motor performance are significantly triggering the growth of the market.
Rotating Equipment and Services Market in Asia-Pacific region is estimated to grow at the fastest CAGR of 6.1% during the forecast period 2021-2026. Increasing adoption of industrial automation, establishment of new oil refineries and rise in other manufacturing facilities are anticipated to contribute to the growth of the market. In addition advancements in the power sector and enormous investments in industrialization in countries such as China, India, South Korea, and Australia is driving the market growth. In September 2020, Indian Oil Corporation announced the invest of USD 178 billion for Gujrat refinery expansion and to set up a new petrochemical plant to boost up the business. Such investments are driving the market in this region.
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Rotating Equipment and Services Market Growth Driver:
Growing adoption of smart rotating equipment in industrial sector
Increasing adoption of smart rotating equipment and services in various industry verticals for developing solutions about conditional monitoring of equipment are one of the major factors driving the market. The recent transition of rotating equipment and services industries towards advanced technologies such as predictive maintenance in order to offer regular monitoring about the condition of the rotating equipment along with notifying the customers about the damages or breakdowns are stimulating the market. Such advanced techniques assist end users to take early decisions regarding equipment parts modification, repairing, and many others, thus improving operational procedures and causing significant growth in the rotating equipment and services market.
The Major Players in this Market Include
Major players in Machine Vision System include General Electric Company, Atlas Copco Group, Grundfos, Siemens AG, Flowserve Corporation, Sulzer Ltd., Ingersoll Rand Inc., Weir Group, ITT Inc., Mitsubishi Electric Corporation among others. In April 2020, SKF has introduced new wireless sensors for conditional health monitoring of rotating equipment in mines and mineral processes in a collaboration with LumenRadio and SMT to enhance automated conditional monitoring capabilities. Such collaborations are augmenting the market.
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